The Sun and the New York herald., 1920-09-29
FINANCIAL NEWS
AND COMMENT
Stocks Make Partial Rebound,
With Feeble Rally From
Mondays Lows.
INDUSTRIAL ISSUES GAIN
Specialties Rise a Little High
cr, While Rails Continue
TO Move Upward.
INDUSTRIAL ISSUES GAIN

As was 10 be expected after the sharp
cecllne In Mondays iats trading, there
was n partial rebound yesterday from
tho low levels touched on that day, but.
an before, the rally was very feeble
AFFAIR. considering the extent OF The de-
cline. II carried a number OF the indus
trial shares up a point or 10 on the aver
Rge and some Of the apeoialties slightly
further but there was no real sustain
ing power In back OF tho market, II
was apparent that not only IL the short
interest the only real sustaining forco
In 40 FAR as Industrial stocks are con-
cerned. but also that there was no great
disposition on the part OF those who
sold stocks previously 10 cover, even
though tho market appeared as though
II might have n temporary rally The
rails. on the other hand. did remarkably
well all day again that IL 20 say whom
ever there was sufficient lotup In the In
dustrlals 10 permit them TO continue up
ward. Tho better grade OF rails did not
make any great progress, but they con-
tinued to bo outstanding features among
tho low.priced speculative Issues
Sentiment was naturally more favor
able with the reaAAiring statements from
Boston concerning tho banking situation,
and with an oversoid condition OF Affairs
IN tho Industrial stocks, Il WAS quite
natural that tho market should have n
rally. But tho situation was unchanged
in 20 far aa fundamental conditions are
concerned Tho day was marked, In
fact, by further reductions IN automobile
Irices. and by reports OF further reduc-
tlon In copper prices The one commod-
| lty which the street IL looking 10 be
cut. steel, however. was unchanged, and
for this reason the majority OF observers
were inclined TO agree that there could
be no permanent Improvement In tho
situation until this basic commodity has
been rcadiusted 20 conform with price
cuts which have been made In automo-
blles. etc II was reported that this an
nouncement might be- expected within
ten days, but, n 10, there was no indl-
cation on the surface OF things, nor
could any confirmation bo obtained
among independent. steel concerns, which
are expected 10 start the ball rolling.
Here and there among the Industrial
stocks there were weak spots In which
II was evident that the bears hnd sue
cceded In bringing out real liquidation,
but for the best part OF the day tho
trend In the industrlals was upward
The steel stocks rallied substantially.
for instance. for the first time In more
than a week. and there was some re-
covery In the rubber and automobile
shares. Notwithstanding tho announce
ment Of further reductions In prices by
several companies. But. with all, II was
not the kind OF rally that might have
been expected after decline that has
run more than week. II amounted
10 less than three-quarters OF point
In tho averages. whereas tho decline
has run practically 6h points or the
stocks which were picked out for sell
ing yesterday. the shipping stocks prob
ably fnred worst. There was an espe-
cinlly violent decline IN International
Mercantile Marine, preferred and COM
mon, right at the finish. and along with
this came further selling OF American
international Corporation. which In sup
| posed 10 be n large holder or marine
stocks
There was no change In the money
situation, Notwithstanding the fact that
there was more demand for funds yes
tcrdny than at any other time this week.
This was remarkable too In view OF the
Withdrawals by the Government yester-
day and the announcement that fur
ther Withdrawals would take place on
Thursday. II shows. however. that the
money situation has lost It's influence
on tho market. for the time being at
least. and that tho thing which Is worry
ing Wall Street at present IL the price
cutting.