Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-11-17
MANY MORE WEAK
SPOTS UNCOVERED
General Market Suffered Bad
Sinking Spell After Strong
Opening

New York, Nov. 17.--After making
strong start today's stock market suf-
fered another severe sinking spell dem
onstrating quite clearly the liquidating
movement had not yet run its course
or had the bottom prices of many Of
the inflated industrial stocks been
reached. Renewed drives on the part
of the bear party, Of course, had a
great deal to do with the fresh collapse
of the speculative supcrstructure of the
market, but on the other hand. s,iffi
cient evidence was presented to show
there was still considerable liquidation
to be done.
combination Of what at the moment
would be regarded as adverse develop
uents furnished the bear party with a
powerful lever to push the prices to n
lower level. This included the dividend
reduction announced by the Ajax Rub
Der Co., rumors of an indefinite post
poncment of the long deferred stock
dividend on Crucible steel, lower prices
reported for ship charters and rumors
of further business embarrassments.
Counterbalancing those unfavorahle de-
velopments was the further recovery in
foreign exchange. relatively easy money
rates for demand loans and assurances
of leading banking interests that the
domestic financial situation is funda-
mentally strong
On the break which developed in the
second hour the market disclosed un-
mistakable technical weakness on the
one side, and on the other, indicated the
position of many Of the pols in the in =
dustrial specialtcs had been seriously
impaired. In the other words, when the
prices began to slide off under the pres i
sure OF the savage bearish drives in
conjunction with the renewed liQuida
tiOn, that market ConspicuOusly lacked
the undcrpinning which had been fur
nished in the preceding sessions by the
short interest and which it was de-
prived of when the shorts were run in
yesterday and on Monday.
There was, in other words, genera
shifting out of weak spots and these
numerically were unpleasantly large
considering the shake down the mar
ket already has suffered. Among the
more seasoned issues the movements
were quite conflicting, as while som,
held up remarkably well, others sup
posed to occupy unusually strong posi-
titions broke violently.
The unsettlement came in for more
notice because of the tranquil Charac-
ter of the opening, which suggested thu
market drifting into a narrow position
The initial prices were generally higher
with the most substantial gains scored
by the investment rails. With the ex
cepton of the rubber and copper shares
most of the industrials were firm t.
strong.
All these gains were quickly cancelled
when the bears began series of drive'
at the end of the first hour. Famous
Players was the greatest sufferer, drop
ping 111a points. The heaviest pres
sure. however, centered in Crucibl'
Steel, which dropped over & points
shippingS and various specialties. II
the meantime leaders among the rails
industrials and oil shares fell back l tt
| over 3 points from the opening level
The weaker spots being found In Ameri'
can International, Baldwin Locomotive
! Coca Cola. Mexican Petroleum and In
tCrnational Paper.
Before mid day the decline had beer
checked. and the selling pressure showed
| signs of subsiding all along the line
Variable rallies set in, but the marke
remained in a very fevcrish state.