Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-11-19
PRICES TUMbLED
TO NEW BOTTOMS
Market Was Full of Stocks as
Result Of Recurring
. Liquidation

New York, Nov. 19.--Despite a q
per cent call money rate and an ap-
parent liberal supply of funds at that
rate, a further substantial recovery
in foreign exchange, together with the
assurance given by prominent banking
interests that several sore spots had
been cut out, today's market suffered
series of sinking speels, and a mum
Der Of the active shares made new low
bottom figures for the year. 4 great
many touching the lowest level in sew
cral years. In the vprnacular OF the
street the market was full of stocks.
In other words, there was recurrence
Of the same endless liquidation. At
the same time renewed pressure devel-
opod in the cotton and grain markets,
and here as well lower level of prices
were registered.
In many respects tho market was al
most complete counterpart of the pre-
"eding sessions. There was the usual
irregular opening, followed by sub
stantial recoverics. which in turn was
followed by familiar wide breaks in the
second hour. Overnight developments.
IL anything. were once more in favor
of the constructive side. Every reliable
evidence at hand pointed to n full con
firmation of the estimates of the large
outstanding short interests. Early ad-
vices at the same time forcshadowed
much easier money conditions. Then
there was an interesting story, which
came from absolutely reliable sources,
to the effect that several of the more
prominent lame ducks had been taken
care of over night.
Under the circumstances 1t was rea
sonable to suppose the marked would
at least enjoy tho usual week end tech
niCal rally. There was some covering
ut the outset, but the bear crowd col
lcCtively evinccd no more inclination to
cover than they did at the opening of
the week which was difficult to recon
Cile in view OF the wide decline sus-
tanned by security values during the
current week, but the explanation was
subsequently easily to be found in the
fresh heavy outpOuring of stocks all
around the room. in which there seemed
to be little discrimination. although the
movement was just as orderly as yes
terday and the day before. In fact the
market revealed an extraordinary alb
| SorptiOn capacity, or else the breaks
would have assumed much more serious
| proportions.
Many substantial recocrics from yes
! terdays extreme weakness were mad,
/ by leading stocks at the opening. Shor
rocring and some investment buyinj
! facilitated the rally which was mos
conspicuous in the railway division
Reading and Great Northern rose ~
points each, New ork Central IA, Rocl
Island rs and Southern Pacific ant
Erie l point. Baldwin Locomotive wa
strongest OF the industrials, rising
points and Atlantic Gulf recovered tht
better part of yesterdays loss. Othe
strong features included American Car
Mexican and California retrolcums an,
United States Rubber. Losses of l t,
= points were made by Crucible Steel
Harvester and Louisville and Nashville
The decision of the United State
Steel Corporation to maintain presen
prices unless change becomes neces
sary, added to the markets firm ton
for a time. This advantage was los
,efore the end of the first hour. whel
liquidation broke out afresh, beginnin
with specialtieS of the food, chemica
and related groups. Corn Product
dropped ! points, American Sugar
and Virginia Carolipa Chemical 3A
rhc drive against Crucible Steel forceC
that stock down points. with resultan
Araviness in other steels. also equip
mcntS. Rails which had been to
points higher under lead of Atchison
Cancelled their gains and shippings ant
oils reacted l to points.