Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1918-11-13
NO SIGN OF HYsTER|A,
BUT PRICES TAKE SLUMP
Liberal Buying by Banking interests
Fails to Halt Decline On
Many Issues.
COTTON DROPS 200 POINTS
selling Was Caused Largely by the
Report That Retailers OF Dry Goods
Are Now Observation-Disclosures
Sulnatra Gains.
ny n,,oADAN WALL.

NEW YORK. November 12-Thanks
'o' tho holiday and the opportunity to
'Ink 1t over. the stock market was
orderly to-day. There was NO sign or
hSsteria on either side. and when sell
ing became SO heavy az to dep-ess the
''s'' 'here was good buying from bank
'nS interests that did not have To 10
~ the brokers to borrow money. Tho
General public was powerIcss TO s,or
ne decline because most brokers had
bought UP to tho iimi, OF loans por-
'''''eu by the banks and had TO turn
gay Important buying ord.rs.
Tho result Of this was that, amer
Strong opening. in which some small
advances We're made. tn. market d.
i'heo steadily until the last hour. when
mere WAS small rally inter- w,hi.,
itr'her selling carried II down SO ,h,.
me cIosc was near bottom. Important
~ losses were recorded In nearly all
ih"ucs. regardless Of whether they wcr,
p"hcc stocks Or war bridts
cotton had most severe collunso and
~ carly afternoon had declined the 200
POINTS which the exchange had uHrd
rs maximum of any one days move
ihcht Trading necessarily ceased cs-
c"p' for few scattering orders 10 bur.
m" selling was caused largeIy by tho
disclosure That retailers Of dry goods
are ovcrstocked.
Mexican Petroleum had the most
severe decline Of any stock on tho ex-
change. beng at ono time eleven and
nc-half points under the high price
made at the opening.
American Sumatra was ono of tho
few stocks TO rise. and showed a net
advaacc Of four and onc-half points for
N" day. closing at top figure
american Tobacco. l.orilard and
lacco Products and Cigar Stores wc-.
quiet.
TOBACCO STOCKS SNOW
ADVANCE DURING DAY
American Insecd directors omitted
oncc more 20 declare a dividend on their
common stock. although the earnings
'or 1915 disclosed a; their annual meet
Ing held during the day were 1917 a
share on tic common stock as COM
Jared with 1885, for the preceding fiscal
year.
Strength OF Baldwin Locomotives vas
,ric o! the surprises. for tho professiou-
ais had looked upon that issue AZ soluc-
thing ~ y war stock
The caufFncrt stocks as a rule were
rot conspicuously strong. with the ex-
ccpt!on OF Baldwin.
United states Steel was "A dicaDpoint-
met when II sold under mar. Its de-
cline was no doubt Induced by tho cali
from Washington for steel makers 10
assemble there in conference TO decide
about removing price limits. II viii he
the governrents policy 10 release bmsl
a'"s ne rapidly as possiblc from war
rrs;ricti"ns. steel and coppe- must.
necessarily. decline sharply. and I: il
the heli.t OF leading economists that
the quicker this decline. Is brought
thout the better for business in gen
e:ai.
Secretary McAdoo took on, o: the
market what Htt!e enthusiasm Their
was when ne warned the public to look
forward 10 Il continuance OF high
lax.
NEW YORK. November ls-Mercantile pa
per, $. Sterling sixty day bills. si.'S4: COM
mercial SIKH day bills on banks. ft:2i3;
commercial HiNty.da bills ss.2L demand.
&i7s. cables a75.-l6. Government bonds
steady; railroad bonds irregular. Time
loans strong: sixty days. ninety days and
sia months. hid Cali money strong: rul-
Ing :ate. 9. BanM acc.ninMCes. g.