The Washington herald., 1920-09-22
Professionals Savage On
.slaught Succeeds in Break
+ ing Prices All Around.
MOTORS TURN WEAK
Fitful Rally Fails, and lr-
regular Close Shows
Net Losses.

90 New York, Sept. Civ hen Cen
.sral Leather passed its dividend to-
day professional traders who were
Still short of the market made
savage attack and succeeded In
breaking prices all around the
room. Mexican Petroleum yielded
nearly 6 points, Central Leather 4
points and all the motors turned
weak. The motor stocks had as
their excuse for weakness an an
nouncement by Henry Ford that he
had cut the price of his cars an
average Of S142. There was fitful
rally after this. but the market
closed irregular with most issues
showing net losses for the day. The
tobaccos. were coDspicuously strong
throughout the session and held
much of their improvement at the
close.
The threat of a disaster to the
stockholders Of Central leather
however, was not vain for the diVi-
Tdend really was cut as advertised.
The stock Immediately broke
points. The leather industry is one
of the few that has been returned
to a pre-war basis so far as con-
sists of raw material are con-
cerned. The cutting of the Central
Leather dividend will undoubtedly
strengthen the people in their be-
lief that reasonable prices for shoes
should prevail.
KeIIy-Springn gneld.
A raid on Kelly-Springfeld tire
stock came about the same time as
the announcement of the reduction
of Ford prices, 1t was illogical ana
therefore short-lived, although it
did accomplish a break of I points.
of which only were recovered. If
the prices Of automobiles are to be
reduced there will naturally be
more demand for tires. Reports
persist that all the tire companies
are overwhelmed with unsold fin
ished products.
Ford Cuts Prices
Even Mr.. Ford while cutting the
price of his cars announced that he
has 146.OO0 cars ordered that he
has been unable to deliver.
Mr. Ford stated that his cut was
due to a desire to force other in
dustries back to a pre-war basis.
is aimed at. for steel has not de-
clined, although consumers are
Withholding orders believing that a
cut must come. As there can be no
important building or construction
of any kind without steel, most per-
sons in Wall Street seem to think
the question of these activities has
been put squarely up to the steel
companies.
International Harvester.
International Harvester stock ad
vanced more than points. 1t is
usually strong at this period Of the
year when the large crops are GER
tain. The producing capacity of the
American farm is limited by the
ability to harvest the crops and by
nothing else Naturally the farmers
they can afford and with good crops
the outlook for International Is
usually bright
Shorts in Mexican Petroleum con-
tinued their efforts to extricate
themselves. They advanced the
stock Gat points in the morning.
1t broke So points in the raid and in
the afternoon recovered 3 points of
this, holding all but half a point to
the close. RumOr persisted that
Texas Oil stockholders are to get a
very important special dividend at
the next meeting of the directors.
The buying of Texas is unusually
good.
Tobacco stocks were all strong
American Tobacco both A. and B.
holding their strength up to the
Close of the market and making new
high records for the movement.