The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-10-21
ANCIAL NEWS
AND COMMENT
arket Continues to Be
fading Rut of Last
Two Weeks.
rs GROUND WE'LL
in, Which Extends to
lares for the First
Features Day.
RS GROUND WELL

urred In yesterdays stock
cate that the share list Is
pove out of the trading rut
been lodged for the last
the contrary. the market
the waiting characteristics
kured II since the curnina
Ast downward swing in the
ocks. but II was still I'M
the bear contingent 70 make
B on the short side except In
es. notwithstanding the fact
ews was discouraging. The
lie II did not go up. continued
ground remarkably WELL
hce which was rather more
to those who look for rous-
over election than 1t was TO
% are expecting resumption OF
ldatior. There were many stocks,
rise. which did not follow the
market for special reasons. both
down side and also on the up
but In so far as the general mar
HAS concerned leading stocks closed
bout Tuesdays final prices.
mother thing which made the mar
look more favorable to the long in
srest was the fact that the principal
IctIvity-rthat is to say, what little ac-
ytlvity there was-occurred ON the buying
\ size. n Furthermore. the market tended to
I become quiet when reaction set in. The
1 fluctuations were practically meaning
less, and what made the trading even
less significant was the fact that nine-
ter.ths of the, dealings came from pro-
fesaional sources and floor traders whose
I main idea. in the present market Is to
! set, q quick profit either on one side or
I the other The news was unfavorable
again, but II the market paid any atten-
ton 10 II It was not apparent on the
4 sLrface OF things. The Street tried 10.
gay that dispatches were more reassur-
! ing, but what probably prompted traders
TO say this was a sharp rally In the
isforeign exchange market which is being
i watched more closely just now than are
Dthe news developments. Nevertheless
\ that caution is still being exercised in
. placing new commitments was evident
hin ali directions.
! IN SO far as Individual price move
rnefts were concerned the principal de-
! velopment out OF the ordinary during the
4 day was the development of liquidation
I In tha paper stocks. Inasmuch as this
ifnarked the first time that liquidation
has reached the paper shares 1t created
1nupli comment in commission house cir
i9les a The actual selling was prompted
tiby 7ah report that foreign shipments OF
newspriut were increasing. The rest OF
the. list was not affected to any extent by
tthA selling of the paper shares Mexican
stocks as a matter of fact, gained
ground notwithstanding the selling In
those directions, but there was an enor-
nous turnover of the Mexican stocks and
the result accomplished WIS not what II
ought to have been. In che opinion OF
many observers. The steel shares, priTr-
clrally the independents. were helped by
The expectations OF favorable Republic
Steel statement which will be followed
next week by another favorable state
ment on the part of the Steel Corpora
tion
The money market was trihe firmer,
{ rejecting withdrawals which will be
/ made by the Government to-day. The
renewal rate was per cent, and that
! rate prevailed all day. whereas hereto
! fore the market has eased off to per
cent in the last hour. The demand for
money however, was not sufficient TO
cause higher rates, and the Street, there
! fore. expects no change to-day. Prepa-
| rnt,ons for the Withdrawals were made
! Yesterday. so that no further strain Will
! be experienced in so far as present with
drawals are concerned. The Street Is
looking forward 10 still easier money
/ than has been experienced thus far and
! Il is expected that Saturdays bank
I abatement will be the first to show that
such money is actually in sight. 1t is
understood that there has been very
substantial Improvement in the bank po-
1 slton and what is more, that II VIII DE
reflected In the reserve ratios this week
/ FOR the first time. The foreign exchange
market was still very quiet. but the rally
which occurred In sterling exchange was
reassuring. even though not all OF the
! loss was recovered