New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-16
Bear Traders Are
| Aided by Advance
| I'm Money to lip. C.
Stock Market Yields Again
i'm Very Quiet Session;
Many Operators Attend
Yacht Race; Weak Spots

Many leading speculative operators
left Wall Street yesterday and went
down to the Hook to watch the inter-
national cup racers. Those who re-
manned behind found the stock market
sticky, listless affair, with the bear
traders in full control of things. AL
though the volume of business was
small, falling short of the half million
share mark by good deal, prices of
industrial stocks declined easily and
sharply. 1t was bad day for a num-
Der of the speculative favorites. An ad-
vance in call money to IL per cent in
tho late afternoon put the finishing
touches on the market and it was in
the final hour that the worst damage
was done to the trading list. Hopeful
traders said the market was too thin
for the decline to be impressive.
| With yesterdays further substantial
recession in prices, the majority Of
stocks had lost practically all of the
ground recovered on the rise of a week
and half ago. AS on recently preced-
ing sessions, the market displayed lit
tie or no resilency. Stocks receded
sharply before the pressure Of profess
sional offerings and did not rally. Many
of the big professional traders swung
over to the constructive side two weeks
ago, when stocks appeared to be we'll on
the road to sustained recovery. But
the action of the list this week has
brought many disatfections from the
ranks of the bulls and the Street is
fast becoming resigned to the thought
of dull and professional market, with
perhaps a drift in the direction of
lower prices, whereas only few days
ago traders were talking confidently of
higher prices. Speculative sentiment
veers like the wind. 1t may we'll, be
that temporary relaxation in the money
position would be made the signal for
a revival of buying. However, in the
light of this weeks happenings, the
financial community is not sanguine,
for it realizes the limitations set by
short money rations.
Certain industrial stocks that were
among the strongest q few days back
receded with great celebrity in the after
noon yesterday. Crucible Steel at its
low price of the day had fallen points.
On few transactions it dropped 6
POINTS. the break indicating the catch
ing of "stop-loss" orders. In other
issues, like Baldwin Locomotive and
Stromberg Carburetor, it took compare
lively light selling to force sharp re-
cessions. Tire stocks stood out again
as special features of weakness, as was
the case on Wednesday, and the rumors
VI al iiHPcHulHS CUT IN Tire prices, to-
gether with the announcement that a
large rubber concern has become fnan-
cially embarrassed, were made the basis
Ter rather aggressive selling by the
professionals. United States Rubber
and Kelly-Springfeld were two of the
weakest of the tire shares. AS on the
previous day. the oil shares held their
ground better than any other group.
The rails did little one way or the
other.
Resumption of trading in wheat
futures at Chicago was one of the in
tercsting developments of the day in
the markets. The December wheat op-
ton. traded in for the first time in
nearly three years, sold at a range of
SIP to $2.75 bushel. Europe was
reported q buyer. Slight Improvement
occurred in the rate of exchange on
London, which was rather to be en-
rccted, in view of the extent of the
decline during the past fortnight. The
Bank Of England in its weekly state
ment of condition revealed an increase
Of more than $4,000 900 in its gold
holdings, although it's percentage of
reserves to liabilities showed little
change. The furry in money rates in
the final hour caused surprise. 1t prob
ably had to do with the withdrawal of
government funds from the depositary
banks