Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-09-01


New York. Sent. 1.--Thc New York
Evening Suns closing financial review
today says:
Mixed movements In the industrials,
with prices leaning to softness, and FUR
thcr quiet strength In railroad ahares.
featured trading in today's session or
gradually expanding volume. although
Il seemed that this was brought about
more by centering of interest on n GER
tain few issues than by any real broad.
ening OF scope. Low. priced railroad
stocks were again In good demand at
substantial accessions In value. Sew
eral issues In that list were not much
changed, but all displayed a distinctly
firm undertone. The steel industrial
group held steady, while United States
Steel appeared to have abdicated Its
position Of leadership for the time being
Considerable pressure was exerted
against the motor descriptions follow
ing announcement OF the failure Of an.
other small automobile company, the
second to pass into the hands Of re-
criver within the past ten days or fort
night, and good deal Of talk was
heard about "the survival Of the fittest"
In connection with the outlook for the
industry az a whole. The reference
probably suits the case we'll enough,
although Il IL usually easier to exag.
gerate a condition Of affairs In a mood
suggested by the term than otherwise.
The weakness In the leading motor
stocks was nct pronounced.
News developments Of the day were
not greatly needed. Existing strikes and
threatened walkouts have become more
or less of an old story to the street
Irritation arising therefrom would seem
to be largely personal for the moment,
as Il IL regarded a. certain that they
will be settled sometime. They always
have, and one may as well be philosop-
hical over matter that can't be helped.
Trading currents were in q measure
diverted back to the industrial shares
in the middle of the afternoon wher
cC'l money dropped to Z per cent from
the per cent renewal rate. This Is the
first time in about a week that demand
loans have been quoted below 8 pei
cent. It was understood that large bank.
ing interests placed substantial sums
ir the money market this morning. SomC
relaxation from the higher ruling rates
was to be expected with completion o.
arrangements for financial obligations
Of the first Of the month.
1t was merely momentary condition
Of things and had little bearing on tn,
credit situation as a whole. One of tn,
strong spots was American WooleI
stock, which was influenced by an.
nouncement that that company's mills
at Lawrence would reopen on the 1911
Of this month. There have been vary
ing opinions about this experiment il
supposed battling against economics bu
no doubt satisfaction that the supposed
need for It has passed will be genuine
While awaiting issuance Of the gov
crnment cotton condition report, tn
, market for that staple was under con
siderable pressure, but improvement wa
noted later on when it was disclose,
that the condition was not as good a
anticipated. The estimate as Of Angus
% was 67.5 per cent whereas 9!
per cent was quite confidently locke,
| for. The indicated crop was approx
mately in line with expectations, tina
| is to say, 1878 900 bales. Existin
weather conditions are regarded on tn
whole as favorable and it would not b
added In the actual output.
The forwarding swing became quit
aggressive toward the closing, the steels
oil and others making substantial ne
gains, bringing the industrial list n
a whole in line with the railroad ad
vance. This demonstration was regard
ed mainly as the result Of covering b
shorts. There was no little animation
! in the bond department, where price
continued firm to strong.