Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-12-09
STOCKS CONTINUED
UNDER PRESSURE
Evidence Of Further Enforced
Liquidation in Many In
dustrial Issues

New York. Dec. 9.---Pressure against
the speculative industrial specialties,
particularly the food, chemical and fer
tlnZcr issues, was resumed at the open
ing OF today's stock market, and con-
tinued for the most part OF the session.
Spnrodic covering Of the short interest
checked the downward march at inter.
walls, but the buying power otherwise
remained painfully limited. On the
other hand the character of the selling
in many parts of the list seemed TO
point conclusivcly to further enforced
liquidation. Silver touched a new bot
tom price, while foreign exchange was
stcadicr. Conditions in the money mar
ket were unchanged with the call loan
rate again fixed at per cent. There
was substantial rebound in wheat and
tn cotton market had a firmer tone.
Over night news and developments
were generally colorless. For the mo-
ment, however, attention IL directed
more closely to the stocks OF those COM
panies whose experience in the current
business situation is well known. Fur
ther rumors we're in circulation con.
corning reduction or passing Of divi.
dends by some of the recent industrial
speculative favoritrs. The preferred
stocks of many of these concerns in con.
sequence were subjected to considerable
pressure, disclosing Il surprisingly thin
market for many of these shares. The
weakness, however, was of a contagious
type in that 1t gradually extended to
nearly all parts Of the list embracing
the railroads, which, up to this time,
nave shown consistent resistance.
There were no violent breaks such
as occurred yesterday. but the buying
ordere were 80 few that it was quite
easy for the bearish contingent to force
prices to lower levels whenever they
chose to make concentrated attacks and
liquidation of crippled accounts re-
suited wherever bear activities were
noted. Surrounding conditions and cir.
Cumstances supplied plenty of material
for the short seller. more especially in
view of the apparent withdrawal of the
underlying support which the market
seemed to have in the recent sessions.
The weaker spots were again found
in the industrials specialties, with de-
clines ranging from l to more than 3
points. The brunt of the pressure was
felt by the oil issues. with Mexican Pc.
troIeum leading with a drop of 5A
points. Pan American, Royal Dutch,
Texas Co. and Houston Oil at the same
time declined from l toi more than .
DointS. Next in line to get the hardest
bumps were the motor shares and their
MiltH was u nat
ural aftermath Of the violent break in
WHY'S Overland in the late trading yes
tcrday. The feeling of misgivings, how.
ever, toward the motor group was to
some extent intensified by the semi
official announcement Of the intention of
the General Motors new management
to susped further payment Of stock
dividends.
In the meantime the steels, equip
ments, copper and food shares suffered
additional reversals of ! to 3 points.
The shipping issues also continued to
sag and increased heaviness was shown
by the rails. Southern Pacific touching
par for tre first time since the company's
segregation plan was announced. Read
ing, Norfolk and Western. and other
recent active leaders. ran OK from l
to ~ points under pressure. Among
the unClassificd specialties Sears Roe.
buck was the weakest, losing 212 points.
The weakness, however. became general
as the session progressed, and before
mid day reached all the various types
of stocks were materially under last
nights closing level