Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-11-10
LIST
WAS VULNERABLE
Early Gains Quickly Cancelled
When Bears Renewed Ag-
gressNe Drives

New York. Nov. 10.---The Evening
Sun in its closing financial review to-
day says,
In the first two hours or 80 Of today's
session OF the stock market there was n
fair rebound from the low levels estab.
lished yesterday to the extent OF ] to
2 points based on short towering.
Through that period, however, the bears
from time to time attempted raidins
and In the early afternoon, they site.
ceeded In precipitatins another decline
lowed III, with less vlkor than was the
case Tuesday. Conditions Influencing
the COURSE OF the market from without
were not essentially different, but the
siye to which the short interest has
grown. particularly IN the industrial
Issues, more and more oveftrowded the
beat position. Buying to return Dor.
rowed stocks did not meet with many
hindrahces, since at every rise those
long Of the market took their profits,
d. situation which eriboldened the bear
element 10 exert greater pressure as the
day advanced.
United States steel following publ
cation of the October tonnage figures
booked orders OF 537, ,D52 tons. dropped
w DViON W. W HtW wv tCNVI sth'N
1917 and there were even more extcn.
sive setbacks in others of that group.
The equipments, like the other stecl
industrials, lost all and more Of their
early gains. In Other Industrial quar-.
ters the spread between the high and
low OF the day was hs much as 8 to 9
points, while net reactions were to B
points or thereabouts. A few tlescrip-
tions were weak from the beginning.
Among these were the sugar shares
which anticipated the action taken at
the directors meeting Of the American
Sugar Refining Co., eliminating the
extra dividend disbursement which has
been paid for some time past. Studc.
allowing for the regular dividend Of IL
| per cent take.off today. The whole
session reflected purely professional
operations. ,,
Notwithstanding II was recognized
that many stocks were attractive to
those who had the money to pay for
them, very few had the courage of their
convictions, and strict aloofness was
the order of the day.
There was not a great deal OF dis
tinction to be made between the be-
haviof In the industfials and the rails,
except perhaps that the rails were bit
more actively traded In on The constfuc.
tive side W hen the market as a whole
was advancing. However, when the. re-
action set In, they followed the indus
trials to the point of neutralizing pre-.
vious gains and there they seemed ID
stick. buying Of Southern Pacific was
particularly animated In the. early
stages, and Reading, Northern Pacific,
Great Northern and New York Cen
trAl we're scafcely lesA eagerly bought
Whereas the industrials were quiet on
the upturn, the rails were the reverse,
and lost momentum on the down grade.
Prices made substantial recovery in
the last hour. notwithstanding the
making up Of call money to 10 per cent,
a circumstance which went far to estab-
lish the fact that the recent selling had
been overdone. Some issues like Bald
win Locomotive, Mexican. Petroleum,
Southern Pacific and Northern Pacific
made net gains Of 1 to 3 points. Trad :
ing In bonds was on heavy scale. Gov.
eminent issues shaded lower, but the
| otherS held wall