Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-09-29
ANOTHER DRIVE At
THE |NDUSTR|ALS
Strength Of Rails Again Proved
Powerful Backlog to
the List

New York. Sept 29.--The vigorous
and sharp bearish drive directed against
the stock market this morning in many
respects was almost complete coun
terpart Of the mnoacuvcrS Of the rcac.
tionary party on Monday. II came with
the same suddcnucsS and likewise fol-
lowed an active and higher opening. II
differed only from Mondays raids in
that tho assaults Of the bear contingent
were more concentrated and directed
against a more limited number of issues.
The brunt Of the attack Ccntering
against the higher priced industrial spe.
cialticS the steel group and affiliated
issues. The entire list. however. proved
to be both highly sensitive and vulner-
able as indicated in the wide breaks
which extended from to q points. and
which carried many Of the industrial
shares TO new low records for the year.
The ra ailroads again displayed consistent
strength and resistance. and while for
time slipped back with the indus
trials. were the first to rebound when
the selling pressure relaxed.
Although substantial rallies we're
made from the extreme low levels of
the morning it was again evident that
the purchasing power was still exceed
ingly limited outside Of the short COW
ering. This fact. howeverf was patent
even to n disintercStcd layman yester.
day and il was more surprising the re
rovcry movement was resumed at the
opening this morning. It was. how
ever, mainly the broad inquiry for the
higher class of the railroad stocks that
impaired the strong tone to the initial
dealings. but the bidding up prices was
general in almost all parts of the list.
It would be somewhat difficult to OK
actly point out the direct influence for
the renewed bcnrish attack in the sec
ond hour. as the rails. oils. StcclS and
equipments improved their position ma
| tcrially after the opening Short sell.
ing. impcllcd by rumorS of further credit
restrictions and industrial unScttlcmpnt.
we're apparently potent factors in the
decline. knowledge of the heavy gov
crnmcnt Withdrawals from the banks to-
1 day presumably was responsible for the
fresh concern regarding the credit sit
! uatlOn. There was some loan calling
but the call money loaning and renewal
rate was left unchanged at I per cent.
and up to noon there was no sign of
the rumorcd furry Outside of the an
nounccmcnt of price cutting BY other
automobile concerns there was nothing
to come to hand regarding further rx.
tension of the revision of commodity
! prices. Everybody. however, is talk
ing cut in steel prices The best nriu-
ion right now is that while independ
ents will probably cut prices. any
change Of consequence in L. s. Steel
Corporation's schedule is unlikely.
! There is no doubt the bear drives we're
| prompted to some c-tent by the belief
there we're number Of lame ducks in
tho industrial list as result of i'm o
palrment of marginal accounts from
Monday s shakedOwn. 1t was generally
known numerous marginal calls were
sent out Monday night, and the position
| OF these accounts were temporarily
strengthened by yesterdays rally.
! This was at least suggested in cOnccn
/ tratcd character of tre selling pressure.
Mexican Ptroleum led tire reaction, de-
clining points and Houston lost q.
Prominent industrials an dspccaltios,
sucr as bethlehem. Crurible and United
! states StcclS, baldwin Locomotive. mo
tors and their accessories, American
! Woolcn, International Paper and
Sugars dropped | TO paints. rails
making extreme rcversals of to -.
The reaction was checked at midday
when buying Of the better known rail
| way shares was resumed at gains II
! to = points. This effected rallies II
! like extent in oils. StcclS and railway
! equipments. especially Mexican PCtro
| leum, Crucible Steel and Baldwin Lo
| Comotive.