The daily Gate City and constitution-Democrat. (Keokuk, Iowa) 1916-1922, 1920-08-03

STOCK MARKET
MAKES RALLY
Most Of Today's Session Marked by
Repeated Bear Raids Bringing
New Low
Figures.

United Press Leased Wire Service.
NEW YORK, Aug. 3.--The stock
market rallied during the last half hour
today under heavy buying of railroad
shares. The market during the most
of the session was marked by repeated
bear raids ascribed largely to the in
ternational situation and new lows for
the present movement were reached
in number of stocks. There was no
particular reason ascribed for the lato
rally but the buying seemed to be for
investment purposes and large blocks
Cf Great Northern preferred and
Northern Pacific were taken up. U. S.
Steel recovered two points from the
early low, Baldwin nearly four points
and Mexican Petroleum five points.
The covering movement extended
practically through the list. Foreign
exchange was increasingly weak in
the late afternoon, sterling falling to
$3.63A. AS consequence OF declin-
ing stock prices and a smaller demand
for money, call money rates eased off
to six per cent, the first time since
July Is.
The stock market showed extreme
weakness early this afternoon. A Sc
we're Polish defeat and the breaking
off of the armistice negotiations be-
tween the soviets and Poland was the
cstensibie and possibly the real rea-
son for series of bear raids which
depressed practically the vince list.
Earlier reports today indicating
Polish reYerses and a general Europ-
can tension weakened the markt after
a strong opening and the later advlces
from London and Paris were sezeo
upon by bear operators to engineer
series of market raids. During the
morning there was some support due
to shorts covering, but in the AFTER
noon the market found very little sup
port.
Another unsettling factor was
further break in sterling exchange at
1865 which was off 5A cents.
Francs, lire and mark quotations
were also Off.
The market closed higher.
Opening quotations on the New
York stock exchange today showed
some strength, following yesterday S
fluctuations and general weakness at
the close. Traders at the opening
were apparently taking the view that
the market had reached the pottoih'
temporarily anyway and there was
considerable buying power.
Opening prices were: Studepahei
63, unchanged; U. S. Rubber "a, up
az: New Haven 311l, up y; Baldwin
lO6, up %; Republic Iron and steer
S1M, off y Atchison 80, up H.; texas
Company 43, off Is; U. 8. Steel $685.
up IL; New York Central 1917 up ~ ;
Corn Products STA, up Is; Vananlulli
i69h, up Is; Reading Ss1a, up IA.
immediately after the opening,
however, the market again showeo
considerable weakness. Reading, attet
iopening at SS14, quickly reacted TO
iS7,A. and U. S. Steel lost its gam OF
81 and then dropped to new low on
the present decline, S5R. Most OF the
other steels made new lows on the
nresent decline within the first nail
hous. a.. davel.
oped at the market opening talieo W
have any lasting Strengthening ehec'
on prices. ,i, +o.
The market strengthened again 70
ward the close of the first hour U. ,.
steel reaching S65s, up IA from the
low Call money at per cent also
gave increased strength to prices:
On announcement that the follsll
oeansive had broken down, heavy sell
ing again came into the market anu
ahout half the early gains were lost.
T,bere was some resistance 10 thls
second raid.