New-York tribune., 1919-11-14
Stock Market
Scars After Break
In Early Trading
New Low Prices Touched in
Morning, but Heavy Buy
ing Causes a Sharp Rise
When Money Drops

With the peak sliced off the top
heavy speculative structure, the stock
market yesterday was more orderly
though rot without its sensational
aspects. 1t was a neutral sort of mar
ket during the early trading, with no
definite trend dscernible. Traders
IN call loans. When the news ticker
reported that money was lending and
renewing at 16 per cent, however, an
other drive against prices started
quotations of most st0cks were quickly
forced down below Wednesdays lows
and it appeared for a time that another
bad break might develop But at this
Juncture powerful banking support
came into the market and the decline
was definitely checked.
AS soon as prices began to display
an undertone of strength brokers' fore
seeing rally. advised their clients to
buy. They were encouraged in this by
the fact that although the rate was.
until late in the afternoon maintained
firmly al 16 per cent no difficulty was
experienced in obtaining all the funds
required. Their advice was needed.
Not only was there substantial
sold short during the drastic shake
out of the day before, but spectators
gathered courage enough to make con-
siderable comments on the long side.
side
Later when call money dropped to
6 per cent a food of buying orders
poured into the market. Stocks
which had suffered most during
the decentralization naturally we're
the advance was almost as excited as
the smash had been. General Motors.
the leader on tho rebound. as it had
been on the fall. gained 20 points,
Mexican Petroleum jumped 26 points
and Associated Oil 10 points.
This table shows the net result Of
the DAYS trading in those stocks which
had suffered most on Wednesday, ii
will be observed that not a few OF
them gained yesterday more than they
had lost during the slnmn
Stock en@s aicss Gain raaslay s'"SS
Am Am 4Sss@so Hsss%s'vs : sss7: 81: =. Z TX
Associated Oil ........II7 is lS,
Hs!5~s Hs!a s,ssi '9S' 50 = x =
,- Rurns Bros rs, ,:'......129 ,,
Corn Products ........ SSla y
Crucible Steel ........22b
Fisher Body .......'..l39 20
Gulf states Steel..,... SC 9
Kelly Springfield .....14S
Kelsey Wheel ....... IA l4la l51s
lao., Steel ......... go'4 ~ "a
Mexican Pee .......2l2 26 ~
Nova Scotia Steel 49,. 20 IA 9$.
Pan Am, iete.......ll4is Ssa
Pierce Arrow ......,.. 70&, ~ - ii
Republic / & S.......1l44. ~ y
Stvas rosas oS I &er .a.,,. :.''''..11g ="
L, S. Steel ''e's y. ........l95ls : rs + 4
The market now is in a much
stronger technica. position than it has
been for several months. Although
there was much covering yesterda
the short interest, brokers assert. is
still large. Moreover, practically y all
The thinly margined accounts have been
cleaned out, and the ednc Of the pub
lies appetite for speculation - dulied
by the smash that it is not likely to
rush in and bu.d up q dangerous posi-
ton soon.
1t can be authoritatively stated that
the Federal Reserve officials and bank
ers generally are convinced that the
liquidation was too prccipitate and they
viii do nothing further that might
upset the market. This is not to say
that cheap none may be expected or
that another big bull movement would
be countenanced at this time. But so
long as speculation remains within
reasonable bounds, it has, for the
present, little to fear from the bank
ing community. so ii was intimated
yesterday by those in a position TO
know