Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-08-17
BEARS UNCOVERED
MORE WEAK SPOTS
Midday Slump Wiped Out Open
ing Advances, Then Market
Flattened Out

New York. Aug. 17.-Today's stock
market followed about the same pro-
gram as was carried out in the immedi-
ate preceding sessions. There was a
strong opening with smart rally. This
was followed by midday sinking spell
after which the market hattened out
which, in turn, was succeeded by Ian
guild fluctuations in the afternoon.
Considering the conflicting nature of
the advices cocerning the Polish situa
ito the validating character Of the mar
ket was not surprising. The lakiug OF
sustaining power as indicated in the
conspicuous inability to maintain the
opening improvement was discouraging
to those pledged on the constructive
side. and correspondingly encouraging
to the reactional party who are still
alert to take advantage of every signs
of weakness.
As in the preceding sessions, how
ever, the trading was almost wholly
professional. What little interest there
was manifested virtually originated and
was confined within the four walls OF
the stock exchange. Commission house
business remained at low ebb, which
was to be expected in view OF the con
tinued cautious tenor of most advices
sent out by the leading houses.
Despite the confusing news from Po-
land, which told Of the occupancy Of
Warsaw by the Russians and the de-
nial of the same from Polish quarters,
the market made a fairly good show
of strength at the opening. This came
in for more notice because of the pos
sibilities Of another money furry, as a
result of the heavy government with
drawals today. Pronounced firmness
was shown by the independent steels
and high grade oil shares; some of the
shipping issues and the chemical, tex
| tile and motors stocks at advances from
| large fractions to over a point. Ameri-
can Ship and Commerce was especially
strong on a fuller appreciation Of the
wide reaching deal made with the Ham
burg American interests.
This early rally was generally main
tanned or extended during the frs'
hour, save for further weakness of th'
low priced motors and kindred issues
Hcaviness was shown by the Virgins
Chemical, Cocoa Cola and Chile Cop
per, while some one must have called I
retreat in the bullish demonstration o
| standard Oll OF new Jersey, as INA
stock reacted 10 points, dropping II
points on the way down on a singl
transaction.
Offsetting this was the o-point ris
in Delaware, Lackawanna and West
ern suggesting further accumulation
Reading at the same time gained
point and junior rails, including Balti
more and Ohio, New Haven, Missouri
Pacific and Texas and Pacific, wer
fraCtionally higher.
An irregular tendency developed q
the higher levels and the general tren
turned downward when the bears be
came more active toward midday, re
suimng their recent attacks upon ship
pings, oils and motor specialties.. Ex
treme declines of . to almost point
were made by Atlantic Gulf and Wes
Indies, American International, Mexi
can Petroleum, Pan American Petro
leum, Crucible Steel, Mosch Magnet(
Stromberg Carburetor and Kelsey Whe,
indicating continued discrimination @
to loan collateral by the banks. Instea
of influencing q general selling move
ment, the market developed cxtren
dullness on the declines and by earl
afternoon was nearly at a staudstill.