Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-11-09
SLUMP OF INDUsTR|ALs
FEATURE OF MARKET DAY
Losses Range From Ono to Five
Points and Cause New
Low levels.
RAILROADS SHOWING GAINS
New York bankers Demand Eight
anu Half Per Cent for Money,
Despite Boston Loans mt Seven
aud Half of Last Week.
ny ,>,oADAN WALL.

NEW foiN. Nov. S.-Dealings in
he stock market were featured to-
!lhdustrini group and relative strengths
by tho rails. although tho latter
ci3s.d with fractional losses.
most pronounced and commission
houses were heavy sellers through
cut the session at the expense OF
orders which have been standing on
the books on the commission houses
for months were executed and helped
accelerate the downward movement.
Losses In tho Industrial department
ranged from ono TO 1--WE points. and
E. carried many issues to new low rec
year. The price OF industrlnis is now
below the average low figure reached
on tho break In August Liquidation
IT this group was urgent and the low
brokerage firms to aend out margin
calls following the close OF business
today.
The railroad group was relatively
strong and az different times during
IA" dH? showed Il fair gain. but the
pronounced weakness OF the indus
Me railroad department. southern
Pacific was tower OF strength
throughout the session.
Market Opens Heavy.
In tho absence OF favorable develop
I'd heavy. with Industrial issues Of
Tered freely. Rails displayed "a steady
"ndsrtonc and led In Two feeble rail-
around o'clock. but the hcavlncss OF
the industrials was 50 oppressive
That the general liz, sagEcd and the
iow.st prices OF the session were re-
corded IN the last half hour. Tho
close Was heavy.
southern Pacific was conspicuous
Tor it's strength throughout the ses-
sion. A., no time during the trading
did i, sell a, a loss of a point. OF
ierihss or the issue wcre readily alb
sorbed. AID cloId with net gain
ing OF the Issue Is declared by. brok-
"rs on the floor OF the exchange TO
"r FOR persons familiar with tn. com
pany's affairs. Strength Of the stoch
n the face of the general heaviness
Qf the list lent color TO the rumors
mat the executive committee of the
would iNike some announcement rela-
i've TO The plans for scGrcgatinS tho
OIL lands and stockholdluS In the AS
ISOLATED OIL Company.
because OF the reported loans on
iimc In Boston last week at IL. per
cent. the financial diAtrict was sur
pria.ed when local bankers demanded
IL and sl-2 per cent on time
money. This compared with Il high
rate OF sl-i per cent recently made.
Local bankers ray they are raising
the rate TO force borrowers TO l!qui-
late inventories and reduce loans.
y number of banks called loans to-
day. Prominent bankers assert that
the declines in commodity prices left
a number OF bankers, particularly
i'm the South and West. with a large
carry over OF unl!quidatcd paper. In
other words. some OF the Southern
aud Western bankers ind that they
arc the owners of commodities on
which they had loaned money In cx-
cess OF the present quoted market
prices.
OIL Sales Stimulated.
JADcCtutiOn that reiurtIopa In nil
prices will he announced by impor-
tunt producers stimulated sales Of
The oil issucs Some Issues touched
Pacific Coal and Oil sold at the low
"si since the old stock was divided
into shares OF $40 par value. Ru-
mors were current that oil prices
i4ye In many instances been quietly
reduced for the last two weeks.
some OF tho motor company heads
have been talking optimiatically with
rcsard 10 tho future. but directors
~ few OF the good-sized com
,anicS state that the entire world
is on buying strike" Motor shares
Mere under pressure. with Pierce
.hrow touching another new low
r"cord. this time at twcnty-four.
California Packing WAS strong
dun Ing most of the session.
Persistent selling OF Royal Dutch
AMI shell Transport. and trading
VAS said to be for the accounts OF
interests. who. up 10 recently, have
been accommodating the stock. pre-
sGmaIy for Holland people. who are
now being forced u iiquidatc.