Salt Lake Tribune | 1919-11-22 | Page 16 | Advance of Security List is Followed by Recession

ADVANCE OP SECURITY LI8T 18 FOLLOWED BY RECESSION Stocks Open Firm and Extend Gains at Midday; Active Selling Toward Close Causes Sharp Declines. NETV YORK. No". 21. Stocks were firm to strong: at the outset of today's trading and made general extensions to their gains at midday mid-day but fell away rather sharply under pressure pres-sure in the active selling of the last hour. Much of- the early adance was naturally ascribed to lest; stringent monetary conditions and another rally in foreign exchange. For the first time this month call loans were renewd at S per cent, and plenty of money was available avail-able later at 8 per cent. Relaxation did not include time funds, how-erer. how-erer. for wbtch 7 per cent wan sizaio raperly bid. Many loans were reported to have been negotiated on an 8 per cent basis and commercial commer-cial discounts also x ere firmer. Sentfment among trader? wns more hopeful, but this was neutralised by the conservatism of commission houses, where further belated liquidation wa& la progress. The coal ttrlke situation and related industrial conditions also invited realizing for profits on recent purchase1. Shorts again found it expedient and somewhat some-what difficult to cover in such stocks as General Gen-eral Motors. Crucible Stel and sarero) of the high-grade equipments, shippings and oils, where extreme gains ranged from 6 to 1G points. United States .Steel was among the first of the accepted leaders to yield, but the late recession re-cession began witb coppers, where declines of 2 to 4 points followed the publication of ad verse quarterly statements, balca amount-id to 1.075.000 shares. Anglo-Freuch fives were the only strong features fea-tures of the bond market, the tendency other wise, including Ubeny issues, bt-ing toward moderate irregularity. Total sales iput a'ue' aggregated (17,000,000, Old United States boiv.e unchanged on call. '