The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-12-01
FINANCIAL NEWS
AND COMMENT
Genel Al List Holds Well in
Spite of Liquidation in
Many Specialties.
C0PPERS HARD PRESSED
Most Rails Lose Ground, While
Better Grade Industrials
Are Strong in Spots.
COPPERS HARD PRESSED

The stock market had to face again
yesterday liquidation in numerous spe-
cial stocks, in which margin accounts
have been impaired as a result of the
severe decline which security prices
have gone through in the last month,
but in the main the general list gave
a very credible account of itself. Rail-
way sstocks we're still pressed for sale,
refeaing disappointment because Octo-
Der earnings had not shown the increase
that had been expected, but where there
was one weak spot in the rails and spe-
ones among the better grade of indus
trial shares. The selling of such stocks
as the coppers and the rails. however,
naturally gave the general market an
appearance of irregularity, but this was
very deceiving, for in reality the indus
trial stocks put up very notable strug-
gle under the circumstances. Indeed.
such stocks as Baldwin, Mexican Petro-
leum. Steel common, &C., showed the
very best kind of resistance.
Under the circumstances. however, it
was impossible to put stocks up success
fully for the selling of specialties dis
couraged buying OF the better grade of
issues. But IL stocks did not go up it
was, nevertheless. impossible to put
\ them down, in spite of the fact that sew
,eral more so-called sore spots were
brought to light. One of these was
r-eInedied without the need of dump
ing huge amounts of stocks on the mar
keE and the market in that direction
Immediately showed Improvement. The
other issue. Chile Copper, was sold in
large blocks on the market without re-
gard TO price. and it naturally had
disquicting influence among the copper
shares. In so far as the general list
was concerned. however, it did not do
more than prevent continuation Of
the upward movement that had been
under way at the outset. Rather the
general list seemed to take the view
that the wedding out of such spots even
tually would work to the advantage of
the whole market.
1t was mainly in the copper stocks
because of the Chile selling. but the rea-
son for the weakness of coppers was not
altogether due to this one factor There
was a further cut in the price of red
the Street was rather worried at what
might occur later on at the quarterly
dividend meetings of the copper con-
Germs. While the Street did not like the
selling of coppers, what was more dis
appointing to the average stock market
follower was the continued liquidation
in the railroad shares, particularly in
the case of Southern Pacific The Street
had been given to understand that the
final announcement on the separation
of the Southern Pacific's oil properties
would be made this week, and the
liquidation yesterday seemed to indicate
that this plan might not be as favorable
as anticipated. Southern Pacific, how
ever, was no exception SO far as the
rails were concerned, as nearly all stocks
in that department. lost some ground on
the day.
The money market frmed slightly as
had been expected. on account of the
proximity of the end of the month in
terest and dividend disbursements, but a
more important influence yesterday was
the withdrawal of approximately $780,
600. 900 from the banks. Those with
drawals did not affect the market at the
start. as money renewed again at per
cent, but there was tightening of the
situation in the last half Of the day. the
rate for new money getting up to per
cent at the close. Those who are famil-
lar with the money situation are
not worried over the present furry. as
it is still maintained In good quarters
that money is bound to work materially
easier before the first of the year. There
was no special change in the foreign ex-
change market. Nearly all rates were
steady throughout the day