Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-09-21
TREND OF MARKET
WAS REACT|ONARy
Number Of Influences Contrib
uted to Keep Price Move
ment Unsettled

New York. Sept. 21.--While show.
ing good powers Of digestion and alb
sorption and AZ intervals good recupcra
tion. the underlying tendency Of todaY's
stock market continued rcactionary.
While this was looked upon by many
ns q natural backset to the recent bull
iSh demonstrations. yet there wore con
trihuting influences which combiped to
Keep the price movement unsettled and
encourage wider aegrcssions on the part
"t thH bear marty.
Ono cf the moro disturbing factors
was an uuverifcd report that tho gov.
orumcnt viii withdraw a substantial
amount OF woucy ont of the banks this
week. Another was the rather sensa q.
ttoral announcement made by Henry
Ford. establishing prcwar basis. of
prices for tho products of his plants i'm
mcliately. Still another vas the re.
ports ot tho further heavy laying Of Of
mon in the motor accessory industry IN
tho Middle WcEt. At the same time.
rcrvonsnosS over tho recent explosion in
hc financial district cut some figure.
whi'r tho vo'rmc IT business was re.
duCed matcriallv by reason OF the OBJ.
Scrysnro Of Jewish holiday.
Most all tho active issues were under
pressure at the outset. oils and motor
GcreSSorics displaying marked weakness.
with Kelly Springfield Tire suffering a
procipitatc decline off, points. The
whol" market. however. bore marks Of
4 concerted raid and initia! losses in
wanN cCScs werc materially e1tcndC J..
1t was "vid"nt. however. that these
drives were forcing a relatively small
amount al real liquidation. and appar.
emily dislodgrd comparatively little
.ong stock.
In tho mcantim" tho predicted money
furry failed to materiali2c. The call loan
rcpc~aI rate wUs again fXcl at pet
cent and, according to the board. reports
ample funds wo-" on hand to supply all
requirements. At the same time while
tho early quotations for foreign ex-
change pointed to another setback in
the British rate. pressure in this quar-.
t"r likewise relaxed. Srpplemcutirc
these more encouraging signs was thc
auuoGHccm"nt ~ the arrival Of an ad-
ditional so 0oo ono 10 gold.
Finding they ~cre making no hc8d
way to speak Of, tho moro active NOM
bors Of the boar party promptly shifted
position and made hurried attempt :"
take IN q larger part of m" short lines
{ put out at the opening. This was fol-
/ lowed by general scramble of the
( shorts and the trend of the market wa
| quickly reversed. Among some Of the
closely held pool issues the rebound wa'
! little short Of sensational. Cruoihe
Stral. after falling !: points. rebounded
/ 81, points. Mexican Petroleum. after
declining . points. jumped over 3. These
demonstrations effected a recovery OF |
10 2 points in oils, ruboerS and equip
ments.
The few consistently strong issues
: included American Tobacco. Retail
Stores. Great Northern Orc, American
Smelling. General Electric and Amcrl-
can Hide and Leather preferred. There
were only nominal changes IN the rails
until after midday when they again
asserted their recent leadership at gains
Of | to > points. The recovery was
momentariy stayed on the announce. {.
msut Of the passing Of the Central
Leather common dividend. that stock
| breaking 3 points. In the carly after
noon th" recovery movement was started
agair, but price movement continued
, highly irregular.
The irrcgularity continued until the
last hour when the selling assumed
wider proportions, representing more
, aggressive drives on the part of the
bear contingent coupled with continued
free profit taking. The steels, equip
ments and motors were offered more
freely than the rest of the list, but
everywhere selling pressure steadily
/ increased. making the final prices the
! lowest of the day.