The evening world. [volume] (New York, N.Y.) 1887-1931, 1920-09-27


uhnistakable evidence that dena.
hon In the prices % raw materials and
manufactured goods has not yet run
De course caused q further sharr
downward movement IN the prices Of
indusgrlN shares in to-dsys stock
market session, Up 90 noon losses
ranged from / 70 more than 8 points.
Food. clothing. steel. motor and
rubber issues were hardest hit At
times the selling seemed TO be OF the
most urgent CHARACTER. and even
when the market was weakest there
was little Il any evidence OF what Il
commonly known as INSIDE" or bank
ina support Buying apparently came
from the short Interest. and Il is com
monty agreed that the short interest
now In me market IL larger than at
any time In many months.
For the hrst time since the pres
ent downward movement was initial
"a brokers were willing 20 admit that
real liquidation Of stocks Was an i'm
portant factor in The decline Here
tofore. weakness has been generally
asrribod 70 selling pressure eNerted
by bearish professional traders.
The excellent character OF the
bank statements issued after the
close OF the market last saturday,
which forecast materially easier
money conditions. seemed 20 be al
most entirely disregarded. Specula-
tive Interest was centred in an
nouncements that the psice Of furni
ture. sugar and other commodities
has been further rcduoed. that a
large manufacturer OF motor trucks
had followed the lead-of the Ford
Company and reduced ice prices is
per cent. and that meeting OF the
largest m0tQr car manufacturers will
be held In Detroit tomorrow TO dis
cuss the general motor car~situation
md 10 formulate q definite policy re-
harding prices and production. IL
vas the prevailing belief in Wall
street to-day that despite the recent
statements Of motor car company
heads that they will not reduce
prices. schedules now being prepared
viii chow sharp downward revi-
zion.
The motor group to-day recorded
losses ranging from one 20 three
points and several Of these Issues
touched new low marks for the year.
American Wooden recorded decline
OF four points and likewise reached
new low mark for the year Amer
,ican Hide and Leather preferred de-
clined five points, United States Steel
declined 20 around ST. Independent
stecs were Off from one 10 three
points, and other conspicuous weak
spots we're Baldwin Locomotive. the
United Food Products, American In
ternationai. and Denver a Rio Grande.
The latter issue was affected by the
issuance OF a definite court order in
volving the sale OF the road to sat-
iafy a judgment OF approximately
sac. 900, 900 held by the Equitable
Trust Company.
shortly after the opening tbene was
an apparent attempt 20 boost the
price OF the oil shares, and on com
parativeiy few transactions Mexican
Petroleum was run Up 20 l97, for a
gain OF about ave points. Weakness
displayed by the industrtala quickly
diaarranged these plans ana before
the noon hour the stock showed a
loas Of six points from the high Of
,the day. Other oils fen on In gym
patty.
While the declining movement was
on IN the industriAlA. rails held oon-
apicuou8ly firm. In fact. several OF
the low prlced Issues were In strong
demand. Notable among these was
81. Louis and san Francisco, which
, rose two points and made a new top
aor the year