The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-11-30
FINANCIAL NEWS
AND COMMENT
Better Undertone Reflected in
Stock Market Dealings
From Opening.
MEXICAN ISSUES DO BEST
Marine, Chemical and Low
Priced Oils Display Weak
est Spots.
lEXICAN ISSUES DO BEST

There were still a few weak spots to
be ironed out in yesterdays market,
notably among the marine. low priced
oil and chemical stocks but with those
exceptions, all OF which We're relatively
unimportant the market showed no re-
currence of the selling pressure that kept
II down during all OF last week. The
dealings had better undertone from the
start. and although it was still true that
the strength was the result of short COW
ering almost entirely. the change in the
trend nevertheless was sufficiently inn
portant to render operations on the sell
ing sids improbable except to the very
nimblest of traders. In special direc-
lions the professionals took advantage Of
weakness to depress stocks. but when no
real liqui .laton came out that selling
was to the advantage OF the rest of the
market: that is to say, in stocks the
trend of which had turned upward from
the outset.
The change In the character of the
it occurred in the face Of no important
change in tie news. There was n fairly
respectable Improvement in the Federal
Reserve Bank statements on Saturday
but the news over the week end from
| Industrial centres was just as unfavora-
BILE as ever. If anything, the news was
worse. It provided n fairly good test of
the markets underlying position. and
with the fact that no stocks could be
brought out even on unfavorable news
demonstrated traders turned their at
tention to the side of least resistance
which In yesterdays trading was the
long one. 1t Is true that the improve
ment was very slow in most directions
and thai only a. few stocks recorded
material gains on the day. but no one
had expected the market to emerge from
It's present difficulty very rapidly.
Where the market demonstrated It's
best recuperative power was in the Next
can stocks Those Issues had displayed
better resistance to the downward trend
than the general run ofstocks. Conse-
quently Il was natural that the rally
should be reflected In them first But
the market also had in addition better
news from Mexico and reports that
bankers were seriously considering
loan to that country. II the siaSs De-
partment should act favorably In recog-
nizing the new Mexican Administration.
The Improvement in the rest OF the mar
ket however, was not as spectacular as
II was in the Mexican issues. but never
theless a gain on the day in the leading
equipments, steels and motors was re-
corded. There was a particularly sharp
recovery In Chandler Motors, due to
short covering, while the railroad shares
did better In the main. There was good
buying reported In Southern Pacific in
anticipation OF the announcement Of the
separation OF the Southern Pacific oil
properties following the meeting of its
executive committee this week
There was no important change in the
money situation during the day. The
renewal rate was per cent. and that
figure prevailed during most Of the day.
but some loans were made In the last
hour at per cent. That figure did not
hold long. however. as money was Of
fered before the closing and the rate
dropped back TO s. The furry was due
primarily TO the announcement that the
Government would withdraw $40. 900
from the banks to-day. AS the prepara-
lions for those Withdrawals were COM
pleted yesterday. It Is assumed in bro
kerage quarters that money will con-
tinue easy to-day. Notwithstanding the
proximity of the end Of the month In
terest and dividend disbursements. There
was nothing of special Importance In
the foreign exchange market, In which
rates continued steady for the most part