The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-10-09
FINANCIAL NEWS
AND COMMENT
Stock Market Has Mildly Reac-
tionary Session Featured
by Realizing in Rails.
PRICE MOVEMENTS MINED
Trading More Restricted and
Net Gains About Equal Net
Losses in Number.
PRICE MOVEMENTS MIXED

The market in the New York Stock
Exchange experienced a mildly reaction
airy day yesterday. with profit taking in
the rails its feature Trading was wholly
in the hands OF the professionals, who
contrived several mixed and confusing
movements of prices, but the net result
was insignificant from the point of view
of those who predicted an attack on the
rails, oils and motors. or the one OF
those who believed that stocks should
be held for the long pull With the vol
ume of transactions restricted to the
neighborhood of 100000 shares, net
gains were sprinkled through the list
to a point nearly equal in number TO
the net losses, although the latter were
heavier and were sufficient to bring
about a considerable reduction In the
averages. The tobaccos were the weak
est features, with rails and motors next
in Importance. the last named being az
fected by the report wired from Chicago
that a prominent motor company was
on the verge Of receivership. the vigor-
Gus denial of that report coming too late
to permit much of a recovery. In the
late afternoon there was for time
strong upward movement in local trac-
the only one to hold much of its gain.
General Electric responded TO the lack
of further news regarding the reports
of imminent financing, and shorts were
trapped In Sears Roebuck. Neverthe-
less, the divers evidences of strength
were valueless as q test of market con-
ditions, and the reactions elsewhere
were no larger than the Street had an
ticipated and played to bring about.
In Certa In ifnnorta Mt uiIa Ytar9 Tho n VS.
developments were taken as an indica-
ton that liquidation in all but a few
sporadic instances had nearly, II not
entirely, run its course. and that in the
near future the market, having dis
counted the effects of price reductions
to so large an extent, would begin to
anticipate a turn for the better in
dustrially. even before actual improve
ment took place in mercantile circles.
In support of that view the crop report
published after the close was a signii-
cant document. An all wheat crop of
$50. 000,0 900 bushels was about what had
been anticipated, but the corn crop
prediction of more than 3,200,000000
bushels was not only the largest on
record, but it was a constructive de-
velopment of the first Importance. All
other crops were large enough to be
and the appearance of the crop report
presented a fundamental factor that
cannot much longer be ignored. With
crop predictions presaging a further
drop in the price of the necessaries of
life. II Is of interest to consider the lat
est figures from London, which indicate
the increasing possibility of British trade
competition in American markets. Ex-
ports of British products in September
We're f53. 000,0 900 greater than they were
In September. 1919, and, with the single
exception of those of July, were the
largest since the war ended. The total
exports last month were E119,500. 900
and. despite the importations of cotton,
grain, &c. the excess of British imports
was only f19,524.000. indicating that
British trade is rapidly approaching
normal Another striking fact Is that
the excess of imports for nine completed
months of 1920 is 1881, 600, 900 less than
that of the corresponding 1919 period
In other words the British trade state
ments are becoming more and more ia
vorable to Great Britain and more and
more a guaranty of return to near pre-
war conditions.
For the first time in many months the
call money renewal rate was placed at
n fractional rate yesterday, the figure
being I y per cent, and represented the
average loaning rate for Thursdays
transactions. Subsequently the rate adj
vanced TO per cent, at which 1t closed