The evening world., 1920-09-30
WALL STREET

Stock prices displayed q nervous
undertone in to-day's market. due to
continued reports that price denation
In commodities IL making further
Roadway. In this connection Il was
stated by the President Of the Armour
Leather Company that the leather In
dustry Is now in the worst condition
that he has seen in the twenty i've
years he has been In the business:
that tanneries throughout the country.
taken as a whole, are not operating
at more than 30 per cent. OF capacity.
and that not more than 10 per cent. OF
the New England shoe factories are
operating.
Then there was the announcement
that one OF the tire companies had
ordered a price reduction Of Is per
cent. and that the Willys-Overland
Company had temporarily shut down
its plant because Of lack OF orders.
with Instructions 10 It's 1000 em-
ployees 20 report next Monday. by
which time Il will have been decided
when the plant Will reopen and how
many days a week 10 will attempt to
operate.
There were no new developments
with regard to the prospective price
cuts In the steel industry, but Judge
Gary. head OF the United states steel
Corporation Is now on his way back
from Europe. and will arrive during
the early part Of the week shortly
after his return Il Is expected that
definite announcement regarding
the corporations price policy will be-
made. II Is stated In quarters that
arc considered seml-onicial that no
price cuts viii be ordered at this time.
The stock market says differently.
and It is seldom that the stock mar
ket Is a false forecaster OF coming
events
Opening stock quotations were gen
orally higher with the bulk OF the
buying coming from the large short
interest that Is now IN the market.
The pool In Cruclble steel gave the
shorts IN that issue an uncomfortable
time By running the issue up for a
gain OF more than eight points. but
In later dealings half OF this advance
was lost. other steel shares were
strongly inclined TO be reactionary.
and U. 8. steel got to within an eighth
.of a point OF the low mark Of yester-
day.
Pressure was again exerted against
the oil shares because OF prospects
that these companies will have 70
lower the price OF their product. and
Mexican Petroleum. Pnn-American
and others showed losses running
from one TO three points.
Sugar Issues were called upon 20
absorb considerable selling, seemingly
due 20 the fact that the financial dis
trict Is firm In the belief that sugar
prices have not yet touched bottom
This view Is partially confirmed by
the course OF the raw sugar market
| American Sugar Refining and Ameri.
can Bee Sugar recorded losses ranging
from two 70 nearly three points.
Copper shares were unsettled. The
speculative community believes that
lower prices for the metal are immi-
nent In this connectLon Il was an
nouncod that Anaconda Company hat
decided TO shut down three OF It's Mon.
tana mines. Stress was also laid or
| the fact that the big English owned
| Rio Tinto Company had decided e
| omit the dividend due at this time.
Rails again moved contrary 10 this
I H.. H. a -
ranging from substantial fractions &
| nearly two points were not uncom.
mon In this group. Traction issuei
we're able 10 give a good account OIL
/ themselves.
| The wheat market was unable 4
/ successfully absorb heavy selling
pressure and at one time showed 1
/ decline OF 1--WE cents per bushel. Corr
| was OFF four cents. Liberty bondl
were irregular. Cotton was steady
| Foreign exchange rates were prac