Evening star., 1920-12-06
BEARS PERSISTENT,
STOCKS ARE LOWER
Declines More or Less Sc
rious, Especially in the
Industrial List.
BY STUART p. WEST.

VAIL STREET. New York, Decem-
ber 6 (SpeciaD.-At the opening this
morning the rally was carried some
what further in individual stocks.
Mexican issues and others of the oils
were in demand and some OF the
steels and equipments went above the
Saturday closing. But in the main
the interest of the trading element
lay on the short side. II was no. d
question of a serious renewal OF the
downward movement, which was
checked in the third week Of Novem-
her, hut the notion simply was that
the recovery had gone far enough 1or
the time being. and that with the
short interest reduced as it had been
by last weeks operations the side OF
lesss resistance was for the moment the
downward side. Traders worked on
this theory and succeeded in bring
ing out numerous weak spots.
American Agricultural Chemical
had another bad break, rejecting
fears that the next dividend, which
altogether. and the stocks of other
fertilizer companies were driven down
likewise 1t is well understood, OF
course, that all these concerns have
been put in much less favorable
position since the smash in the COM
modify markets.
United States Food Products made
new low, and here also the selling
price indicated serious doubts as 10
the maintenance OF the dividends, de-
spite the fact that the company will
show it's per cent earned twice over
at the close Of the present year. Coca
Cola was another stock that developed
special weakness at new low figures.
and Willys-Oyerland preferred was
still another one. AS the day went on
the downward tendency became more
general and affected the greater part
of both industrial and railway lists.
Fear Money Furry.
The weakness. was probably due to
the unfavorable bank statements and
tho practical certainty Of a dis
turbance in the money market with
the 18th instant, when the fourth
fnstallment of income taxes becomes
payable, when $500. 100000 Treasury
certificates become due and when
the government is expected to an
certificates. probably amounting to
$500, 100000.
Trading lessened after the first
hour and the bears pressed their ad-
vantage. here and there finding
many soft spots that vera to their
liking.
Practically the only exception to
the rule was seen in the oil shares,
where Mexican Petroleum and Pan
American conducted a campaign of
their own for moderate gains
Southern Pacific Weak.
Southern Pacific continued to dis
sapoint those of it's friends who be-
lieved that the plan as proposed was
bullish and should have advanced
prices. 1t dropped without much
selling pressure back of it X points,
making IS points net loss from the
high point of the advance.
Bears again raided the mail order
stocks. Sears, Roebuck and Mont
gomery Ward & Co.. the former for
3 points and the latter for 1k.
Money was reasonably plentiful and
was offered at Z per cent.
L 4ehiEh Valley Up.
Lehigh Valley made a sharp rise of
points on an order from the Supreme
Court to separate itself from it's Coal
properties, Delaware. Lackawanna and
Western, however, dropped points.
Changes elsewhere In the list were
on to lower levels. Agricultural Chem
ical broke under persistent offerings
for 10-point loss!
TractiOns Weak.
Local traction issues were weak
again. particularly the Interborough
Metropolitan ANS. The decline in the
Interborough Rapid Transit 5s was
more moderate and they encountered
a fair demand around 81. Selling in
these bonds has. been fairly con-
tinuous since it was given out soon
after election that the new regime at
Albany might hesitate to do anything
on the fare question for fear it would
help the democrats elect a mayor of
New York next autumn. In the rails
there was some fuPther weakness in
Seaboard Air Line 6s in the outside
market. New York Central Gs were
off a bit. while Northern Pacific As
were unchanged. Chesapeake and
Ohio convertible 5s came down nearly
a point. There was noticeably less
trading in Southern Pacific convert
ible 5s as was natural since the plan
for segregation MATES it an object
to turn these bonds in for conversion
into stock.