Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-09-23
DOWNWARD TREND
MORE PRONOUNCED
lndustriaIs Continued to Give
Grounds, While Low-Priced
Rails Advance

New York. Sept. 23.-Today's stUcK
market plainly showed the effects OF
the increasing weight of the realizing
sales and short selling Of the two pre-
ceding sessions. A reactionary move
ment Of progressive character set in
at the outset and gained in momentum
and breadth as the day advanced. For
time it was sort of q tug of war ue-
tween the industrial and railroad di-
visions. with the former exhibiting in
Creasing sensitivcness, while the latter,
particularly the more speculative issues,
made new high figures for the muve-
mGnts. The line of cleavage was as
distinctly drawn as yesterday and on
Tuesday. Before midday, however. they
also showed signs of giving ground and
by the early afternoon the whole was
Slipping back in all directions.
There was nothing particularly dis
turbing in the morning rudget Of news
to account for the sagging tendency.
which, to large extent. was influenced
by technical conditions within the mat
ket itself. In truth, mainly the result
of the conspicuous lack of sustaining
power, which was the natural outcome
of the elimination of the short interest,
which heretofore had furnished the
markets principal stabilizing power.
Severe business condition adjust
ments which have came to light dur
ing the current week. coupled with the
rather violent slump in the cotton mut
ket this morning, virtually furnished an
excuse rather than a reason for the
market downward trip. The radcal cut
in automobile prices, announced a few
days ago by Mr.. Ford. which is ex-
pected to be followed by other motor
concerns. naturally made that partiCu-
lar group vulnerable to the bearish
drives. In all parts of the industrial
DIVISION however. all the more prom =
incnt speculative leaders proved TO pc
highly susceptible to pressure, and this
apple das well to less conspicuous is
sues. AS a matter of fact, soft spots
multiplied as prices sought lower levels,
rejecting unmistakable technical weak :
ness, which later also was discernable
in the railroads, which had been i'm
pervious to reactionary tactics.
Recent conflicting movements were
resumed at the opening. Rails of spec.
uIative variety advanced while most OF
| the industrial issues were again reac-
tionary. Trading during the morning
was on the largest scale of any cores
| pondinG period for many weeks. moro
] NAluu O'O''bV Nudl'N NIdIElUS uuuuS III
| the first hour, which was mostly at the
expense Of values. The market, how
ever. lacked breadth, activity centcrinG
mainly in the low price rails and OBJ.
scure coalers, embracing such stocks a,
| Chicago V Alton, Texas & Pacific
Kansas City Southern, Chesapeake 4
Ohio, Pittsburgh Coal and Pond Creel
| coal.
On the other hand, as morning ad
vanced the motors and their subsidi
aries manifested increased weakness
with the steels and equipments, notabl
Kelly Springfield Tire and Crucible an
Republic Iron & Steel. High grade oil
were lower by l to 1 points with tn
shipping shares. metals and chemicals
Around midday concentrated preSSur
was shifted to the food shares, with tn
sharp declines in American Sugar, Bea
Sugar I'D Corn Products. Most of th
junior fails held up vel. featured by I'll
renewed active buying of New Haven