New-York tribune., 1920-11-30
Market Prices
Steady in Dull
TradingPeriod
Without Drastic F7uctua-
tons, Securities Fail
to Arouse Interest: No
Big Move for Recovery

Without drastic changes in the price
level the stock market yesterday lapsed
INTO period of quietude and dullness.
In the recent severe declines the
greatest bursts of activity in stocks
Nave been expressions of urgent i'm
pulses TO sell, and with the lifting Of
.his pressure trades took place only
on greatly curtaled scale.
With the strength of the liquidating
and short selling movement weak
ened and with no dominant urge for
spectacular recovery, securities, tenn
rorarily deadlocked. fuctuated within
narrow trading area Despite rregu-
larity IN the trend, there was evidence
IF underlying frmness
Attention in. the financial district
was focused not upon the inlm adiate
changes on the ticker tape. but on the
: rami6catons Of Allan A Ryans rela-
tions with the banks. Spokesmen for
the banking institutions which ad
Mr.. Ryan's assets contended that their
action under the circumstances was
helpful not only as safeguard to
protect their own loans, hut also to
prevent the dumping of securities into
the market in order to correct weak
positions created BY weeks Of decln-
inc security prices.
The net result of the action of the
banks. so far as can be ascertaned
was the taking over of Mr. Ryan's &C
counts from brokerage houses and
from certain banks unwilling to con-
tnue them. The Guaranty Trust Com
pany, the Chase National Bank and
the Mechanics and Metals National
Bank are understood to be The institu-
tions which lent additional funds re-
Gently to Mr. Ryan and took over Sc
curities which had been previously re-
posed in brokerage Offices and other
banks
Aside from the public interest in the
dramatic career Of Mr.. Rryan and the
possibilities of further row, the
essential point. from the stock market
viewpoint is the announced policy of
the banks which arc known to be TAX
ing care of Mr. Ryan's assets that they
Will not seek to liQudate his holdings
at present. but will carry them. More
over, representatives OF the banks espe-
cially interested indicated that the
officers of the institutions felt that the
asset value of some Of his securities
exceeded their market value.
The removal Of this great mass of
securities from the possibility Of being
thrown into the stock market is con-
structive influence. particularly since
hankers assert that the adjustment III
this case is the last one that will be
necessary unless speculative conditions
again change.
In the morey market. call funds were
available at per cent at the opening
and at the close, but for time the
rate scared to per cent. With De-
cember disbursements near. the offer
ing of funds at these quotations was
regarded as further evidence of easing
IN this market for a special kind Of
money.
In the commodity and foreign ex-
change markets the same curtailment
of activity prevailed. Although Janu
arv cotton futures declined to 1853
cents a pound, new low level, the
general list at the end of the session
revealed net gains Ct from IS to 25
points. Wheat prices moved up 6
cents, but a reaction reduced the gain
to l cent. Corn prices, though irregu-
lar, showed frmness.