Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-11-21
STOCKS ASCEND
AS MONEY DROPS
Buying Was Cautious and Small
Profits We're Taken
by Traders
BELATED SHORTS COVER

New York. Nov. 21.-The New York
Evening Suns closing financial review
today says:
Encouraged by the lowest call money
rates which have been permitted to rule
in Wall street for number of weeks.
the stock market today rctraced still
further the ground recently lost. The
call loan renewal rate this morning was
s per cent compared with 10 per cent
yesterday.
This started well defined rally in
the second hour. which carried indus
trial stocks well above yesterdays final
level. Later in the day the call rate
dropped to 6 per cent showing that
bankers are well pleased with the work
they have accomplished in the way of
clearing out unhealthy speculative con-
ditions.
However, the trading community did
not permit itself to become enthusiastic
over the easier money which, it appears,
is rather superficial. The buying which
went on today was very cautious and
did not follow prices up very far. Sharp
bulges were followed by reactions al
most as extensive. and the whole move
ment of prices was very Irregular. >
Traders are naturally fearful that
the screws will be suddenly tightened
again on money supplies if the market
shows any pronounced buoyancy and
a renewal of active speculation. For
this reason, small profits were taken.
and selling for both accounts on all
upturns was sufficient to hold prices
within moderate bounds.
Nevertheless. number of the more
volatile shares swung over wide
range. General Motors climbed above
339, up IA points or so on the day and
up nearly 60 points from the low hsl!re
recorded on the break. Cruciblc went
up around 210 and Mexican Petroleum
moved up above POS. United States
I trading, and other steel shares were
steady.
( At their best prices such issues as
! International Paper. Studebaker. Amer =
1 lean Car and Foundry, Baldwin, Re
! tail Stores, Pierce Arrow and Indus
/ trial Alcohol reflected gains of z to 4
/ points.
Belated short covering aided the up
ward movement. There was practically
no news of marketwise bearing. The
conference Of Federal Reserve authori
ties was watched closely for light on
the speculative situation, and the
chances are that credit will not again
! be supplied az literally for stock mar
! kpJ purposes as IL mas Dttn III lnt puSl
Mt least while industrial demands are
so heavy,
The strength Of the sugar stocks
which all through the break in thu
market last week held up remarkably
we'll, was a feature of the trading. This
group is one of the few which is still
selling neur the best figures of the year
/ Punta Allegro, American Sugar Refining
Beet Sugar and Cuba Cane were oil
actively bought at rising prices.
The rails did very little. The ad
journment of Congress with RAILROAD
legislation left in a muddled state, ha
for the time being robbed those stock
of speculative interest
In brokerages circles, nothing NOR
than a trading market is anticipate
during the balance of the year, pri
marily because during this period ther
can be no great easing of the none
situation. So long as the market re
mains an orderly affair. however, tn
worst Of the money pinch has bee
seen.
Following the publication Of til
quarterly reports of the Utah and Chin
copper companies, drive against tn
copper stocks carried them down sew
erai points, Utah declining below 7C
The whole market eased off in the las
half hour under light selling and a goo
portion Of the early gains were can
4 celed