Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-09-21
MARKET HAD WEAK
/. AND Strong SPOTS
Rails Presented Firmest Front,
While Oils and Motors
Were Weak
Stock sale. today on the New York
cxchange. as complied by the Evening
Sun, totaled 755. 500 shares.

New York, Sept. 21.-The New
York Suns closing financial review to-
day says:
Not a great deal was accomplished in
today's stock market. There was still
more or less nervous depression over the
recent bomb outrage and the keeping OF
the topic alive by postcard warnings OF
similar happenings to come, warnings
which were not taken very seriously,
yet were capable of reminding the street
OF the gruesome experience OF last
week. Trading was in substantial vol
ume although falling somewhat below
the aggregate of transactions of Mon
day. The Jewish holidays were a fac
tor In limiting initiative also. because
Of the large number Of absentees. Alto
gether the session constituted per-
formaDce which did not lead anywhere
10 particular although there were not
lacking strong spots and weak spots.
The opening was irregular, the prin-
cipal feature being strength in tobacco
issues. That strength was in the main
neutralized in short time. After the
first fifteen minutes or so, the entire
list stiffened after fashion. Weakness
in the oil group. however. easily trace
able to taking of profits, unsettled the
market again.
The rails presented the firmest front
through the session. with. particular
strength in most Of the minor issues.
BY midday there was little net change
except in a few stocks like International
Harvester, Crucible Steel, Mexican Pc
troleum and United Retail stores,
which were strong and Central Leather,
Kelly Springfield, United States Rub
Der and Goodrich. which were weak.
Central Leather had held its own
well until the announcement came OF the
passing of the common dividend Of IL
per cent quarterly. After that 1t
dropped some 3 points from the top
price and 21s points or so from the
previous closing level, with but indifer-
ent success at recovery in the after
noon. 1t was talk Of new financing
which sent Kelly Springfield skidding
about points. There was q 2-point
rally. Rails were fraction to points
higher or thereabouts. II was not ap-
parent that trading was particularly
brisk in that quarter, but 1t was clear
there. as elsewhere. that the shorts were
rather more on the alert for covering
than for selling, the while taking OF
profits was not neglected.
As has been the case for several days
past, the most discussed topic in the
Street was that having to do with pos
sible railroad mergers. This was
matter capable Of engaging the imngina-
tions of even ordinarily unimaginative
persons and doubtless formed the basis
for the appeal which railroad shares
have been making of late. 1t Is i'm
probable that any of the merger schemes
already alluded to have actually been
worked out. but a good deal of logic
can be brought to bear on the posi-
bilities suggested by the coming pro-
visions of the Esch bill. as. for ex.
ample, Delaware, Lackawanna and
Western acquisition of Nickel Plate or
Erie, and the pooling of the properties
of the so called Hill Lines Of the North
west. Discussion Of these possibilities
seems to have far more to do with buy
ing of railroad shares at the present
time than easier money conditions or
any other consideration whatever. 1t
is matter for conjecture at the mo-
ment how far the movement can be
carried before the inevitable credit re-
strictions come in to interfere.
The volume of business was lighter in |.
the later session and values steadily de- |
clined till many representative issues |
were selling at net losses Of fraction |
to 2 points or thereabouts. The uncer- |
tain trend of the market from the be- |
ginning was in a way bid to the bears
to reney short selling, and this they did |
in the last hour, while at the same time |
profit taking continued.