The Washington herald., 1920-07-24
Many Firms Compelled to
Make Unofficial Renewals
Considerably Above go.
ENTIRE LIST DECLINES
Poland's Situation an I'm
portant Factor in Wall
Streets S Bewilderment.

New York, July 23.-High money
again upset all calculations in the
stock market today. The rate did
not go above . per cent. but it was
hard to get at that price. Many
firms were compelled TO make re-
newals materially above that rate,
but no official announcement was
made of the fact. Everything In
the news favored the market, and
1t was strong until about midday,
when the scarcity of money be-
came apparent. Then cautious SELL
ing made its appearance. and final
:ly the market was attacked with
the result that the whole list de-
clined from a point to FIVE points.
The close was about bottom, with
the market active and weak.
, In addition to the money situa-
ton Wall Street worried over the
Polish situation. This worry was
made more acute by the weakness
or exchange. and particularly the
weakness of marks, which went to
the lowest price they have touched
since the recent advance.
Poland's Situation.
The situation in Poland is un-
questionably very bad and particu-
iarly so because the Poles were the
aggressors and the Bolsheviki act
ed entirely on the defensive. This
mas increased the business and
and political Importance of the Boil
sheViki to such an extent that they
apparently must be reckoned with
IN the future as a permanent in
stltution rather than a mere by
product Of the war. This is why
SO many Wall Street traders are
oewildered. They wonder Just what
enect II will have on the interna-
tlonal war debts and on the estab-
lishment of peace.
The fact that the United States
Is entirely out of the situation with
no means of protecting American
interests adds to the confusion.
Rumors from Washington were that
the American government had been
sounded as to its willingness to
send an army to the relief of Po-
land
Wall Street does not believe the
American people want to become
asgressors in any European fight.
Tor while Poland at present is on
the defensive, the fact cannot be
ignored that this defensive posi-
tlon Is the result of unprovoked
aggression some weeks ago. In
selling stocks because of the situ-
alton Wall Street traders are try
ing 10 solve a problem in public
sentiment and statecraft.
stock movements at the moment,
therefore. have no relation whatever
to intrinsic merit. The stocks that
were sold today were those known
10 be under manipulation by pools
or such as have a very active mar
ket. Thus. for instance, Mexican
Petroleum was broken about seven
points from the high of the morn
ing. Crucible declined, as did Rep
logic. Vanadium.
Whether by accident or as result
or merit, the candy stocks were
conspicuous for their strength. Con-
tinental advanced a point and a
half and held we'll. although the
sugar stocks yielded easily with
the general list The break in the
prices OF sugar is helping the candy
stocks materially.
Traders were disappointed at the
action of the market. Judge Gary
issued a reassuring statement, the
railroad men accepted the wage
award and the crop reports were
good. but in the face OF all that
the market was heavy from the
start.