The Washington herald., 1920-11-14
STOCKS CLOSE
ALLOW PRICES
Further Declises and New Records
Recorded At Close Of Depressed
Session.
LIQUIDATION IS A FACTOR
Bears Attack When Issues Fad 10
|, Rally After Selling Appeau
Exhausted.
LIQUIDATION IS A FACTOR

NEW YORK. Nov. l2-Further
declines were recorded and several
new lows were made in the two
hours Of stock exchange trading to-
day. closing a week Of almost con-
tinuous depression. shortly after
the irregular opening a short period
of heavy liquidation brought tho
market down. Following this, Il ap-
peared as IL the selling pressure had
been exhausted, but the list showed
only an Indifferent rallying power.
The lack of real strength at this
opportunity paved the way for an
other bear attack shortly before the
close.
The market today was not as weak
as on Friday. when a condition ap-
preaching generalization prevailed.
The various issues did not rise or
decline in groups, the results show
ing a more diversified attack on the
part of the professionals. Shipping
shares may be taken as an example
of this. Atlantic Gulf and West
Indies, which had suffered a big loss
Friday. closed the day with a gain.
while American International Cor
poration declined almost , points.
steeIs-
In the steel group L. s. Steel sold
of to a low Of 81 y, the bottom mark
since 1917. Crucible steel showed
the same fuctuation as on the
previous days and also closed with
a loss. Republic Iron and Steel gave
evidences of strength during much
of the trading, but closed down =.
RepIogle Steel was steady during the
two hours session. selling only at q.
Oils.
Oils were irregular, some making
small gains. while others. such as
Houston Oil. losing several points or
more. 1t is believed that the general
lowering of commodity prices can
not continue without having a SINH
lar effect, to perhaps only a limited
degree. on the price Of crude oil
Few traders expect TO see a bullish
situation at the present time as far
as oils are concerned. although one
or two individual issues may make
good showings- The sharp decline
of the stock market in the past two
weeks has resulted in a change OF
estimates as to when the bottom Of
the market for 1920 would be
reached. II was freely expected that
December would be the time of low
est prices. However. the liquidation
now going on has been OF such a
scope as to incline traders to ad-
vance their time limit a week or
two.
They figure that IL the declines
continue. the market is due for some
good rallies. which it hasn't had up
TO this time. The market in fact.
has shown little strength between
bear attacks, and has done little
more than hold its own
Wall street Rumors.
The same old factors OF the two
previous weeks dominates the street
this week. Announcements Of cuts
in commodity prices continue to be
made. Several more plants have
shut down and others have laid on
part OF their working forces. with
a consequent increase in unemploy-
ment. The money situation showed
little Improvement although on
Thursday call money was at Z. its
lowest for recent weeks. This
easing of was only temporary and
the rate returned to 3 per cent on
Friday.
Bankers believe that the poor in-
dustrial condition OF the country
has been discounted 10 a large eN-
tent in the stock market at this
time. They are now feeling more
optimistic regarding the future and
the market may turn 20 discount
this change in feeling.