The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-11-20
FINANCIAL NEWS
AND COMMENT
Selling Movement Is Unabated
in Stock Market-Special-
ties Attacked First.
MONEY RATE NOT FACTOR
Strength in Some Directions Is
Offset by Weakness in
Other Lines.

There was no letup in the selling
movement in yesterdays stock market.
Stocks were as weak as they have been
at any time in the last three weeks. and
there was even more urgent liquidation
in cotton and grain. In the case Of
stocks, however. the market held up very
we'll in some directions, but any salts
from this was Offset by the most extreme
weakness in other directions. 1t was the
kind OF liquidation in such groups that
suggested the dumping overheard OF
stocks without regard for value or, for
that matter for prices; liquidation from
people who had lost patience with the
present unsatisfactory condition of the
market. But as prices neared low points
for the year again It was noticeable for
the first time since the decline began
that the demand for stocks was almost
equal to the supply that, in other words,
the market was finally approaching
point where It would resist for the time
being at least.
There were exceptions to that rule In
the specialties. in which the bid and
asked quotations were very wide apart
and stocks had 20 be sacrificed, but only
of few issues. For the most part the
market put up very creditable battle
considering the fact that stocks were
thrown over literally by the thousands.
Whether this was principally short COW
ering, as has been the case frequently
before. or whether it was investment
buying. is matter of conjecture. Ger
tainly part of 1t at least was investment
| buying. That was the bright side OF the
trading. For the rest Of it the market
presented a very sorry spectacle to the
average person who has been carrying
long stocks. Prices not only closed at
! the bottom, but there was no real rally
to speak of from these points, notwith-
standing the splendid resistance. There
was nothing, as a matter of fact any
where in the market to show that prices
had reached bottom except the very level
of prices and the fact that that sort of
selling cannot go on indefinitely.
As has frequently been the case the
attack on prices started with spe-
clalty. IT began with Corn Products,
from which the decline gradually spread
out until it had included again the
greater part Of the general market. The
rails were no exceptions to the decline
in spite of the decision published in the
morning papers regarding the passenger
rates Of the New York Central. AS a
matter OF fact, Northern Pacific was
one of the weakest spots on the whole
list. While the rails experienced their
full share OF the liquidation the indus
trials still bore the brunt Of the liquida-
ton. Steel common sold down to flat
| 80, and there was very extreme selling
Of Bethlehem Steel. The rubbers mo-
tors. feathers and foods stocks followed.
special weakness breaking out in Bald
win Locomotive and American Car and
Foundry. On the other hand, there were
evidences OF covering In other groups.
Stocks like American International.
which have always been subjected to the
heaviest kind OF selling. were being
bought on the theory that the worst
news Is now out Of the way.
Money renewed at z per cent. and
was almost Immediately offered at 6,
but this had no effect whatever on
prices. Rather the market seemed to
go down in spite Of the easing of money.
Time money was offered again IN small
amounts. The whole money situation In
fact suggested a very important i'm
provement in to-day's bank statements
but no one could expect the Street &c
pay attention TO such possibilities in the
frame OF mind In which II was yester-
day. The exchange market also dis
played better tone. recovering part
OF Thursdays setback, but all Of this
was overshadowed by the steady out.
pouring Of stocks and the liquidation ir
cotton, corn and wheat In the case OF
grain the low price yesterday was the