The evening world., 1920-10-28
NEIAt0
'N-tS0 AMI F1CGS
WALL STREET

Stock prices continued 10 show
Downward trend to-day. Good new
Appeared 70 DO without effect. o.
ahe other hand. tight money condi.
Iona and reports that denation ir
prices Of staple articles u being ac-
pelerated not only induced consider
able short selling but resulted in quite
q little real liquidation.
+ The decline In progress az the 'ciose
last night was Immediately resumed
~ the opening OF busincss this NOM
sng. There was an attempt 90 ascribe
this weakness 20 last minute difficult
etes In arranging a settlement Of the
British coal strike. Tho unsoundncss
81 this reasoning was made clear 10y
tho failure OF tho market 20 display
my recuperativo power when cabled
hdvices later told that lloyd George
Would officially announce In parlia-
mont to might that the strike had
been definitely settled
Steel equipment. oil. tobacco and
miscellaneous industrial shares gene
rally AL failed 20 Withstand the selling
pressure. L. $. Steel got down % 81
Cor loss OF about "a point, CruCiblc
lost more than 3 points and other In
dependent steel shares were of from
70 more than points steel trade
organs tell OF price reductions OF vali-
hns finished products and that I'm spite
~ these price reductions consumers
ere holding aloof from the market.
These reports form much more pc
tent market factor than the puhlica-
ton OF favorable earnings for a period
that has zone into history
Peculiar pressure was CNcttcd
against stocks accompanies that have f
suffered most by price cuts OF stables Fl
apd which have found It necessary 20 .
sharply cut the value Of inventories. .
Among these were United Food Prod .
ucts, American Wooden. international 4
Paper, American Hide and Leather. /
United States Rubber and the t!r, ana .
motor Issues Losses In these Issues .
ranged from one 70 more than three
points.
In the railroad group Heading vas
The weakest feature. This was due
largely 10 the fact that tho stock
has been what Is technically known
a. 'overbouEht." There wBB a
scramble on the part N traders 10
buy Reading when u became def
nitely known that n plan Of dissolu-
ton is being worked out with the
market showing pronounced weak
ness In other parts OF the list these
recent buyers OF Reading are not in
clined 10 hold their stock and wait
and see how they fare under the dis
solution plan. Present prospects are
that details OF this plan will not be
Known for thirty and perhaps sixty
days. Z
The, renewal rate for money was {
Per cent Bankers state that the pres
nnt stringency In money IL more
severe than ~ any previous time this {
year. Predictions are being made in
responsible quarters that the bank {
statements next Saturday viii make I
a very poor showing; that Clearing (
House members will show an Increase (
IN the reserve deficit and that the re- (
serve ratio OF Federal Reserve ing I {
Htitutions will show a further sub {
9tantial loss. Current money tight ,
ness resulted to-day In banks calling
n number OF loans and this naturally !
had a tendency 10 accelerate the de- ]
cline In stock market prices
The cotton market showed early .
losses ranging from 81 20 nearly 81 D
pr bale. The grain markets were j
lrm Sterling exchange was firm AZ D
During the last fifteen minutes OF y
trading prices OF many issues a
snapped back sharply on short COW d
Efing and a few OF the LEADERS, were 4
laDlo to get above the clotug prices "a
~ yesterday. United Fruit rose Z a
points from the low ~ the day, Moxi- u
,nn Petroleum gained 8 points from =
he low, Steel got TO within a small -
traction o. the closing price OF yes =,
.erday, while other strong features -
we're Texas Pacific and Southern -
Pacific. ~
Money IN the last half hour rose u
p 10 per cent. ~