Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-11-23
PRICE. MOVEMENTS
WERE FEVER|SH
Opening Bulge Ran Into Ex-
tensive Selling for Profits.
Soft Spots Uncovered

New York, Nov. 23.-The extreme
days stock market was wholly in line
with precedents. 1t was not because
of any particular adverse Developments
or any change for the worse In funda-
mental and economic conditions, but
entirely because Of those peculiar con
ditions within the market itself, COM
monty known as the technique. There
was buoyant opening, recording fur
ther substantial rallies from the recent
protractcd liquidnting movement, which
was to be looked for in view of the
momentum gained by the recovery
movement yesterday. The early pace
and extensive selling for profits. coupled
with renewed drives on the part of the
professionals, quickly Cancelled most Of
the early improvement. The market,
however. came back. regaining about
two thirds of the initial improvement,
followed by the familiar backing and
filling by which the general list started
nowhere and reached nowhere.
While some Of the sore spots may
have been cut out, which facilitated
the technical rally yesterday and Sat
urday, the days movements demon
strated conclusively there were still a
good many lame ducks left who having
been helped over the bumps last week
were in no position TO hang on much
longer and were indisposed to slide out
when the opportunity was offered to
get out at reduced losses. In the two
days it must be remembered the indus
trials regained more than one-third Of
decline suffered since election and much
more in the rails. Then again undoubt-
erly much Of the stock bought during
last Fridays aggressive session for
support came out this morning Fur
thermDre the conditions which we're
supposed to be responsible for the re-
cent violent market shakedown have
not disappeared. To the contrary, they
were still very much in evidence, al
though many are confident in the belief
that the worst side Of the general bust.
ness and economic situation has been
already discounted.
From the manner in which the mar
kst started out there was every promise
ofanothe day Of discomfort for the
| bear camp. 1t was noticeable, however
that most Of the excitement centered in
the highly speculative specialties which
had been unduly depressed while the
more representative issues after opening
advance showed a tendency to hans
fire. Such issues as General Motors
Crucible Steel, other motors and poo
specialties made opening gains any
where from l to over 3 points. Tn,
representative rails and Industrial
were also strong but they we're over
shadowed by the pyrotechnics in the in
dustrial specialties.
When the trend was reversed Genera
Motors soon Cancelled its advance on al
enormous turnover and weakness sud
denly developed in low priced rails
New Haven fell points and Texas an,
Pacific pa, the reaction embracing st
Paul preferred, Rock Island, New Yorl
Central and Southern Pacific. Shipping
were netx 70 yield, notably Atlantic
Gulf, United Fruit and American In
ternational. Crucible and General Eiec
tric forfeited their advantage and oil
began to sag, Royal Dutch showing
especial pressure. Although call none,
opened at 6 per cent, the lowest initia
rate in many months, stocks made fur
ther recessions with the approach o
noon.