The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-11-11
FINANCIAL NEWS
AND COMMENT
Stocks Show Marked Tendency
to Recover, Which Spreads
to Other Markets.
MONEY RATES ARE EASIER
Foreign Exchange Rallies
With Cotton, Grain and
Other Committees.
MONEY RATES ARE EASIER

Although the stock market still
showed the effects of Tue-days violent
decline in prices by irregularity and
weakness in many directions the pre-
dominating tendency yesterday was
mainly toward recovery. not only in
the case of that market alone but also
in other financial markets as well that
have been declining simultaneously
with the share list. There wa1 very
sharp recoil in sterling exchange right
at the opening and the same symptoms
Of recuperation were likewise apparent
in the cotton and grain markets. The
stock market itself did not furnish any
very positive proof that the downward
movement had been checked until prices
had gone through their old lows to new
lows for the year. but rally In the last
hour OF l point to points fitted in
very nicely with the preponderance OF
evidence from other directions that the
decline had been overdone for the time
being at least.
IT was significant also, as indicating
the changed feeling in the financial
district that the stock market paid
little attention to the news from the
trade situation. although that news
showed plainly that the readJustment
was proceeding unche notwith-
standing what occurred in the Stock
Exchange, in the grain and the cotton
markets as well as in the foreign ex-
change markets. The stock market not
only had to face an unfavorable steel
tonnage statement. which showed a
falling off Of untitled orders on the
Steel Corporations books for the last
month of more than 100000 tons or APP
proximately 200 900 tons more than ex-
k,,t Ill ft,a I'M nj l.
dend on one OF the old line investment
industrials. that Of the American Sugar
Company In addition to this another
cut OF half n cent n pound occurred
in the price of raw sugars. but, against
those uffavorable circumstances, the
stock market had a slightly easier turn
in the money situation for the first time
this month. II was not enough to sug-
gest that the furry was over entirely,
but It was welcome change to Wall
Street nevertheless
AS Is usually the case after decline
as violent as TUESDAYS, the day was
marked by attempts all through the list
TO bring out fresh stocks. These at
tempts were directed mainly at the
weak issues, but with a single excep-
ton, nothing very startling occurred on
any OF the drives. Traders did succeed
In getting the whole list going. how
ever on one attempt to drive the cop
per shares down but after they had
gone only silently below their PREVIOUS
lows for the wear resistance become an
parent AS 2 matter OF fact il looked
on 'Ne surface OF things &c though this
Dive was conducted mainly for the
purpose OF COVERING outstanding short
contracts. for almost Immediately
thereafter the market rallied very
sharply in some cases. The rally in the
steel stocks was not all that could be
desired, but there was strength enough
at least TO rally Steel common a point
from it's low. which was the first time
that anything like that had occurred in
that stock In more than week.
The fact that money loaned down to
per cent. after II had touched 10
per cent in the last hour was not taken
in banking quarters as meaning that
there would be much easier money for
the time being at least. 1t simply
meant that there was a sufficient sup
ply on hand for the time. but It is
doubtful whether It will carry much in
fiuence in making to-day's rate. AS
a matter of fact. bankers who are usu-
ally right on the money situation do
not look for any real Improvement In
money as respects the speculative stu
alton until after November IA. Like
wise in the case OF the foreign exchange
situation bankers do not look for rallies
TO hold for more than a week or two,
as the trend in exchanges Is distinctly
downward. but the> sentimental effect
of these rallies Is not being overlooked
In the stock market. The rally In ster-
ling was the best In more than a month
and IL helped other exchange rates.