Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1919-11-29
STOCKS SELL AT BOTTOM
PRICES WITH NET LOSSES
Sxtreme Declines Ran on Average
Above Two Points, Especially
In Motor Issues.
SILVER BREAKS, GOING TO 1929
Liquidation Was Largely for the
Accounts of Persons Who Hal
Passed Through Panic OF TWO
& Weeks Ago.
nH nnnAnAN MALL.

~ NEW YORK, Nov. 2S.--Stocks were
SSySeak and active throughout the euiGrc
fsession today and closed almost at the
bottom prices with material net losses.
some OF the low prices were new ones
:Sfor the year. particularly in rails. Ex-
IRENE declines ran on the average
above Two points, but in many cases
were as high az five or six and the
case Of Genera! Motors AMOUNTED 10 no
less than twenty five. Even silver
!: broke being down to $i.29 against
aS1.25 on Wednesday.
Although much selling was profess
I sional and Tor short account it w.ss
evident mat liquidation took place on
i u large scale. This liquidation WAS
0larSely FOR the accounts OF persons VINO
had como through the panic Of two
weeks ago but who became alarmed
when they saw the low prices OF the
panic approaching again. There Was
gslso liberal selling Tor the account CT
also for many who took the rally seri-
sously and purchased stocks III The
early part oil this week
L RaIly Forced ty Bankers.
is now evident that the rally
VIA, Il was a feature Of Monday. Tues
day aud Wednesday was forced by
teresisS may have been perfectly sin
cerc in the belief that they could stop
the big decline. The experience OF today
throws doubt upon their ability 10 do
this. Therefore the market is IN worse
condition Than il was at The bottom
Of the panic TWO weeks asc, for then
the banking interests had condolences
in their judgment The technical con-
dit;on of the market is therefore shat
tered.
AS FOR the cause OF today,s decline
portant bear;sh arguments. one OF
them was the Mexican situation.
Second Hcarish Factor.
The asgSnd rSs hr iit fa,or vas
Element was money. Ia spite OF heavy
liquidation in the stock marke; money
got UP to 10 per cent n The afternoon.
The action OF the reserve bank IL cur
failing speculation IN commodities
which was forecast two days ago be-
came reality. Speculation is TO be
lies. The stock market will suler
at first from curtailInent in speculation
in other things because The specu'aters
who are now being hit have lines oil
to be realized from the commodity
market. Now that their hopes OF
profits from the commodity market are
zone they will curtaii their STOCK
market operat ions.
Foreign Trade Condition..
In addition to theSc reasons tnere Is
the condition of foreign trade. foreisn
exchanges were lower again and II has
become almost Impossible TO do busl-
ness with Europe on Any basis
Action OF the reserve bank in raising
rhe rate OF commodity loans is gong
to force the LIQUIDATION OF many mil
lions OF pounds Of copper metal that
has been speculalveiy held by big IN
ierests. This Will bring down the price
Of copper metals and hit AL the pro-
ducers They are not in any too good
condition now. Therefore wholesale
reduction OF copper dividends seems 20
he certain Anaconda, l<cnnccolt. and
Utah will all probably announce Teduc-
tons for the next payment.
Railroads were the despair OF the
Z street ST. Paul preferred sold down
|; TO So Ia, loss OF moro than five
points for the day, and Baltimore and
7 Ohio lost about as much There was
scarcely a rail on the list that did no.;
lose at least two points.