New-York tribune., 1920-10-29
Market Rroadens.
But PEices Decline:
Money Rates High
Disappointed Spectators
Liguidate as 10 p. C. on
Call Continues; More
Selling of lndustrials

After several days of severely re-
pressed activity, the stock market
broadened yesterday, but the change
was made at the expense Of prices.
The impulse to sell became more
dynamic and before trading ended for
the day nearly twice as many transac
tions were recorded as on the previous
days this week.
And the change in the volume of
sales came in the face of the persist
ence of high rates on call loans. Again
renewal operations were made at
per cent, and later the charge was
bid up to 10 per cent. The action
of securities, which tumbled sharply
until the recovery late in the after
noon, indicated a heightcning temper
of outside interest in the days fluctu-
ations.
Disappointed spectators in many in
stances iquidated their holdings. Their
decision to sell rested on varying
factors, but their conclusion to eX-
tricate themselves from their market
positions represented recognition
that their hopes for szablc rise had
not been realized. Many operators
purchased securities for the purpose
of profiting out of the late pre-
election speculative boom, which has
not yet come to pass. The prevalence
Of scarcity rates for credit makes car
rying charges exceedingly costly, and
the trend of the market all this week
gave little encouragement to those in
quest of immediate results on the
upward side. Selling was also caused
by the continuous flow Of news meas
uring the extent to which industry has
been receding, and, although some OBJ
servers contend the depression has
been discounted by securities, the
trade setting is uHfavorable for the
staging of "a bullsh demonstration.
The British strike reports indicated
hitch and caused some apprehension in
the morning, but later in the day it
was reported that the industrial dis
pute had been settled. Most observers
are inclined to minimize the effect of
the international situation on the mar
ket.
The low levels to which the selling
wave carried stocks attracted buying
during the last hour, some Of which
was short covering. Inc active securi-
ties recovered some of their losses,
although most of them revealed net
declines for the day. On the other
Rand, many of the INACTIVE stocks
closed near the low. United Fruit
fluctuated widely closing 8 points
above the low for the day for net
gain of A points. Mexican Petroleum
moved within range of six points,
but closed within %wo points of the
low for net recession of Az points.
Some of the securities whose bubble
had earlier burst by excited liquida-
ton tended to creep upward yester-
dav while other stocks were falling.
Further reports Of September earn
ings of important railroads were made
public yesterday. They give the first
reflection Of the new freight and pas
senger rates on earnings, but must be
accepted with some reservation, as
some business was still carried in Sep
tcmber at the old rates and large
amounts were written eff to take care
of the wage increases. All the roads
whose reports have been made public
revealed gains in gross earnings, but
not all in net. The stock market was
swaycd by other influences yesterday,
and gave no especial attention to this
development. During tic decline the
lails moved lower with the industrials