STOCK STMT IP
BUT DECLINE IN
UTEB DEWS
Drop Attributed To Bears In
Session Wholly Pro
fessional
IIy WALT E It B. BROWN
Editor \cit York Commercial
(Leased Wire to The Age-Ucrald)
NEW YORK, Aug. 2_A3 on previ
ous days of the week, stocks turned
reactionary and lower after an early
display oi resistance in a market al
most wholly professional in scope.
The once cheerful indication offered
•by the day’s’ operations was the
comparative value of stock neces
sary for the development of trade.
U required only a comparatively
moderate amount of buying to start
tile market higher, whereas heavy
offerings were necessary to bring
about the consequent decline. Tlii3
indicated lo acute observers a gen
< rally oversold condition, which
argued well for the success of the
first solidly-based attempt at an up
•■ turn.
All in all, the stock market was
hardly a fair measure of current
'Investing sentiment. Nor was it an
Accurate guide to the slight surface
changes in economic conditions. De
velopments abroad and in our own
commodity markets were of much
, greater inteiest. The advance in the
German discount late from 18 to 30
per cent aroused considerable inter
" £s»t in Wall street, and a number of
Conjectures as to possible results.
o o o
Furcly A* Gcnture
However, it is realized that any
maneuver executed jn marks at this
time must bo accepted purely as a
gesture as the situation in Germany
has retrogressed to a point where
corrective, steps are virtually useless.
