Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-04-22
MARKET nervous I
AND UNSETTLED
Fluctuations Wide and Violent,
but Prices Steadied in
Afternoon

New York, April 22.--As naturally
would be expected from yesterdays
slaughter of values both the stock mar
ket aod the commodity markets were
IN highly nervous condition today.
Fluctuations in stocks. grain and cot
ton were wide and yiolcnt, rejecting the
continued mental confusion and the
general unsettled state of the entire
financial world Apparently strong sup
portig orders were placed to arrest
further spread Of the demoralisstio
This had the effect to check the liqui
dating wave to certain extent, but the
markets rcmained in an extremely fe.
verish condition. waves Of strength and
weakness following in quick succession.
In tho meantime, dealings continued
on an extraordinarily heavy scale, the
sales on the stock exchange 'by noon
reaching tho million share mark.
Some effort was made to put an air Of
mystery upon the Generalization of the
market yesterday. There was nothing
mysterious in connection with the shake
down. which. in brief, was the outcome
of tho banking attitude toward tho pools
and speculative combinations on the one
side. Or thc other. the cumulative cf-
feet If a multiplication of adverse in
AucuccS which have heon spicuously
D'l'Tf lON Hll'ullOU OF VI" UldTkNt FOll
munity for some time. These included
the strained credit position of the world
labor unrest: domestic and foreign po-
litiral disturbance commodity prices
inflated to q bursting point: railroad
problems Of most trying nature: unset
Element OF foreign exchange: growing
discomfort Of the masses and O number
Of complications which continued to
crop up sfrcsh each succeeding day.
AS 10 the pools. there are substantial
reasons for believing that week ago
these speculative combinations were or
dcred by the powers to be in the banking
world to reduce their holdings at once.
II Is possible. Judging from the charac-
ter Of yesterdays slaughter Of values,
that the banking orders had goue further
aud demanded absolute distribution Of
pool stocks.
The conduct of the market during the
morning furnished ample confirmation
in that pool stocks were again thrown
upon tho market in large blocks. The
enormous selling Of the Liberty bonds
is likewise easily eNplsinable. First, II
can be said there has been liberal mar
kptiug Of bonds from corporation hold =
ingS. sold because working capital eau
not be borrowed except at rates of In =
terest that are little short of prohibi =
tive. Then there have been heavy sales
by working people who feel the pinch
Of an extraordinary high cost Of living
Advices received by banking institutions
confirm rPrCut reports of enforced sell
ing Of Liberty bonds at industrial cen E
ters where labor troubles have beer
especially prevalent.
Liquidation Of speculative shares was
resumed at the opening of today's mar
ket. much Of the pressure emanating
from professional interests. Offerings
we're we'll absorbed for time. Some OF
the high priced specialtieS which were
hit the hardest yesterday making sub
stantial recovcries. while others Of the
speculative division suffered further re-
verSals. Fresh reactionary tendencies,
however. developed before the end of the
first hour, in which most Of the early
gains we're cancelled. further weak
mess of the Liberty bonds being n dis
QuietiuS influence. The decline was
moro orderly. in contrast with yester
days excited dealings, but little support
was manifested except at marked con
ccssious. Pressure. however. relaxed
before noon as call money opened at I
'pcr cent.
Further recoveries during the inter
mediate session carried several leading
stocks far above best prices Of the
morning. Actual gains Of 3 to almost 10
points were made by General Motors.
Baldwin, I. S. Rubber. Rcploge and
Corn Products. Call money was freely
supplied at the opening rate.