Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-08-07
MARKET REACTS WELL
TO BETTER POLISH NEWS
Selling Orders Are Cancelled on
# Reports Indicating Early
ArmiSticc.
RALLY FoLLows SLUMP
Before Upturn Came United States
Steel Had Struck Lowest Point
for Two Ycars-Efforts Made to
Support Market.
by BRoADAN WALL.

NEW YORK. August 6-Stocks raj
i lied sharply this afternoon on reports
S and that a, peace would be made
Z. without endanGerinc the indcpcn
-s denre Of Poland. Sterling exchange
advanced 7 cents a round on the
i strength OF IL, and the whole mar
. ket rallied from l 10 points.
lG This rally, however, came after
i new low records had been made in a
great many issues. so that it left
n some stocks net lower and very few
with material advances for The day.
Money was renewed nj per cent. ana
per cent later in the day in the hope
4 OF attracting some buying. The close
United States steel was the star
price that 1t had not touched for
more than two years At about the
same time American Can broke 20 Il
new low record. support was put
under the market and particularly
under American international. which
was heavy.
also received support. Replogle Steel
broke points, and NanHdium half
that much. They received attention
from their friends. Canadian paci-
y bankers realized tha; they must do
somethinS or see the market go
4 smashing again.
Withdraw Selling Orders.
~ AS the entire downward movements;
of the last few days has been due
TO the Bolshevist Victories in Poland
the report that fighting had ceased
naturally caused covering of short
contracts and the withdrawal OF SELL
ins orders. The report had not been
confirmed when the market closed.
but Wall street was hopeful
In the late afternoon Atlantic Gulf
and West indies declined poiuts
from which it recovered about half.
support was placed under Ameri-
can international today. and a rally
OF more than points, was brought
downward movement disturbed the
Street more than almost any other
STOCK. because OF its remarkable
board of directors
Announcement WAS made that the
steel companies as whole had
operated for the last month ut co per
cent OF capacity. The United states
Corporation operated at 40 per cent
OF capacity. but some of the smaller
companies We're cut down. The Beth
lehem Steel Company is now under
STOOD 10 pc operating at so per cent
Consolidated Textile made new
low, record AT - l-2 This stock
is being sold. because Wholesalers
say the market for fabrics is fading
Manufacturers look for very :ard
times in the textile trade, and, al
tho4sh this company made about
sll.5c per share in the nrst six
suffer with the others.
Due 10 Worry Over Contracts.
Baldwias break in the early part
OF the day was due to further worry
about the Polish contracts, and lis
recovery In the afternoon naturally
fonowed reports that lighting had
ceased
Selling is coming from miilionaircs
VINO made SO much money last year
on paper that they refused to lake
profits. because they IiI not want 10
pay so much 10 the government in
taxes. One OF these millionaircs adj
miited today that. his profits in 1919
were The greatest OF his whole life
ana that he had refused 10 cash in
He saved the taxes, ant nov his en-
tire profits are gone. He regrets
Very much that ne bcgrudgcd the
United states It's taxes