The Washington herald., 1920-08-07
MARKET ENJOYS
RALLY AT CLOSE
Squirt Comes After New
Low Records Are Made
In Many Issues.
ADVANCE in STERLING
u. S. Steel Features by
Reaching Lowest Price =
In Two Years.
ADVANCE IN STERLING

New York, Aug. 6.-Stocks rallied
sharply this afternoon on reports
that fighting had stopped in Poland
and that a peace would be made
without endangering the independ-
cnce of Poland. Sterling exchange
advanced cents pound on the
strength of it, and the whole mar
ket rallied from 1 to points. Ihis
rally. however, came after new low
records had been made in a great
many issues. so that ii left some
stocks net lower and very few with
material advances for the DAY.
Money renewed at Z per cent ana
call funds were supplied freely at
per cent later in the day, In the
hope of attracting some buying.
. The close was steady.
United States steel
United States Steel was the star
performer when il sold down 10 d
price that it had not touched Tor
more than two years. At about
the same time American Can broke
TO a new low record. support was
put under the market, and parucu-
larIy under American International,
which was heavy. Baldwin and Mex
lean Petroleum also received sup
port. Replogle Steel broke points
and Vanadium half that much. They
received attention from their
friends. Canadian Pacific was also
breaking badly when the bankers
realized that they must do some
thing or see the market go smash
ing again.
As the entire downward move
ment of the past few days has been
due to the Bolshevistic victories in
Poland, the report that. fighting
had ceased naturally caused cover
ing of short contracts and the with,
drawal Of selling orders. The re
port had not been confirmed when
the market closed, but Wall Street
was hopeful.
In the late afternoon Atlantic
Gulf and West Indies declined
points. from which it recovered
about half
Support was placed under Ameri,
can International today and rally
Of more than 4 points was brought
about American International s
downward movement disturbed the
Street more than almost any other
stock, because of its remarkable
board of directors.
announcement dS llldut NAAdN the
steel companies as a whole had op,
Grated for the past month at 81
Vrr cent of capacity. The United
states Steel Corporation operated
ut 20 per cent of capacity. but some
"T the smaller companies were cut
Gown The Bethlehem Steel Com
rany is row understood to be op
Grating at so per cent of capacity
Textiles.
Consolidated Textile made a new
low record at 27l2. This stock l.
LcIU- sold because wholesalers say
~ market for fabrics is fading
manufacturers look for very hard
ines in the textile trade. and al
though this company made about
sII.Jr per share IN the first six
months Of this year it will nat
J.rHIly suffer with the others.
's lGwin's break in the early part
g. The d4v was due to further wo-rg
.,. the Polish contracts. and its
recovery in the afternoon naturally
followed reports that fighting had
r,used-
.,siIing is coming from million
f. r. wrJ madl so much money
- N maps that they re
% 90 t@ke profits because they
not want to pay so much to the
l-rvrrHmrnt in taxes. One of these
willionaircs admitted today that his
Tr fits in 1919 were the greatest
o. NiS whole life and that he had
r-fused to cash in. He saved the
'-S-z. but now his entire profits
oh II" regrets very much
~ begrUdged the United States
IFS taxes