Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-09-28
SOME bETTERMENT
IN STOCK MARKET.
BY STURT p. WEST.

NEW YORK. September % (Spe-
ciaD.-Here and there fresh weak
spots were brought out in the course
of today's market, partly as the result
OF genuine liquidation, but more
spectators for the decline.
The market as a whole, however,
showed more resistance from the out
set. The street came down to bust
ness with its mind set upon the fact
that there had been almost a week of
continuous decline and that even un-
der the most unfavorable circum-
stances some sort of rally was due
This was also the way the bear con-
tingent looked at things. Those who
have persisted in a more hopeful view
still maintained that, with liberal al
lowance for exceptions in individual
stocks. stock prices had pretty well dis
counted the price cutting and business
depression throughout the country and
that there was nothing seriously dis
turbing because the general average
had got back pretty close to its August
low.
The drive against the industrials
yesterday had obviously been over
done. This was proved by the rapid
ity and promptness with which many
stocks rallied, those stocks especially
in which the fall of the previous day
had been sharpest.
On the other hand weakness broke
out in one or two quarters which had
not previously been as susceptible to
bear attacks: The shipping stocks
che Mercantile Marines. Atlantic Gulf
and American International-all broke
rather badly. The shares of shoe
manufacturing companies, which are
facing a big inventory write-off as
we'll as q severe slump in profits, were
also very weak.
Action in Motor Shares.
Some of the motor stocks went
down a bit under yesterdays low,
but the subsequent recovery in these
as we'll as in the tire shares indi-
Gated that for the time being at
least the price cutting announcements
had exhausted their effect
Studebaker went up in face of the
news Of its cut. and Willys-Overland
scarcely lost any ground to speak
of when the reduction in it's schedule
was published. The Willys-Overland
president laid stress upon the fact
the same as the heads of other motor
companies that the price cutting had
been decided upon with the idea that
there would be compromising re-
duction before long in the cost of
automobile materials.
The steel stocks were no longer
sensitive the way they were yesterday
to the suggestion that the independ-
ent steel producers would be the next
to lower their quotations. Steel COM
mon, Republic Iron and Bethlehem B
all participated in the afternoon rally.
Mexican Petroleum and Pan American,
as usual, were quick to take advan-
tage of the turn for the better. Cop
per stocks were helped by the decla-
ration of the regular Anaconda divi-
dend.
Rails Firmer.
Again today the railway list fully
sustained it's record for Independent
movement. Even while the industrial
section was uncertain and unsettled
during the forenoon. stocks like St.
ri Pacifics, Pittsburgh and West Vir-
ginia, the Western Marylands. the
Wheelings and numerous others were
still pushing forward.
The attention drawn to the specu-
lative possibilities in the Northern
Pacific-Great Northern situation when
it comes to retiring next July the
bonds secured by the Chicago, Bur-
lington and Quincy stock caused un-
usual activity at advancing prices in
the two Hill stocks This helped
others of the higher-priced rails.
There was no change in the money
situation. The Z per cent rate on call
upon the federal depositary banks for
SIC. 100000 today and another $12,5o0,-
900 for Thursday. The prompt over
subscription to the $20.000,000 govern
ment- of Norway loan was the Incl
dent of the day in the investment
because Of the understanding that the
proceeds Of the issue are to be used to
pay of Norwegian obligations in Eng.
land.