New-York tribune., 1920-09-09
Stock Market Is
Unsettled by Sales
For. Short Account
Professional Pressure I'm.
creases i'm DULL Trading
Session; Steel Trade News
Less Favorable; Money, z

Action OF the stock market yester-
day was generally disappointing, for
the setbacA in prices occurred just
when the Street had begun to talk
/ optimistically Of sustained recovery.
What happened, however. was that the
professional traders, on finding signs
Of weakness at the outset, seized upon
the opportunity to apply pressure to
the whole list, with the result that
the entire market suffered. Declines
were sufficient in many cases to wipe
out the ground gained on Monday and
not few industrial shares displayed
pronounced weakness. The reaction oc-
Cured without definite news develop
! ments to account for it and demon
strated quite conclusively that the
market is still in an uncertain position
and will likely continue so until cur
rent credit troubles have been over
come. 1t is to be said, however. that
| it was few weeks ago. Improvement
in the investment market has been suf-
! fciently pronounced Of late to create
a favorable impression in financial
circles.
In the stock market yesterday a
number Of the issues which were 50
strong the preceding session suffered
quite severely. There was Mexican
Petroleum, for example, which had
nouncement of an increase in the divi-
dend rate. This and the other Doheny
issues were subjected to professional
pressure from the outset, forcing
rather sharp declines. The bears made
capital out Of the late reports from
, Mexico, which indicates q hostile atti-
tude on the part of the de facto govern
ment regarding the controversy over
the property rights in Mexico Of the
leading American producing companies.
The steel shares, with one or two ex-
captions, were weak. This was es-
pecially true Of Steel common. which
lost more than point. AS Is usually
the case, the weakness Of the market
leader had depressing effect upon
the rest Of the industrial list.
The weekly reviews Of The iron and
Of the outlook for the industry. Buy
ers Of pig iron and steel are holding
out Of the market in increasing num-
bers on the theory that prices will be
lower in 1921. Cancellations Of exist
ing contracts are said to have been
fairly heavy Of late. The monthly un-
filled tonnage statement Of the United
States Steel Corporation, winch VII! De
published at noon tomorrow, ought to-
indicate the extent 60 which cancel
lations have gone in the case Of the
largest producer Of steel. Pig iron
production during August gained sub
stantially as a result Of the improve
ment in transportation conditions. 50
that the months output. was only ex-
! ceeded this year in March. (.
Borrowers at the Stock Exchange
found an ample supply Of call funds
available yesterday at per cent, which
was the prevailing as well as the re-
newaf rate. At the same time further
market position was supplied in the
larger offerings of time funds. Brok-
ers in recent days have been able to
obtain substantial amount Of time
money for periods Of thirty days to
four months at sh to SA per cent.
The natural inference is that lending
institutions see tangible evidences Of
Improvement in the general credits
| s;tuation.