Evening star., 1920-11-20
MARKET TONEFA|R;;
CLOSING IRREGULAR
Heavy Opening Gives Way to
Further Weakness-Re-
neWed Selling.
BY STUART p. WEST.

WALL STREET. NEW YORK. No
vember 20.-At the opening of the
market this morning there was still
a. good deal of liquidation. but it was
confined to special stocks and did not
spread over the general list, as it had
on previous days. On the contrary.
short covering and new buying were
very apparent in many stocks which
had been hardest hit all through the
week. Among these were the Mercan-
tile Marines. the common quite as
much as the preferred; American In
ternational, Corn Products, Pi. .ladel-
phia Company; and among the rails,
Southern Pacific. Northern Pacific and
stocks showed a fair rallying power.
The support in Steel common also
was very noticeable again. the more
so because of the continued weakness
in independent steels like Midva1e
On the other hand. the demoralized
condition in the sugar market was
reflected in still lower prices for the
sugar stocks. American Sugar, Amer
ican Beet Sugar Cuba Cane and Punta
Alegre all broke badly. Sears Roc
buck was another weak point on the
dissolution of the syndicate which
underworld the notes, and Harvester.
fobacco Products and d few other
specialists made new low prices.
Leaders In Recoyeries.
But in the main it could be said that
the demoralized pitching over of
stocks had for the time being at least
ceased. If the rally was not very Wig
orous it was still true that numerous
individual stocks gave the best ac-
count of themselves that they have
any day this week.
The market was counting upon Sc
ries of favorable bank exhibits to
help it.
The best prices of the day> were
made in the last half hour and the
leaders in the recovery were the Mer-
camille Marine. Corn Products, Steel
common and Southern Pacific.
Bond Market Steady.
In today's bond market there was
perhaps trifie more recognition of
the great Importance of easier money
rates as they must ultimately affect
prices of all securities with a fixed
yield: Bond houses have unanimous
~ Ieit that the check. to the advance
at the close of October was merely a
temporary halt in between two pe-
riods of advancing prices. They have
bcHeVed and have gone on record
publicly as expressing the opinion
that the upward movement would be
aesumea d when interest rates came
down, as 1t was generally agreed
they would, toward the end Of the
year.
Now the relaxation in money has
actually set in, and while the more
speculative bond issues are feeling.
as they were bound to. the acute de-
preston in stock. investment bonds
have been holding up, and, this morn
ing. while they did not improve in
price, they held very noticeabIy
steady.
Liberty bonds. which have been GO
ing down all week. showed more re-
sisfance. There has been a lot of
selling of liberties by people who are
shifting into the stock market at
what they looked upon as bargain
counter prices.
This has been an influence. too. in
other parts of the bond market, but
the difference is that the recently
hoated issues bear such a high rate
OF interest. as Compared with liberty
bonds. that the switching process in
their case is not as attractive.
Curb Tone Steady.
AS compared with the previous ses-
sions of the week, the curb market