The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-11-25
FINANCIAL NEWS
AND COMMENT
Stock Market Trading Is Mar
row, Representing Two
Sided Speculation.
LITTLE LIFE TO SESSION
Industrial Leaders Give Way
Slowly-Money Situation
Is Unchanged
LITTLE LIFE TO SESSION

Trading in yesterdays stock market
followed the procedure of a narrow,
two sided professional speculation. In
which the principal aim OF the traders
was to pick out weak spots which re-
NAMED to be uncovered in the general
list. Such was the character OF the
trading during two-thirds OF the day
and II was practically meaningless so
far as the leading speculative issues
were concerned. The professional con-
tingent were quite successful In offer
Ing down such specialties as Atlantic
Gulf and United Fruit, but when II came
to selling active stocks they did not sue
coed in bringing out any real long stock
whatever. probably because the aver
age holder OF long stocks figured that
the market would not do much until
after to-day's holiday. From the view
point of business transacted il was
easily the quietest session since the
market recovered from its series of
declines during the last week
The professional interests were still
very bearish, however. and stocks were
sold again. With, however, the excep-
ton OF a few such spots as mentioned,
the market did not go down very far.
Indeed. it held its ground remarkably
well. and, taken as a whole, the days
DEVELOPMENTS were decidedly disap-
pointing to those operating on the
bear side. But while the market re-
sisted. 1t did so without any encourage
ing news. The general situation was
the same as 1t had been all the way
along. and the market continued to be
confronted with Developments OF a
bearish nature throughout the day.
Among the most important OF these
was the announcement that copper had
been sold in large amount for fourteen
cents a pound. The further decline In
grain In Chicago was not to the liking
OF Wall Street because II indicated that
the liquidation in that market had not
been completed, and It could not be
said that the steel news was reassur-
ing.
But, taken as a whole. the venture Of
the bear party on the selling side did
not prove very profitable yesterday. In
some issues. Atlantic Gulf, Mexican
Petroleum and others. for examples.
quick profits were made by nimble
traders. For the most part, however,
stocks of the type of Steel common,
Baldwin, Studebaker and others gave
way very slowly. much slower than
the bears had figured. This did not in
dictate that the market was showing
any great resistance or that the selling
had lessened. but merely that traders
were holding off until after the holiday.
There was n report that the Federal
Reserve Bank might reduce it's redis-
count rate after the closing, and traders
probably decided to hold off in view of
It. although It was known that there
was very little likelihood of such ac-
ton. II there is to be a reduction OF
rediscount rates It will not be made
until after the turn of the year, ac-
cording to bankers usually well in
formed on such matters
There was no change during the day
in the money situation. The renewal
rate was per cent. as on Tuesday.
Those interests. however. which expect
the money rate 10 remain at the cur
rent figure for the rest OF the year
without nurries are likely TO be dis
appointed. as there is bound to be a
heavy demand for money later on In
this month and also in next month,
when the final instalment OF income
taxes shall be made. Nevertheless IL
Is believed in conservative quarters
that, outside OF such flurries. the trend
of money will be easy and furthermore
that there Is likely to be plenty Of
money for speculative purposes shortly
after the first OF next year There is
no change in the foreign exchange
market. which ruled steady throughout
the day. A feature Of the days finan-
cial markets and one worth mentioning
was the continued demand for Liberty