New-York tribune., 1920-04-21
Continued Selling
Depresses Stocks
To New Low Levels
Failure of Market to Hold
On Temporary Rallies
Causes Pessimism; Turn
over Is 100000 Shares

| Pessimism generated by the abrupt
downward turn taken by stock prices
on Monday increased in the financial
district yesterday, when the market
continued to suffer severely from the
pressure of specula tive offerings: Sen
timent seemed to be particularly de-
pressed by the failure of the market
to hold on such temporary rallies as
occurred during the course of the ses-
sion. This absence of support naturally
caused the professional trading ele-
ment working in favor of lower prices
to put forth even greater efforts. and,
as on the preceding day, they won
signal success. At the close, the mar
ket presented an almost unbroken
array of net losses, which ran any
where from l to points in the more
active industrials. Rails were also
total in excess of million and half
shares as the trading list broadened.
Stocks began the day with rather
ragged price range, and after a great
deal of irregularity encountered heavy
offerings in the second hour on what
seemed, to be part of a concerted move
by the bears to drive prices down. At
this stage of the market practically
all of the we'll known industrial shares
dropped to new lows. Then, for time,
the pressure lifted, making possible
moderate recoveries all along the line.
1t looked for short period as if the
selling movement had about spent it's
force, but again, in the afternoon, SELF
ing broke out afresh, being especially
ceavy in the final half hour. The late
drive against prices Cancelled most Of
the ground recovered on the rally in
che middle of the day. Most shares
closed at about their low prices.
After two days Of steadily falling
prices, speculative opinion is veering
around to the view that after all the
root of the ailment from which the
market appears to be suffering lies
There is growing conviction that the
market has been too artificial and that
the interests who have been responsible
tor the manipulation in numerous of
the fast-moving industrials have found
1T difficult to attract sufficient public
following to enable them to distribute.
While there has undoubtedly been a
good deal of distribution, it is also
true that certain of the speculative
syndlcates have not done nearly so
we'll as they anticipated fortnight
ago. when the majority market opinion
indicated a widespread belief that a
broad and sustained rise was in the
making. The conservatism of last week
IN market circles has given way to
growing pessimism as a result of de-
velopments since Monday. Expire ssions
were heard yesterday, for example, in
some of the largest commission houses.
that the spring rise had ended.
While late advices from Japan rela-
tive to the financial and economic up-
neaval there are more reassuring and
1t Is quite apparent that the Japanese
government will take no steps toward
withdrawing its large balance here and
IN London, the situation in that quar-
er continued as disturbing influence.
The foreign trade figures for March
90 not bear out the recent pessimistic
predictions of these who insisted that
the arrangement of the foreign ex-
changes meant a drying up of Americas
foreign markets. Exports for the month
reached value of $500, 100000, second
only to the record total of 1928, 900 900
for June, 1919. February exports to-
tailed $646,o0oooo. March imports in
the United States set new record of
$484, 00O,O In considering these fig
ures it must be remembered, however.
that they are not as valuable for pur-
poses of comparison as formerly owing
to changed methods in compilation by
the Department of Commerce. Money
was IN liberal supply at to 6k per
cent yesterday after call loans had re-
newed at 8 per cent. The foreign cx-
changes were quiet. Bond prices yield
a6 aCaip