The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-11-27
FINANCIAL NEWS
AND COMMENT
Stocks Hold Remarkably Well
in Face of Liquidation in
Other Markets.
OILS AND MARINES WEAK
Higher Priced Rails Make Good
Showing, While Sugars
Lose Ground.

The stock market, while stiil contain
ing many points or weakness gave a
much better account of itself yesterday
than did most OF the other financial mar
kets. The liquidation broke out afresh
in the grain markets. In which new low
records were made. and there was an
other violent selling movement in cotton.
There was a downward tend acy. too. In
most of the foreign exchange markets
But in the face OF weakness IN these
markets the share list held up remark
ably well. although weakness cropped
out In the oils, shipping shares and
others. which Wall Street still considers
relatively high In comparison with the
general run of listed securities. The rails
did particularly well on the day as a
whole. and so did many Of the leading
industrial shares. but. as before. while
stocks held well, there was no sign of a
rally whatever
Furthermore where stocks were In
clined to rally slightly, these rallies failed
to hold, circumstance which was gen
orally disappointing. In view Of the
news developments. however. little more
could be expected. The copper metal
market. which everybody had thought
had struck bottom. broke again, copper
metal getting down to new low of 1884
cents a pound. On top Of this came
further reductions in steel prices, in fact.
the most important reduction thus far.
While ordinarily they would have been
considered a favorable development by
the financial district. the average stock
market follower was disappointed be-
cause the reduction was not drastic
enough, that is to say. that, even with
the latest cut, prices were still generally
above those being maintained by the
Steel Corporation. Nevertheless. the cut
showed a disposition on the part OF in
dependents to bring their prices down to
a level where eventually they were bound
TO attract new business.
The oil shares probably stood out az
the weakest features OF the session be-
cause of the heavy selling that went on
in Sinclair Oil. But, for all of that
selling the stock did not go down n
great deal. Mexican Petroleum was
naturally attacked along with the other
oils. getting down to its previous low.
and there was heavy liquidation again
in Texas Company The steel shares
were sold at the start. but when no
progress could be recorded traders
turned their attention to other direc-
lions One of the outstanding features
OF the day was the weakness OF the
sugar shares. which followed further
reduction in the price Of sugar. On the
other hand. some OF the higher grade
OF railroad stocks made a fairly good
showing. There was a sharp rise in
Norfolk and Western In response to a
report that that company planned a
separation OF its coal properties, and
there was good buying OF many Of the
low priced rails. But the action OF
Southern Pacific and Reading generally
disappointed Wall street.
There was no change during the day
in the money situation. Call money
renewed at per cent and remained
at that figure throughout the day, not
withstanding the fact that the demand
for money is always heavier on a Fri
day because OF tho extra demand TO
carry stocks over the week end. But
nevertheless those who are looking for
easier money for the rest OF the year
without occasional flurries are likely
to be disappointed. as there are bound
to be heavy strains put on the local
market TO meet the December inter
est and dividend disbursements and the
tax instruments later on in next month.
The foreign exchange market was gen
orally heavy. but not especially weak.
Sterling lost a further portion OF tie
gain earlier in the week. but recovered
eoronvyhat toward tha Glazing