Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-11-07
SUBSTANTIAL NET LOSSES
SHOWN IN STOCK MARKET
One Disturbing Factor OF Impor-
TANGO Is Continued Weakness
In Foreign Exchange.
STERLING Drops 8 CENTS
Value OF French Francs Decreases
and Italian Exchange Touches
New Low Level - Disagreement
Over German Indemnity Blamed.
~ nROADAN WALL.


NEW YORK. Nov. G.--The actual
bank statement today showed sur
plus decreased Sl5.30l.8S0, loans de-
creased $54.255. 900. and net demand
average statement showed surplus
Increased 3S.772.92o. loans decreased
shj.l53,000. and net demand deposits
decreased s35.SlS.060.
The Federal reserve bank state
incnt showed 1876 per cent against
3y.l per cent a week ago OF reserves.
combined deposits and Federal re-
serve bank notes outstanding. II
showed 36.6 per cent compared with
3I.9 per cent OF reserves 10 net
deposits after deduc,ing 40 per
cent against Federal reserve bank
notes outstanding.
Market Continues Heavy.
The heav!ness which developed in
the stock market late Friday was ex-
tended to today's short session and
resulted In substantial not losses
Tor railroad and Industrial shares.
In some instances new low records
group. Tho decline In the rails rep
resented for the most part the con-
version OF paper profits into cash by
people who were unwilling 10 hold
selling and genuine liquidation By
disguised persons constituted the
reasons for offerings of Industrial
ISSUES.
SHO"cu utCIlUeS rang
.n9 from fraction TO full point.
brokers reported a substantial vol
iimc of selling for the account OF
commission houses. This. added TO
the offerings by professional TRADERS.
carried the list down from one to
three points with specialtIes show
ing losses from four 10 six points.
Toward the end Of the FIRST hour
short covering caused feeble rally.
but liquidation was soon renewed
a. aen
,inued up TO the close OF the s-s-
sion when quotations were near the
lowest.
Foreign Exchange Weak.
one disturbing factor o! impor-
lance was the continued weakness IN
foreign exchange. Sterling dropped
cents. French francs We're lower
and Italian exchange touched new
low level. Foreign exchange eN-
pcrts attribute the depreciation in
foreign credit an expressed by eX-
and FraAcc TO agree with regard TO
the terms OF German indemnity. In
tcrnationai bankers are quite con-
ccrned over this situation. France
agreeing on the terms OF the DER
man indemnity Ia agRravating her
financial position and causing weak
Is disturbing the balance OF the for
.ign exchange market.
slight tightening of the money
market and the calling OF loans BY
hanks Is due to preparations being
made by the banks for call of condl-
ton from the Comptroller OF the
Currency.
Mexican bonds Strong.
notwithstanding the heavincss OF
securities In general Mexican gov
crnment bonds were in good demand
~. higher prices. London was anN :
ious TO purchase Mexican Irrigation
l-2s and bid the price UP three
points without receiving any offers
Expectation Of the restoration OF
diplomatic relations between Euro
pean countries and Mexico and recog
milton OF Mexico by the United States
furnished the incentive for the buy
ing,
Underneath the general selling
movement there was good buying of
southern Pacific reported. At its
low price on the reaction yesterday
OF III IS II WAS slightly more than
six points under the high for the
week. The financial district. how
ever. Is confident that the distribu-
ton OF the companys oil lands and
stock holdings in the Associated Oil
Company has not been fully dis
counted in the quoted market price
Ior the Issue.