Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-09-08
REACTION SHOWN
IN STOCK MARKET
Professionals Responsible
for Weakness-Money
Firm-Unchanged.
by STUART r. WEST.

NEW YORK. September (Special)-
The stock market today developed a re-
dictionary tendency from the very
start, when the recent railway favor
ties were under pressure by the pro-
fessionals. who pressed them for sale
at slight concessions This weakness
in the rails was brought about BY a
sharp break in the shares OF Mis-
souri,, Kansas and Texas common. 1t
was rumored about the street that an
announcement shortly could be made
regarding the reorganization plans
for the road. and that these would
mon. The reaction in the railway
group amounted to about point.
Strength developed in the sugar is
sues. which all showed good sized ad-
vances at one time or another. The
leader of this class Of stocks was
American Beet Sugar, which at It's
high point for the day was up over
six points.
The leaders Of yesterdays market,
the oils and particularly the Mexican
them selling off. Mexican Petroleum.
which showed the way yesterday at
one time, was Off about five points from
its closing price of last night.
steeIs Weak Also.
The steels also were pressed for sale.
but appeared to strike support on the
way down. The only exception to the
general run in this group was Sloss
Sheffield. which advanced in the face
OF the market. The reason for this
advance was explained in these COL
umns yesterday.
Baldwin was another stock which
showed reactionary tendencies, as did
the feathers and Coppers. The market
as whole plainly showed that 1t was
Cd hxy ~ All Ao
has been pointed out here from time
to time. the stock market is in trad
ing area and when the professionals
ind that they cannot put stocks up
they take the opposite side and try to
force them down.
The renewal rate on call loans was
unchanged. being quoted at per cent
AS prices were pushed down the
market became exceedingly dull and
at times there was more than a min
ute between scales recorded on the
tape.
The Copper Situation.
Copper stocks continued to attract
attention today and the high prices
made last week were held by the ma
jority Of the stocks. 1t is felt in trade
circles that the large consumers Of
copper. who usually put of buying
the procedure more than ever in
the present case. on account Of unsat-
isfactory conditions.
One of the largest of the copper
consumers In the country. in its cur
rent letter to the trade. has the fol-
lowing to say:
THE important copper-using indus
tries Of this country and Europe win
need enormous quantities of copper
continuously for the next I'VE years.
This demand win develop more in
tensely when the uncertainty Of mar
ket tendencies ceases, and once the
buying movement becomes general
and persistent II will furnish the
really effective remedy for the de-
pressed conditions that have settled
down over the market with extra
ordinary weight. AS to the outlook,
there is no doubt that the problem
confronting the situation will be
solved and copper will eventually
emerge from the many discouraeing
circumstances which have tended to
slacken and greatly retard the In
dustry."
Market Rally Mt Noon.
During the noon hour the market
rallied, especially in the industrial
speculative favorites.
The rails as a rule were without
material recovery, other than Ca
madam Pacific, which scored some adj
vance on the belief that higher rates
would soon be granted in Canada.