The Washington herald., 1920-09-24
TRADERS AGAIN
RAID MARKET.
Vigorous Attack Causes Ma
terial Declines in Entire
Industrial List.
RAIL STOCKS STRONG
Market Closes With Rally
But Few Issues Recover
Entire Losses.
RAIL STOCKS STRONG

New York. Sept 2S.-The unex-
pected announcement Of a 100000
900 loan by Bethlehem Steel coming
upon a market already unsettled by
the beginning Of the automobile
price collapse inspired professionals
to attack the stock market today.
They did so with such vigor that
they brought aboVt material de-
cIines in the entire industrial list.
They evaded the railroads and those
shares were firm all day and were
the raIlying point for the whole
market in the afternoon. Very few
stocks recovered the entire losses
Of the day but several were rapidly
rising when the market closed.
Tomorrow is the day set for be-
ginning the British coal strike.
Bankers in touch with London au-
thorities expressed the belief that
nothing of Importance would hap
pen. The general public, however
is apprehensivc.
Franklin Follows Ford.
The Ford price cut was followed
by the Franklin company with
large reduction on its autos. Other
automobile companies protest that
they will not reduce prices, but as
a matter of course they must reduce
them just as the Independent steel
companies must reduce their prices
and the copper companies reduce
theirs The reduction Of 33i2 per
cent in the prices Of goods turned
Mills has set
the pace for the spinning trade
Raw cotton is already down 40
per cent from the high price OF
last year. Tobacco is down. so per
cent. wholesale leather has about
returned to Pre-war prices. The re-
tailers are chiefly responsible for
holding up the prices Of goods to
the public and now that the blame
is laid sQuarely on their shoulders
Wall Street believes that the end
Of prOfteerinE must soon come. 1t
believes that the lower prices Will
rz. So a renewal Of retail trade with
=. I acJ'- - in labor and much
Greater consumption Of goods Wall
Street believes that tine stock mar
kct discounted all of the price re
duCtions that are scheduled and
therefore the raid Of today harmed
nobody.
Even the mail order houses hav"
reduced their prices. which were un-
der those Of the retail stores. Mont
EOmery Ward and Sears Rocbuck ar"
the chief OF these houses with stocks
on the New York stock Exchange.
The stocks of both these companies
yielded slightly on the announce
ment. but there was good buying or
this decline because of the certainty
Fg1
Republic Motor.
Warnings issued by odd-lct houses
against selling EapuhIic Motor short
had the effect Of shooting that stock
up about points. There was cN-
cited buying OF it for short account.
and the governors Of the exchange.
who were unuueStioRabIv response
bIn for this warning. feel that they
have aycrted another StutZ affair.
according to an official Of one Of
the largest oil companies in Amer
lea. surplus Of crude oil is in sight
together with a reduction in prices
Petroleum products have not been
reduced from the war level. and the
public is clamorinE for a cut in gas
Oline. crude oil and other products
The urgent demand for these prod
uvts has encouraged the companies
to maintain prices. and if a cut is
made it will he chiefly as conccs-
sion 20 the general scaling down Of
prices and not because II is limos
sihle at the moment to sell the goods
as in thc automobile trade.
Ford After Cut in Tires.
I'm answer to the statement of tire
manufacturers that they would not
reduce prices. Henry Ford an
nounccd that hc was in a position
to finance n Now tire company and
would do so unless reasonable prices
prevail As Ford cars use half Of
the tires made in America this
warning caused considerable eN-
element among the tire producers
Kelly Springfield broke points and
I. s. Rubber about ;.
BethIehrm Honds.
The new Bethlehem bonds will
pay per cent and were offered to-
day in the open market at -. Their
appearance upset tho stock market
because they came without warning
and in fact they came after official
denial had been made by the Beth
lNhem company OF any intention to
issue them This sudden change ~
front gave Wall street the impress
sion that something had happened
Unfavorahle to Bethlehem.