New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-09-23
Stock Market is
Irregular With
Traders Selling
Many Industrial Shares
Come Under Professional
Pressure; Steels Yield ON
Bethlehem Financing

! Speculative Wall Street was still
suffering yesterday from the effects of
the developments of the previous day.
The news Of the drastic cut in prices
by the leading builder or 1ow-priced
motor cars in the country together
with the passing Of the dividend by
an important industrial concern was
continuing influence in the stock
market from The opening on. The re-
suit was highly irregular and ex-
ceedingly confusing movement Of quo
tations at the exchange on an active
turnover.
Professional bear operators were
again active on the downward side Of
the market, especially in the indus
trial end Of the list. There was some
generally speaking the volume Of
liquidation was not impressive. The
market suffered mainly from lack Of
support, which Of course, made it COM
paratively easy for the bears to de-
! press prices.
| Steel shares came under the press-
urc of the professional attack early,
and as might have been expected the
weakness of this part of the list
|
traders made bear argument out of
the unofficial announcement, subse-
! quenty confirmed in official quarters,
that the Bethlehem Steel Corporation
had arranged for a new piece of tlnanc
ing involving the offering in the near
future of s20,0OO,000 Of notes. The
funds raised from the new financing
arc to be used in building vessels for
hauling ore from the company's Chill
! pn$h oh Ckoo ,1,o
were severely depressed by the news,
the "B" common stock shares declining
points net on large turnover. De-
clines in the other steel issues aver
aged point or more, although in the
case of Crucible the stock recovered
after its slump and showed q net gain
| at the close.
Selling continued in the motor
shares on expectations of a general
downward revision in prices, now that
leading manufacturer has shown the
Way. Tire and rubber shares were also
depressed as the result Of offerings
stimulated by reports that at least
two companies are negotiating with the
bankers for new financing to provide
additional working capital and take
care Of heavy inventories. A strong
group in the market comprised the to-
bacco shares, which have been acting
! "elI loT several Gays as the result OF
pool operations. Rails generally stood
up firmly. Oils moved in irregular
fashion.
The weekly reviews Of the e.ool
trade showed there had been little
change in market conditions during the
past ten days. Talk of impending price
reductions is heard on all sides, with
/ the result that consumers are disposed
TO hold out OF the market in hopes of
covering their needs at lower levels.
/ Output Of pig iron and steel products
Is increasing and it is predicted that
October will likely see the establish
ment of new records. Shipments are
getting back to normal rate as a
result of the clearing up of the trans
portation tangle.
Borrowers in the call money market
covered their requirements Yesterday
at per cent. The banks to-day will
DC called upon to meet Withdrawals Of
)! 100000 for the account of the
treasury Department. In the foreign
exchange market sterling continued
unoef pressure with late recovery.
while rates or the Scandinavian coun,
tres declined sharply.