Free trader-journal and Ottawa fair dealer. (Ottawa, Ill.) 1920-1927, 1920-11-23
INDUSTRIAL CRISIS
PASSES PEAK; STOCK
MARKET IMPROVED
RETURN or OLD DAYS OF ACTIN
iTY PREDICTED WHEN PRICES
BEGIN STEADY CLIMB FROM
FORMER Low LEVELS.

Chicago, Nov. % The stock ma
ket, long considered the true baron
eter of business conditions, expert
enced sharp rally yesterday wit.
gains ranging as high as eight points
Advance OF the issue themselves
perhaps not go significant a. what y
portends. The rally, which began q
the opening of the session If sustain
ed might indicate that the worst
period in the industrial situation OF
the country is over.
For the first lime in many weeks
there was exhibited an easier feeling
'on the street For the first time in
= year money eased off to az per cent
at the close and local brokers report
ed practically no difficulty in obtain
ing necessary funds for the heavy pur-
chases of the day which sent prices
up.
Il was one of those days which "a
sembe the beginning Of bull mar
ket which always reflect faith and
confidence OF moneyed powers and III
dustrial leaders in conditions.
The banking situation, as reported
in statements of last Saturday. had
much to do with the rise. The Fed
eral Reserve Board reported a nation
wide reduction in discounts and ac-
ceptances of 1924 100000 on the Wee,
which means, literally that BANKING
conditions are about the same as last
July just before heavy demands -
carry crops and fall business set in.
On the market yesterday stocks fair
", leaped lCrucible Steel was up 81.
and Mexican Petroleum 81. The Ell
tire list advanced, with greatest
strength displayed in the rails. Auto
issues were in good demand and eEca
the rubbers, which have been under.
bear attacks for some time, staged
an impressive rally.
Business generally still is in process
Of liquidation, despite good ~hcWin2s
in loan reductions. Although many
commodities now are touching hOttuil,
indicating complete dehatiOn. stlll
bankers and business men agree that
many more articles still are 10 hit thl
downward slump. Until liquidation +
thorough real boom times cannot h.
SApttt'i
Bankers are not in accord as
whether yesterdays market really III /
dictates the turning point
Edward ID. Hulburt. president of the T
Merchants Loan, Illinois group If
BANKS, who is considered one OF the /.
city's most conservative bankers, .
said:
Il feel that possibly the worst Is
over Liquidation has been going on /
for some time. feel there is notn- |
ing in the situation to be disturbed /
about and that conditions, generally, +
have a better UNDERGONE.
Frederick Countiss, a member of :
e. Chaplin d Co, asserted there was a
better undertone to the market with
good buying and advancing prices, No
was experienced in borrow
ing large sums, he reported, a condi
ion which hasn't existed at least for
speculative purposes, for some months
John ] Mitchell, president OF tha
Illinois Trust and Savings Bank, feels
hat we have sCme way to 20 before
detiatiOn sets in The i'm
provCment noted in the general situa-
ton, while good, sill t. not Of pro-
portions to warrant one in saying that
the tide has turned. he said. How
sver, the market reflected strong
undertone and conditions are picking
up, h sale.