Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-12-18
Renewed PRESSURE
IN SPEC|ALT|ES
>. ~" W So"-S
Weeks Liquidating Movement
Carried Average Level Of Ac-
tive Issues to Low Level

New York. Dec. 1S.-Further weak
spots were uncovered In the brief ses.
sion of today's closing stock market.
While there wps NO ~ -tin'''a- iiStr-N-
Ing developments overnight or any fur
ther adverse change in the genera, sit.
uation, the speculative shares were sub.
jected to renewed pressure immediately
following the dull opening. Spccialties
among tho food shares wore among the
first to extend their recent severe losses.
with pronounced weakness in several of
the sugar shares Other vulnerable spots.
however. were found in Mexican PetrO-
leum. Pullman, Nanadum Steel. Amer
ican Tobacco and others. Reading was
the softer spot Of the rails. although
some Of the lower. priced rails. notably
ct. Pau. were also found sensitive to
selling r-NSsurp TIC "n''n- wov"m"ut
was confined. as matter Of fact. to spots
rather than spreading through IN" gen
eral list. although the entire market
was inclined to droop. Dullness dcvel-
oped on the declines. which Influenced
some covering Of shorts. bringing irreg
nlar reCovprirs in the last half hour.
Numerous fresh elements of dis.
turbing character cropped out during the
weeks operations to add to tho mental
confusion Of Wall street and its fol-
lowing. Considering the prolonged SELL
ing movement in the security markets.
the recurrent food or liquidation
which swept stocks Of all descriptions
TO the lowest p-iCc of the year. and
In numerous instances to the lowest in
sevcra' years. was naturally difficult
Of explanation. Turning Of course. TO
the situation of business. bringing re-
duction of output. cuts Of wages and
the elimination Of quite A number Of
Dividends with substantial reduction in
others, there would seem to Dc plenty
of reasonable arguments for the fur
ther depreciation in security values.
According however. to the annals
and habits of Wall street. these un-
pleasant revelations just now coming tn
surface were supposedly largely dis
counted by the years uninterrupted de-
clining movement. Partly that is true.
but there have been Developments in
connection with the transitory period Of
business readjuStmCnt that could not
have been possibly forosecn. In other
words. as in a dangerous case OF i'll
ness, unforeseen complications have s"t
up. which undoubtedly upset some Of
the most carefully laid plans.
One Of these was the disclosure Of the
embarrassment Of both individuals and
corporations TO meet the heavy tax pay
ments last Wednesday, This Pmhar-
rassment in turn was not So much be-
cause of the unsettled business Condi-
tionS. but entirely, il would be no OK
aggcratiOn to say, the outcome of an
unexpected evil which has created little
short of chaos in the business world. 1t
Is only one little word but 1t has
Knocked to SmithCrecns the morality Of
the business world. because it has de-
- ~ l.. =.
II is unprincipled. wholesale CanCella-
tions. Almost every industry has felt
It's effects and it has been openly re.
fected in the disquietng dividend
changes and the dumping overheard. by
the wholesale, Of securities of oil de.
scriptions.
While the events Of the week natu.
rally were highly disappointing. il was
not without a favorable side. A con-
tinuous marking down Of market values
is Mt no tim" a pleasant spectacle. Any
one making a careful analysis Of the
weeks happenings could readily dis
cover matters might have been much
worse That the tremendous financial
operations If the week were completed
with scarcely q ripple in the money
market is convincing proof Of the in
herent sOundness OF the financial sit
uatiOn.
Then the picture Of gloom which has
been painted may be overdrawn. as eco.
nomic changes always are by the Wall
street fataliSts. There may be further
weak spots 70 be weedpd out. There
may BE- further unpleasant Developments
concerning the business situation. There
may be further shocks concerning divi-
dends which only short time ago seem
stable and permanent There may be
further trying days. too. in the mar
kct. hut unless the whole machinery
Of the market is out of keller. the time
would seem to BE- near at hand when
Wall street will be as con-piCuouSly in .
different :" advrrs" developments a. il
n now prone 70 make mountains out of
mOlehills.