Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-11-13
MARKET RAL[Y|NG
POWER WAS FEEBLE
Another Selling Movem Q n t
Quickly Cancelled Recovery
Made After the Opening

Now York. Nov. 13.--After a brief
rally following the lower opening. liuui-
dalton notably in the speculative issues
was resumed in heavy volume during to
days brief stock market. The character
OF the opening dealings suggested or
ganiSed support on the part Of the In.
huential financial interests to check
further spread of the decentralization.
This influenced considerable week end
covering Of the shorts, and which car
ried the most Of the list back to and
above last nights closing level.
on the advance. however, a wayeriuq
tendency developed. disclosing the buy
ing power to be still very limited. This
invited renewed savage drives on the
part OF the bear contingent, which in
turn reopencd the food gates Of hqui-
dation. The movement continued to
center In oils. steels, equipments and
such specialties MS leather, tobacco and
sugar issues. Further depreciation Of
rails Of the better class also resulted.
Losses ranged from l TO 8 points. these
In many instances representing lowest
levels Tor year or more. The decline
was checked for a while In the later
dealings. but gained further momen-
tum toward the end on pressure against
Southern Pacific.
The weeks semicollapse in the indus.
trial stocks was not only q most un-
pleasant surprise to q great maj ny mar
ket TO lowers. but was nlso difficult to
reconcile with the known traditions of
nah street. For over year, however.
this market has been knocking all Of
wall street pet traditions. theories,
preccdents and regulations to smther-
eens. Today some of the very shrewd-
est market observers are completely at
sea. and frankly acknowledge their in
ability to satisfactorily diagnose the
situation.
Those, however. who made an un-
biased and careful examination of the
pre-e ectioa market were not altogether
surprised in the breaking down of the
speculative structure. The very in
dolent and Indifferent character Of the
market during the progress of the pres
idcntial campaign was sufficient cir
cumstantiai evidence Of the ultra arti-
hcial cnliber OF the entire market struc-
ture. 1t at least suggested an organized
elort was being made to maintain a
bold front until after the battle Of
ballots was over, in that Il was apDre-
riatei by the powers to be that any de-
moralizing slump in security values
such as witnessed this week might
prove detrimental to the success of the
favored candidate.
Unless surface signs are misleading
with the election over all the artificial
supports were promptly withdrawn and
the market was freed to run on it's own
resources. Wall street must always
find an excuse for all its doings. Ar-
cordingly. explanations for the drastic
marking down in market values Of the
securities Of the industrial concerns
were built upon and around the in
crcasing unsettlement In the general
business situation. Business is bad. as
n result of the severe price reduction
movement and the overwhelming tide
Of order cancellations. and most of the
prominent market interests knew It
long before the election. In fact.
everybody knew. It. In truth. every
body with a grain Of common sense has
been talking about 1t for over six
months. Everybody therefore in Wall
street is pessimistic. This is the best
sign of it all Unless the country Is
facing some great catastrophe which Is
not yet visible to the naked eye. II
marks the beginning of the end of the
big bear market.
cellar.
It Is always difficult to measure the
length Of great downward swing much
the same as it is to feel the top Of a
crazy bull upward swing. Some Of
these days. which do not seem far dis
tant, this same market which now
shows every symptom Of going to the
damnation bow vows, is going to begin
quietly to discount the returning pros
perity Of business as II has done the
adverse side in the past year.