The Washington herald., 1920-08-19
STOCK MARKET
HOLDS STEADY
Professionals Sell Freely in
Morning-Later Discover
Scarcity Of Issues.
CALL MONEY ADVANCES
Surprising Amount of Odd
Lot Buying Features
Days Trading.
CALL MONEY ADVANCES

- New York, Aug. 1S.-Stocks were
steady today in spite of 90 call
money. The feature Of the day
was appearance of a surprising
amount Of Odd-Iot buying. The pro-
fessiOnals sold freely in the morn
ing and caused some further de-
sclines. but when they went to cover
discovered that stocks were not be-
ing offered freely. \ leading bank
er said that the Odd-lot buying had
been enough to absorb all the pro
fessiOnal sales.
There was extreme weakness in
ne commodity markets, cotton. cof-
Zee and sugar all falling sharply.
The natural result of this was
weakening of the stocks having to
DO with those industries.
The news from Poland was mega
tive as was also that from Mex
.fco. The real troule with the mar
sets seems TO be the banking stu
alton and the 90 rate tells what
that ls The close was steady. with
most issues materially above the
Tow Of the day and with n con-
siderable number Of net gains.
Weakness of Atlantic, Gulf and
West Indies was made more of 4
mystery by a statement that no
new financing is contemplated. An
Unexplained weakness is always
dangerous to a stock.
\ Philadelphia newspaper has
started a report that c. NJ. SChwaD
has been trimmed again in the stock
market. this time for SS.O0O,OOO to
$4,000 900. The yarn is cirCum-
srantiaI, Allan a. Ryan being named
as one of the brokers who OffiCiated
during part Of the ceremonies. Va
nadium and ReplogIe Steel being
paIIbearers. Where does Schwab
get it all?
American Linseed.
President Adams of the American
Linseed Company will return to
America on the Aquitania Friday
and explain why he sold the COM
pany, bag and baggage. Maybe it
will stay sold and maybe not. 1t
5all depends on how the common
stockholders are leaning. They are
none too happy over the events OF
the last year. The break averaging
s in cotton options did not disturb
the stock market as much as 1t
might have done a few weeks ago
when spinning shares were higher.
Sugar stocks
r.. A Philadelphia sugar concern
startled the trade by cutting the
price OF the refined article two and
a half cents a pound and advising
people to buy sparingIy even at the
lower price. The sugar stocks
reeIed a few points lower. But in
spite of the present heaviness of
the sugar market II is a fact that
the crop is short. The high prices
. that Americans have been willing
70 pay have drawn sugar to this
country from all parts of the world
but have not reduced the general
shortage which must make its i'm
preston ultimately.
O.. There is no question that the
credit market is improved-but it
was very bad. The reserve board
by negIeCting its duty months ago
has let the country into about the
worst CrOp-mOvinS money mark ct
the country ever saw. But if the
French send that $5O.OOO.OOO of gold
lhey are talking about it will help
tremendously. British selling against
the AnElO-FrenCh loan must also
stop soon
From the Wall Street point of
view recent liquidation of stocks
does not help much. In other years
'suCh liquidation furnished credit for
the market but this year any credit
so released is seized by the banks
and applied to reduction of COM
.Eercial loans.