Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-08-04
POLISH REvERsEs BRING
SELLING ON EXCHANGE
Report Tint Armistice Negotiations
Arc Broken OF Causes Slump
In Stock Market.
CALL MONEY AT 8 PER CENT
Decline I'm Prices Checked 1T Middle
OF Last Hour, and United States
Still Leads With Shnrp
Rally.
ny nItOADAS WALL

NEW YORK. August 3.-Announce-
meht that tho Polish armiS;ice had
been broken, and that the Bolshc-
visits wcro advancing rapidly again
with the determination OF Imposing
marsh peace terms on the battlefield
caused another outbreak Of selling
In tho stock market today, after an
opening rally had put the proscs-
SIGNALS at ease. The opening rally
went az high as points In come is
sues and seemed To quiet DOWN the
whole market. Sterling Was extreme
- weak again.
Money renewed ut 3 per cent AMI
me list held steady after that. But
selilnE began with increasing urgency
and ny the beginning OF the las,
hour the market was extremely weak
ana active with new low priccB for
the year being recorded in many is :
sues. SO serious did the situation
suddenly become that the money rate
was dropped 10 Z per cent and ANAL
~ TO 9 per cent In the hope Of check
ing tho decline.
Decline Is Checked.
About tho middle OF the last hour
the decline was checked and n sharI,
rally was led by United States Steel
%n.'" low %av nriSs % gssiniss 'sG sncn 's
points from i,E new low OF 1913 -.
IN the afternoon Southern Pacific
ana New Haven wero leaders. rho
'hs ahS VI bbkH Oh kIcFN flDtkH WAN
PARTICULARLY good, /; was said that
wlthin short time ncws Of grea.
IMPORTANCE would b. mad" public al
fectins southern Pacific Wall street
Is guessing that Il has something
10 do with segregation OF the oil.
lands.
one thing that made tho street
apprchonsivc was the rise Of - ] 9
cents In December wheat on top %. n
sharp advance OF cents yesterday.
rms gave the impression that the
bad. The street is full OF runors
OF new financing TO be done ny
various companies. hut hankors ray
such plans will he carried out, with
extreme caution. for the railroa ds
must have the money Nrst
Cotton on directors cut or tho
common stock dividend. which had
been ut per ccnt rate. The cN-
planat!on VAS that conservatism de-
munuNl such action.
iiOosts "Movir" stocks.
Traders were ail Nav figuring out
how to take advantage OF the frclgh,
rates through the market Morris
f"stss announcement that the Increase
pt passenger rates will XIII OF mos,
HctoTs sc' good many traders TO
buying stocks o: tn" moving picture
concerns. such AS Famous Players
aud l.1cw-s. They argued that. since
the ;hoate:s would be abandoned by
the living actors. movies would take
their places
James VI lplSOu. bl the IObaCcO
Products Company, issued "a state
mont to the effect that ihc tobacco
companies w1u!I not increa.c prices
as result OF the increased freight
rates. bCcaus. the companies have
been compelled 10 use automobile S
and EXPRESS scrvlc. for goods that
under the acw ARRANGEMENT. IL Viii
nc possible TO move on ordinary
freight trains. Thi.. rs n secret OF the
whole freight situation. Instead OF
tho railroad rates being an Increased
charge TO the public they are actually
reducing the charge 10 tho public
ny making II possible 10 use the
freight trains for general business
United states Rubber distinguished
i;sc!! carly by a severe break 10 :,
new low record. and this was follow
ed 10y collapse In Kelly Springfield
COPPER stocks participate in the
Weakness OF the day, although they
did not share in iis strength.