Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-09-23
ND0S1RlA(S WEAK
}|0NPRlCE-CUTT||NG
Franklin Motor Company Fol-
lows Ford's Lead-AN !
- SteeIs Weak:
BY STUART p. WEST.

NEW. YORK, September % tSpe-
ciaD .-Today's market was for the
most part a replica of that OF the
two preceding days. With the excep-
ton of one or two groups, like the
tobaccos and the coal shares. the in
.dustrial part of the list was under
pressure, while the railway STOCKS,
and especially the low-priced ones,
were in the same steady demand.
Much of the selling of the indus
trials was for short account. but it
was supplemented by enough real
liquidation to encourage the bear
raiding Also the absence of any
effective buying power and, still more,
of any attempt at support, made OPP
orators on the short side feel that
for the time being, at least. they
had no very strong resistance to fear.
Former. reports of price cutting
were the main factors working for
the decline, the same as they mad
been on the previous days. The at
tempt to minimize the action OF the
Ford MOTOR Company on the ground
that it was special case was frus-
trated when the report came from
Syracuse that the Franklin company
had Announced a reduction in it's
prices from II to 81 per cent.
Ills leu " q lChC" Oh III
selling In the motor and related
stocks. The avowed purpose OF the
Franklin cut was the same as that
of the Ford people. namely, an effort
to secure lower prices for raw ma
terials. AS the principal raw material
entering, into the production of auto
mobiles is steel, the latest news stimu-
'ated the discussion, which was al
Eeady very keen, of a downward re-
adjus tment in steel prices.
- All Steel Stocks Weak.
All the steel stocks were definitely
weak. Bethlehem B was no weaker
than the others because of the $780,
100000 bond offering.
Talk of q cut in copper prices fig
ured in the selling of the metal group.
Equipment stocks stood up rather
better than the average because their
industry stands to benefit by any
lowering of steel prices.
Food stocks were weak. but for no
reason except the unsettled market
condition generally. There was an
effort to connect the weakness in the
oils with this mornings story that
oil production had caught up with
and was about to pass consumption.
But, this story was not credited
sisted that. while this may be true
of 1ubricating oils. it was not at all
true of fuel oil 90,
There were. of course, even at to-
days prices, large profits in Mexican
Petroleum and Pan-Americans. Bears
were cunning after stop orders.
Midday Quotations.
Wheat-No. 1 red winter spot, 2.66;
No. g red winter spot, 2.65 Y; No. Q
red winter garlicky, 2.52; September,
2.52; October, 2.52h asked.
Wheat sales-Bag lots Of nearby
sample at 2.32 and 2.37 per bushel.
Cargo of No. 2 red winter garlicky at
2.511a per bushel.
Corn-On track, yellow, No. or
better. no quotations.
No corn sales.
,Oats-No. white, old, 6s: No.
white, old. 81; No. 2 white. new. 81;
No. 3 white, new, Sc.
Rye-Nearby. 2.00a2.15 per bu; No.
2 western, export stock, no quota
tions.
Hay-Receipts, IS tons. Old hay, ton:
No. 1 timothy (nominaD, 34.0O; stand
ard timothy, $50; No. timothy, $500;
No. timothy, 27.00a3e.0o; No. 1 light
clover mixed, 32.00a32.50; No. 2 light
clover mixed. 30.00a31.00; No. clover
mixed. 31.06a31.50; No. 2 clover
mixed, 27-00a2s.o0; sample hay. COCOA
$500.
Straw-Receipts, IL tons: Per ton:
Nos-1 straight rye, 20.00a22.00; No. 2
straight rye, 18.00a19 90; No. 1 tangled
rye, II 90; No. 2 tangled rye, 1850; No.
I wheat, 14.00a15.O0; No. 2 wheat.
12.00a13.00; No. 1 oat (nominaD, Is. 90:
No. oat. 16.00a17.00.