Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-11-11
STOCKSRREGMAR;;
TRAD|NG1SQU|EIER
Prices Show Resistance
When They Near Low
Points of Yesterday.
ny STUART p. WEST.

WALL STREET. n. Y. November
IA violent fall in the grain mar
kets a further recovery in cotton OPP
tions. a renewed weakness in the
foreign exchanges and an irregular
stock market made up the chIet IN
cidents today in Wall street. Again
there were a number of weak points
in individual stocks. but these were
not by any means as numerous as on
previous days. Nor did the oreak'
severe although it was in special is
sues. have the same effect upon the
general list. 1t looked as If advan-
tage was being taken Of the weak
ness in the specialties to draw on
short contracts in other directions.
Trading at the same time was quleter
and altogether more normal
Weakness was confined to one or
two of the motors, some OF the snip
ping stocks and few of the mar
row specialitieS in when tofceo
liquidation had been held over until
the general market was IN Detter
shape to stand it.
Violent Drop In Motors.
The violent drop in willys-Overland
that the company was endeavoring
10 negotiate a loan for $30.060,000 in
order to provide needed working CAPT
tai. Pierce Arrow preferred was al
most equally weak.
Atlantic Gulf and West Indies on
"a ecount of the we'll known depres-
sion in the shipping business broke
badly. But with these and few 9TH
er exceptions among the class OF in
dustrial specialties like General Elec-
Irict, with a very limited market.
prices showed very stout resistance
Of yesterday, and there were many in
stances where the inclination to rally
was pronounced.
Replosle steel.
Replogle Steel, which has been
working for the past year on it's plant,
will begin operations with what are
termed the most modern blast
furnaces and concentrating plant in
the United States the middle of next
month The ore body has been
blocked out. and all that remains
now is for operations to start Dur
ing the last few months certain large
interests have been picking up the
stock on a better appreciation OF the
value of the company. AS to the posi-
tion of the shares in the stock mar
ket. there is a large short interest
which is squirming around trying to
get in out of the wet.
It was reported on the floor of the
stock exchange today that the short
interest in Repogle' was upwards of
10000 shares. and that fireworks
were looked for. There was a lot of
selling of Renpgie right at the bottom
p nd none of This selling was of long
stock. At one time today the stock
was up over 10 points from it's low.
Weakness in Motors.
The severe break in Willys-Over-
land stock came Immediately upon
the heels of this mornings report that
the Willys-Overland Company was in
the market for loan of 100000
The Interpretation placed upon this
was that il confirmed recent rumors
that the WHY'S concern was badly
in need of extra working capital and
had a burdensome inventory account
to look after. 1t had been supposed
that the s12.000.080 obtained last
spring by the sale of new stock 10 a
syndicate would have done something
toward supplying these wants. But
the efforts to obtain another $30.000.
600 showed in the mind of the street
that the proceeds of the stock sale
was wholly insufficient.
Pierce-Arrow preferred had a smash
scarcely less violent than that
1oday's low was on some Is points
from where it was selling at the end
Of last week Pierce-Arrow common
was sustained comparatively we'll
against the drop in the senior shares
by virtue of large short interest.
Atlantic Gulf.
The weakness in Atlantic Gulf and
West Indies was due to lack of sup
party, coupled with some liquidation.
At its low point today the stock was
off more than seventy points from its
high of the year, which was 176k
The slump in shipping. which has hit
all of the shipping companies. has
The company has of late been con-
centrating upon it's oil business, but
rumors were in circulation in Wall
street to the effect that this was not
as good as was expected.
Rail Policy Damaging.
II was pointed out today that the
l9olding-of policy of the railroads in
the buying of steel rails and other
Equipment was hurting them just as
Tauch. as it does the steel companies
II was said that for every ton of rails
ordered the roads would get four tons
of cargo. meaning that it takes -four
tons Of coke. pig iron, etc. to make
the one ton of rails
Money Break Near.
In several quarters in Wall street
this morning it was reported that &
far OF, and this brought about lit.
tie more cheerful sentiment.
Bond Market Quiet.
The bond market continued toda,
to feel the check imposed by the re
cent disturbances in the stock mar
ket. Trading was on a reduced seal
and showed less interest. But thi
condition of affairs is looked upon a
merely temporary. The prediction
money rates had reached their peal
and would soon be lower was tn
basis also of q prediction that q de
cline in money would be the sigma
for a resumption in the demand 70
bonds, which came to a halt fort
night ago.
The inertia in the days market wa
reflected in the fact that libert.
bonds. with all the dealings in them
scarcely varied all through the ses
sion. The same stationary tendenc
was manifested likewise in other gov
were up a fraction from yesterday
City OF Zurich So came from the out
side into the inside market and open
ed at SO. They were freely supplies
around this figure. however, and late
in the day got down about half
point.
Following the recent fotation g
municipal loans BY Swiss and Scandins
Wan cities. It was announced today tha
local banking firm had acquired
block OF the city of Amsterdam pc
cent forty-year bonds. The total amour
OF this issue is 100000 guiiders, an
they will be offered on the basis of S3l
for each 1000 guilders
There was not much change in tn
railway section of the market Wher
railway stocks were heavy, like st. Pau
the conyertibles were of Bit the 8
Paul AIS losing half q Doint