The Washington herald., 1920-11-16
STEADY CLOSE
TOSTOCK MART
Selling Pressure Concentrated on
Copper and Marine Shares.
Rails Go Higher.
NEW LOWS FOR INDUSTRIALS
General List Rallies al Close Of Day
And Most Issues Close
With Gains.
NEW LOWS FOR INDUsTRIALS

pressure today was concentrated on~
the copper and shipping shares
Railroad issues were In better in
quiry at higher prices. Liquidation
in the industrial department early
in the session found reflection in the
establishment of number of new
low record prices. In the late after
noon the general list rallied and the
close was steady with most issues
showing net gains for the day.
Professional bear traders continued
to look for weak spots. Their opera
tions throughout the session were
directed to the copper and shipping
shares. several OF which touched
new bottom figures for this move
ment. The depreciations caused by
their attacks uncovered stop-loss
orders which early in the day accel-
Grated the downward movement.
The buying power at the time was
almost solely for the account OF
shorts but evidence came TO hand
that there are people in the Wall
Street district who are taking ad
vantage Of the pessimism RAMPANT
at this time TO accumulate substan-
tial lines of stocks.
Little IL any attention was psjd
by the financial district to the record
ing Of a renewal call money rate At
Siz per cent which is the lowest re-
Eewal rate since October 25. Funds
were offered in fair volume al that
figure so that in the late afternoon
the rate eased to per cent, where
] 1t closed.
Improvement in the credit situs-
tion is dependent upon a reduction
J nv
according to prominent bankers
would expedite the movement .;
goods and in the end enable manu-
facturers to pay of their loans with
banks. Retailers are showing
signs OF restlessness and some az.
counting on cutting prices about the
middle Of December unless incIeuant
weather forces purchases by the
public.
Copper.
Rumors that Anaconda pronose,
shutting down some Of its conner
mines very shortly and expectation
that such action would be followed
by other important copper producers
was given as the reason for the
heavy offerings Of copper stocks
Declines in the coppers ranged from
a fraction 20 4Iz points, the maxi
mum loss being in Anaconda. In
] spiration Copper was also under
I pressure and Post more than
points. Utah Copper and American
Smelling and Refining lost about a
( point each. other coppers showed
/ fractional losses.
Petroleum.
| Predictions Of lower prices for,
| petroleum products were strength
ened by announcement Of a reduc-
| tion Of one cent a gallon in the
I price OF gasoline by the STANDARD
OIL OF New Jersey and it's subsidiary.
! the Standard Oil OF Louisiana.
This is the first reduction in the
price Of gasoline made in the At
lantic seaboard district this wear.
! The reduction Is seasonal. but tho
Standard Oil of New Jersey states
that il believes the movement tow
ard the restoration Of what were
! considered normal prices should be-
helped by the oil industry.
Stocks Of oil companies failed ~
show any sign of apprehension fol-
lowing the cutting OF the price of
4 gasoline, which is expected TO De
followed by other producers. Mex
lean Petroleum was heavy carly in
the day and touched a new low price
for this movement. but good buy
ing developed following announc--
ment that Mexican Petroleum had
closed a contract with Standard oil
of New York. whereby the latter
has purchased $50. 1000 gallons of
gasoline to be delivered during IN.
next year. Standard Oil Of New
Jersey advanced Is points in the
face Of the gasoline cut.
Bonds.
a quiet but good inquiry con
tinues for bonds. Commission
houses are doing a good business.
Investment bankers say bonds are
marking time pending further de-
lvelopments in the stock market