New-York tribune., 1920-10-08
Market Sensitive
To Gross Currents:
Prices Irregular
Signs of Firmness i'm Rails
Again Is Apparent;
Break i'm General Elec-
trio Is Laid to Rumor

Again the stock market was scnsi-
tive yesterday to speculative cross cur
rents. which made the fluctuations of
the day irregular and often contra
dictory. The enthusiasm for profit
taking in the railroad list waned, and
the high securities Of the common car
rier climbed forward to new levels. The
disparity in market standing between
the dividend paying rails and the
stocks of those of poorer credit was
again to be discerned, although several
securities of the latter category re-
vealed signs of firmncss, too.
In the industrial department there was
little evidence of large public interest.
me initiative was in the hands of floor
traders, and in their conversation, as
we'll as in their operations, MANY of
them indicated that they anticipate un-
settled prices, with lower tendency
IN the near future. However, the
thrusts OF the bears against the indus
trials yielded no startling results and,
IN view Of the professional efforts
they showed no feeble power of re-
sistance to bear pressure.
with further evidence of recession in
INDUSTRY and trade leaders unable to
/ predlct precisely how far the reaction
/ r.
| picked as to the outlook for securities.
In brokerage quarters there is a
marked lndispostion at the moment to
take definite position. In some in
stances commission houses, frankly
recognizing the muddled character of
the situation, went so far as TO advise
thelr customers to step out Of the mar
ket temporarily and observe the end
less fluctuations from the sdelines. In
spite of the doubt that clouds broker
ege opinion as to the immediate future.
many observers hold the view that the
electon has not yet been fully dis
counted, and contend that politics is
poteholally IN position to stimulate
securitles and cause another rally.
Reading, whose rise on Wednesday,
was most favorable aspect Of the
market, yesterday leaped further and
established its high record for the
year thus far at 1917. Spectators for
the upturn are acting on the belief
that the actual consummation of sor-
regation plan is near, despite the fact
that no news on the subject has vet
been made public
-, ofsetting the rally in Reading was
the severe decline in securities Of
sears Koebuck g. Co. At the low for
me day the stock was points under
Wednesdays closing quotations. and
alter; after an official Of the company had
denied the rumor that in CONNECTION
with new financing the dividend on the
common stock would be cut to per
cent and held there during the life
or the new notes the stock Of the com
pany recovered and closed at 113. with
net loss of points. Another con-
splcuous weakness in a usually strono
quarter was in the stock Of tho Gan,
efaI Electric Company, which closed
a points off. The break here was
associated with alleged new fnarcjnr
put neither company officials nor the
D@nkers of the organization indicated
they knew anything about the renort
which they promptly denied
IN the commodity markets traders
we're none too much impressed hv tbo
elsp9sition Sn'I 20 Of cotton growers Of the
south to light up thcig products with
,orches of fire, instead of pcrmitting
'nehi 10 pass from their hands at tho
ne" scale Of deprecated prices
nalsers or wheat and corn have also
ma heated their disclnation to euhn,j+
". S%,thout protest to the new quotations.,
Ou1 traders were inclined to look upon
sUch demonstrations as cxYressjone Of
WEAKNESS: Cotton quotations vora
shghtly lower at the close vestcrdav
ana wheat and corn similarlv woro
quoted lower in the final trarsactions
ai'er day Of sharp swings in prices