New-York tribune., 1920-11-12
Selling Movement
Halted for Time
On Stock Market
Shorts Show No Anxiety 10
Cover. However. i'm Di-
minisl,ed Trading; Little
Pressure From Outside

IN 1he fluctuations Of quotations on
speculative securities yesterday thcre
was no indication Of nervous rush on
the part Of professional bear traders 20
'aKe tne profits which had accrued TO
1hcm from the precipitatc decline Of
prices tor SIX days following Election
'HN. IN the contrary, despite few
'T,Ncepnonai cases. as IN Repogle Steel.
.DoSe snort OF securities revealed a CON
hdent attitude, and showed no over
&hXlcty 10 cover their commitments.
On the other hand, the nature Of the
.r4dlng demonstrated that the fierce
se!Ilhg movement had at least tempo
rarlly spent itself. Trading was on a
sl&nihcantly diminished scale, and
comparatively little selling pressure
originated from outs dcrs, as the mar
Net again tell under the domination of
professional traders. Floor traders in
not few instances acquired stocks
III the morning for quick turn. antici-
patng a further technical rally. Whom
'hls spurt failed to matcrialize, there
was selling later in the day from these
ln-and-outers. Around midday. as on
Wednesday, stocks touched the lowest
levels of the day on heavy professional
selling.
In the afternoon the rates on call
money, which had renewed at 8 Der
shortly before the close of trading. to
per cent. Although closing prices
we're near the high for the dav. the
decilne IN money rates caused no spir-
ltod recovery, and some stocks in
CURED net losses for the dav. How
ever, the average Of thirty representa-
tive industrial stocks rose to 79.43 from
1888 the previous. day. and that of
70.7O.
The EASING Of the cost Of credit for
speculative purposes had been antici
pated, as 1t was realized that the
stringency rates--9 ard 10 per cent
were necessarily reflection of bass
ing condition, the duration Of which
was generally expected to be short. A
partial Offset to the outflow Of funds
from this district during this crop
moving period will be effective soon,
as about $50 100000 Of commercial bills
drawn against transactions in cotton
and WOODEN goods are falling due in
this market
Thc extent Of the skepticism regard
ing the stability Of present prices was
shown by decline in the grain and
foreign exchange markets, after the
light recoverics that have recently
been made. Sterling bills were quoted
cents lower to the pound and Euro
peafi exchanges were CORES DOnOln0ir
weaker The withdrawal Of the British
Commission from the wheat market
caused prices to slump off from 6li u
~ cents TO the bushel. and corn quo
tations again dropped to new low
level for the year. In the cotton mar
ket, however, the sentiment that aa-
verse conditions have been discoun cd
prevailed and gains up to IS points
wee registered in quiet session.
The bearishness existing has to some
extent lessencd the enthusiasm of IN
tutored purchasers for investment Sc
crrities. although it is patent that
hiNh grade bonds will benefit from de
hation of commodity prices In the
asst fortnight the brisk recovery IN
the bond market has been temporarily
checked, as the buying power Of deal
ors has been lesscned The latter are
well stocked UP with issues now, and
probably will bid for others avidly in
the open market as they worlx of their
present supply. The investing public
until a few days ago was absorbing in
vcstment securities rapidly. Some of
the ease in bonds has resulted from
selling by individuals to establish
losses for tax purposes.