New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-24
Stock Market Is
Under Pressure
On Foreign News
Russian-P olish Situation Adj
versely Affects Sentiment;
Foreign Exchanges De-
cline; Industrials Weak

Wall Street had to reckon yesterday
with number Of highly conflicting in
fuences, and the impressions left by the
days developments were mainly un-
favorable. This was reflected in the
ragged movement in stock prices, the
market giving evidence of having to
meet increasing selling pressure. Of
ferings were not so easily absorbed as
OH recently preceding days and the
market closed generally lower, with the
leading speculative, issues registering
traders were active throughout the ses-
sion and the offerings from this quar-
ter were largely responsible for the
downward course taken by prices.
The foreign situation doomed up as
containing possibilities of serious trou-
BILE as result of the late developments
between Bolshevik Russia and Poland.
While the advices saying that the Po-
lish government had sought an armis-
tice with the Soviet government were
construed as favorable and as indicat-
ing settlement between the two coun-
tries, the selling of investment securi-
ties in the London market and the fur
Their sharp break in the foreign en-
changes were indicative of uneasiness
in important quarters on the other side
over the trend of events. Weakness of
the so-called international stocks in
this market was in sympathy with the
decline in London. Royal Dutch, Shell
Transport & Trading and Canadian
Pacific were conspicuously weak
The fall in foreign exchange rates,
which dropped to new low levels for
the movement after several days of de-
cline, naturally created bad impress
sion in financial circles. Sterling ex-
change broke approximately 8 cents in
the pound, while francs, lire and marks
were also greatly unsettled. Sterling
bills were offered in heavy volume,
while the pressure against German
marks was also great. In the case of
marks it was said that much of the
selling no doubt represented specula-
tive offerings. The decline in the ex-
changes was attributed to the foreign
political situation, and the Street at
tached much significance to the state
ment of the British Premier in the
House of Commons in which he made
1T plain that the Allies might be COM
PEELED to take up arms to save Poland
from the Bolsheviki
Stocks moved largely by groups.
Again the sugar shares receded before
the pressure of offerings, the newer
issues displaying the greatest Weakness.
Reports that the leather companies
would issue earnings statements next
week which would be far from salts
factory were made the basis for selling
the leather stocks, both American Hide
and Leather and Central Leather de-
Ginning sharply. Other weak spots were
Stromberg Carburetor, Baldwin Loco
motive, international Paper, Invincible
OIL, Mexican Petroleum, Vanadium, U.
S. Rubber and American Locomotive.
Corn Products Refining also lost
ground, despite the publication of an
excellent earning statement for the
first half of the year. Railway issues
were heavy.
Little change occurred in the money
situation yesterday. Call loans renewed
at per cent and the rate held there
until just before the close, when a
small amount of money was placed at
per cent.