Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-09-21

Central Leather Passes Divi-
dent-RaiIs Are Highly
Favored for Gains.
BY STUART p. WEST.

NEW 1Ohh, september - NoPS
ciaD.-Today's market was another
mixture of advance and. declines
showing that traders are discrim-
mating carefully and that. while SEN
timent is in the main. optimistic, as
it has been for the last fortnight
or more, certain stocks and groups
of stocks are being excepted In
bullish calculations.
The action of the Central Leather
directors in passing the dividend did
weakness in the stock for the last
several days But it was reminder
that. while industrial depression has
in the main been discounted, theFe
are special cases where it has not
been fully measured. The Central
about any change for the better ~ y,
the industry. On the contrary. II
spoke of the Continued depression
in leather and shoe industries, anu,
of course, the inevitable "desirapliity
of conserving cash resources as the
bursement.
Thus the unfavorable conditions ex-
listing in many lines of trade were
brought into fresh notice. and While II
did not produce any revuls1on IN spec
ulative feeling it did make the trao-
ing element confine efforts on the long
side to the stocks of companies IN
which the business position ana out
looks are good.
Rails Consistently strong.
Railway shares were consistently
strong and so were the Mexican OILS.
Outside of these two groups there
was great irregularity and no definite
tendency one way or the other In the
majority of issues.
Kelly Springfield broke badly in
anticipation of the new financing
which the company is expected soon
to do, and other tire shares weakened
sympathetically. Perhaps it was the
emphasis laid upon the still very un-
favorable situation in the leather
trade that led to more discussion re-
garding the unfavorable features OF
the sugar situation, which was &C
companied by some professional SELL
ing of the sugar stocks. The steel
group was variable with the exception
of Crucible Steel, which appeared to
be thoroughly under control OF the
pool.
Government Strong.
Government bonds were strong, with
the United Kingdoms of 1922 actively
in demand above 50. The, Belgian Us
made the best showing that they have
on any day for some time. when
they first began to suffer from the
competition of the new French loan
they sold as low as 81, and hung
around that figure for a week or
more.
After the successful placing of the
French bonds the other issues, like
the Belgian and Swiss, which had
been adversely affected, began to re-
cover, and today the Belgian bonds
were up a point from their low at W.
Chicago Great Western.
In line with the rumors which have
been in circulation in Wall Street, to
the effect that one of the larger sys-
TENS was planning to take over the
Chicago Great Western, it was said in
one Of the large brokerage offices today
that sofficials of the Union Pacific were
making a trip of inspection over the
Great Western this week.
The object which Union Pacific would
have in getting control OF Great Wes-
tern would be that by connecting with
the latter at Omaha IT would nave its
own line into Chicago. The only OBJ
lection is that the Great western Is
the longest route into Chicago from the
Missouri River.
skeptical about the Union Paeihc want
ing to buy the road up. But 1t Is adj
mitted that the Great Western is pretty
sure to end up in some large system.
It's Chicago terminal gives 1t
strategic advantage which makes it OF
great value and it might be the Union
Pacific that would turn up as the buyer
as well as any other company
Cancellations Of Orders.
Interest was renewed in the ques-
ton of cancellation of steel ORDERS
The truth here seems to be that only
one branch, of the steel business mas
he dnY nd
manufacturers ana the
of automobile parts
With these exceptions the steel trade
is in good shape.
Today it was reported that large
axle concern had Cancelled contracts
with steel companies amounting TO
some 10000 tons and was planning
the cancellation of several thousand
more. 1t was reported from Detroit
that the Ford Company had cut prices
heavily.
All this served to direct attention
to the motor stocks, which were
pressed for sale with some urgency,
and to steel shares, which. after hold
ing up fairly we'll through the fore
noon, weakened quite decidedly dur
ing the last hour or two.
1t was very noticeable that while
the industrials were being sold in
the final dealings the railway list
absorption of low-priced issues,
especially the Western Maryland, the
wheeling and Lake Fries. the st.
Louis Southwesterns, Kansas City
Southern. Pere Marquette and the
Chicago Great Western.
Money conditions were unchanged
with call funds lending and renew
ing at I per cent. Sterling exchange
weakened again. and in the late
afternoon was once more quoted I'M
der $3.49.