Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-10-28
STOCK LIST SOFT,
DECLINES SEVERE
Prolonged Dizziness Encour'
aces Bears-lnduStrialS
and Rails Weak.

NEW YORK. October 2s.--1t was
hard TO explain the weakness in to-
DAYS stock market by any fresh news
or Developments in the situation. 1t
has been pointed out all along that
such matters az the English Goa
strike and the election" which Wall
street has been talking 80 much about
as IL they were factors OF the first I'm
por,ance, have in reality had little to
do with the price movement.
# was the trade reaajustment
throughout the country and the ao-
companyjug decline in price sehed-
uIts The heavy shrinGase in the earn
mss OF many Vt the Industrial com :.
NAMES and the cutting ana passing VI
dividends - these were lhe '"'"e
"a hich counted. TO be sure the ehor
nous shrinkage on tne stoeh
change since November. 1919. had as
counted to a very large extent the
nnfavorahie turn in trade. nut tnert
us mn warrant for any resumptio"
~ nnsrations for the rise until some
ming like an end could De sen "
tho Deriod of industrial depresslon.
what has happened rs slmp.S ~
SSan,iny on the severity OF the pre-,
80 a.cline. on the one hand. anu
;nAuanced by the discussion OF PR
election boom" on the o'neF nS
bought good many stocNs
the nresent month. This p"slhs pa
ticuiar Iy favored the railway shsI %
on the idea. Of course. 'na' 1890
"" I.rge possibilities Of increased
,,a,,a under the new rate schedules
y, ,y.s the account thus bui!t up
bich was in process OF iiQuioa''"''
,.as,arday and stin more today.
September EarninE".
r,a feature in most OF the Septem
h.r earnings reports. quite a oatch OF
which were published todas was ="
heavy increase in gross revenues. aI ~
very considerable imp sS With the
nrevious month but as compared 49,.
ias, year. Reading was one VI
iarvar systems to issue It's STATE" ..,r
Ii Shaved gross increase over Sep
tember. 1919. of $685. oc. III 49, =
Of the. previous denc'' . tne neo which
opeEs,,ht antiaily the same as that e OF =
was a,,,h n wear ago. The FirEiniAn
.n n;,,.,ax showed net for SeptemOer
"a ~ rate OF over SIS snare pc.
annum for the common stoen. ,S,,,;J
the rate of $3.50 a share a.... ,,;tl,
tne tha excess over per cent WIZ"
the government tho fact
pare Marquette. IN view OF .no -,
thai it is supposed to have Deen 80
dsnendent for last years pig nus aa .
nan the automobile trade. maoe -
sprnrisingly good showing ~ .n Er Sm
revsnue. rhis increased over srp,e" q
her last year. which itsel no o Ma on
iarps month, more than .o0o;"ceo; e Us
the other hand. net fell on >a"s .oU'
from last year. but was sun ~.
siderable improvement ovs' '"e
showing Of 1918.
weakness In Rails.
Th.re was no connection betWee.
tho weakness in the railway SNARE.
toaav and the earnings report ~,
Septrmbcr, which have been ioohs.
forward to with 40 much interes'
These reports were. with Few excep.
lions. altogether satisfactory. Sonis
mnnecessary selling might nave peer
done on the publication by m.s'aR'
Of the southern Paoifc's August re,
mlts az being for September. hu.
when the mistake was correctse
neither Southern Pacific nor the res
of the rail list showed any dispos''
ton TO rally.
There was some talk in connectioI
with the decline about railroad earn
ines suffering from trade depression