The Richmond Virginian. (Richmond, Va.) 1910-1920, 1920-01-02
'PAIll0 Sizing
TO ESTABLISH LOSSES
Rs-nRoAnAN-MAI.I.

New York, Jan. 1.-The preseu,
outlook for 1890 ir the stock market
is that it will he a year of extensive
xioufdatson of securities. Just now
stocks are buoyant in Wall street. but
1T liz a buoyancy caused hx, TECHNICAL
conditions. A good many patriots hotti
sticks TO establish losses for income
tax purposes and professionals know
ing that was being done went heavily
short thug helping them to record
greater losses. These stocks are be-
ing bought back to "A great extsnt But
at the same time the great business
interests of this country are hooking
for opportunities to sell at . profit such
securities as they have neglected to
dispose Of
Money ranges around 25 per cent.
which IL a prohihitive figure for call
funds. The Federal Reserve bank and
every individual bank of the country
are doing everything possible TO make
money hard to get for speculative ppr-
poses. This fight against speculation
la almost not only at the stock mar
ket but also at the commodity mar
kets IL which speculation has been
wilder than In Wall street. But the
great. profits realized by SPECTATORS
In eoinnodities has been reflected in
i the stocks because so much of the
csrrn'odities speculation was for the
;>ceotrt of corporations.
Wall street that in the blues
two months ago when hundreds of
millions of paper profits were destroyed
over night by an official act of the
federal reserve board has turned
tuilish again.
LIE ry where In the financial district
one hears Of fabulous proats being
made by corporations and new high
records soon to be attached by the
stocks representing those corporations.
There Is no doubt about the profits
but the very fact of those profits In
going to force liquidation because the
government Is thus reinforced with of
fetal proof of speculation that Il con-
siders II wise to curb, The people are
complaining of the high costs of liv-
ing and the only way TO mend it is to
freak prices and stop protiteering.
Some of the banking interests most
sternly set against speculation are as
slsling the present aaEh In the stock
market in order to furnish a level on
which to sell more of the stocks that
they want to get rid of
This temporary excitement In the
stock market is also being accelerated
bg interests that have big comoina-
sons to put through. There are aome
very Important deals to be announced
in various departments of the indus
trial world. Foreign governments
want to borrow money and bankers
having commissions in mind are
anxious to see condition in Wall
street that will make possible the 40
tarion of foreign bonds. Then there
viii be the new corporations to he
organized az under the Edge law for
promotion Of trade with foreign couu-
tres The outlook Is that a very
great quantity of stocks and bonds
viii thus come into Wall street look
iuE for purchasers.
Another factor the government and
he bankers are considering but which
Wadl street seems 20 be ignoring Is
that the whole structure OF American
prosperity in the coming year rests on
the farms. The winter wheat crop
report is n dismal -ene,--hesh-a e,
acreage and condition
So there seems to he plenty to worry
about in the New Year from the stock
market point OF view. But industriaIlv
the outlook is bright.