Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-09-30
PRICE MOVEMENT
HIGHLY VARIABLE
Confusing and Conflicting
Fluctuations in IndustriaIs,
While Railroads Held Well

New York. Sept. 30.-There was
repetition of the confusing and conflict
ing price movements in todays stock
market. especially in the industrial and
speciality stocks, while the railroads
continued to display the same consistent
resistance to the seeming strong under
lying reactionary current. Rumors of
further price cutting, which it was in
timated was certain TO extend to both
the steel and oil industry. was the i'm
pelling force Of the repeated drives Of
the bearish element. There was also
some talk Of high money rates before
the close of the session as result Of the
preparations for the heavy October dis
bursements and settlements.
No tangible evidence developed to con
firm an immediate cutting of oil prices,
neither was anything positive to turn
up concerning the predicted slash In
steel prices. In so far as the money
market. the loaning and renewal rate
for call loans was still maintained at :
per cent. II developed that yesterdays
late advance to s per cent was due
largely to demands Of belated borrow.
ers, and. much the same as in several Of
the preceding days. the higher rate com
manded was because collateral Offered
was not altogether acceptable by the
banks. and accommodations conse'
quently were secured otherwise.
The conflicting character of the price
movement suggested considerable houn
dering on the part of the professional
element, who apparently we're con-
stantly testing the market in order to
uncover fresh weak spots. II was also
evident that advantage was being taken
in some place Of the weakness of the
! industrials in different quarters to
| cover overextendcd short contracts. At
the same time there were also all the
! carmarks of the familiar tactics Of dis
tributing industrial stocks behind the
shield Of the strength Of the railroad
! group.
| Crucible Steel's extreme advance OF
| 81 points 10 135 was the spectacular
| feature of the mixed opening market.
| This sensational rise had all indications
| of a concerted and prearranged drive
| against the shorts, with the talk of a
| 80 per cent stock dividend used as a
! lever 10 bid up the stock. Changes
| otherwise were extremely variable, gas
and utility stocks Strengthening, with
few rails. while most of the more
prominent industrials and speCialtics
extended their recent declines.
A succession of the confusing move
lHt DIOhutI WI
the morning. Crucble fell back 3i%
points with concurrent reactions Of |
to = points in low priced oils. coppcrs
and food specialties. This was fol-
lowed by moderate rallies on buying OF
equipments, shippings and feathers.
Baldwin Locomotive. American Car nd
Foundry. Atlantic Gulf and Endicott-
Johnson being the most prominent fea
lures. The second reversal occurred
before noon, Mexican Petroleum falling
3 points. Pan American "a, Royal
Dutch | *. and Houston Oil y. There
were sharp breaks also in American
Sugar. Food Products. Wilson Packing
and United Fruit. Some of the auto
mobile shares also made new low levels
for the current movement. Studebaker
Pierce Arrow. Chandler. General Mo.
tors and Willys Overland, common anG
preferred, showed extreme losses Of
to points and leather issues becam,
heavier on further offerings.