Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-02-12
STOCKS IN SHARP BREAK |
EXCHANGE TURNOVER ;.
.5f REACHES 100000
DowDNard Movement ynS iu rul,
Swing When Gong Sounded
for Finish,
By nuoADAN wall.


NEW YORK. ~Fcb. 1i.-On a turn
.ycr which amounted 20 nearly i.500,-
900 shares. prices OF stocks broke
Gerir.es. Tho downward movement
was In fun swing when the session
G oMss s SS sor aq9 b S around ,s
lowest figures for the year. Several
stocks, nartiguiarly those selling. be-
tween $50 and $40 share touched the
iowest prices in their history The
weakness was $? pronounced at the
eng hc 81 DI ,h, ihat brokers exprassed
ii9ns would probably DC witnesses.
Al no Zine 'lnrlng the session was
there display OF Strength. Opening
{ showing declines from The previous
closing professtonal bear traders.
orders under. the market. Immediately
started to 1fr"r SHARES al around the
s'antiii rcccssfons.
Industrial. H-sis, Pressure.
around noon The Industrial issues de-
ye!oped resistance and tho i.r. OF the
abroad department, where lighclass
ssus like Southern Pacific ana, Union
pacihc declined from TWO TO three
.ear. Shor; covering. caused Il slight
rebound from the l1w figures Of tho
iorenoon. bu, in the las, hour the gem
weakness. In which the lowest levels
wsrG reached. Genera Motors was At
the head OF the declining column, and
az ono tilnc changed hands thirteen
POINTS mmder the nigh for ,he, daE.
!ng the favorable news Of the las,
two days their customers refuse 10
nsaf oers s!oas Cai ant none
Washington was that the !Cnited states
sovern'nent could probably ask the
courts for an injunction restraining
the railroad workers from striking and
cancellations were that the peace
treaty would be ratified thie month.
Disregard Favorable Influences.
All these favorable inhuehccs. now
''ver. seemed 10 bic disrega-dcd In the
making OF prices for securities. In
view Of the favorah!e news The ac-
appointing to persons "ho nave boon
taking the constructive side. Brokers
ally purchaac stocks on big breaks
are now refusing 10 enter the market
although thcs are woii supplied WITH
funds.
One theory being airanoed for the
nnwillingness Or persons With surplus
To- %ntsr ,ne y y ao IS ,s the
5 duatr!al companies las. year were dis
tpposntlng in view Q: me huge earn.
made during tho twelve months. While
u is true that The inunstrili companies
have plo%.d baeS into iheir properties
many millions OF dollars out OF earn
nes. tho steady DEPRECIATION IN quota
ions would seen, 70 deiE?nsicate chat
no attention Is being paid ut present
TO the relation OF prices - stocks 10
'heir intrinsic values.
General Motors Sells Low
Although General Motors was yelling
iohny at more than $40 points under
IFS high price made last year &c CON
mites 70 be favo:itc short sale
among the rank and ~" OF specu!a-
tore
Al;housh cill money was lending at
. per cent. hanks report Cd -icSs, OF IN
inquiry from brokerage houses. ow-
nE 10 the severe. decline ia The mar
i. Net which has forced the liquidation III
accounts BY many snan spectators
carrying less stock ban for many
months. \ Qni,c 4 foH Rave also been
reducing their !oans. 'rh:s was par
t.culariy iru. today. \ banker .sti-
mated thdt brUNc-s' !osns now 3pproNi-
inntc Sl.poe.p0u.GDg which is about
sl50.g00.e0o under what they werr
anout SIX months ago,
Hurgntn HuntersN Active
AZ prices dccl!ne the number OF bar.
gain nuntcra coming 10 the financial
district is increasing one commission
houSc said tina; even women AFRO he-
coming Interested. This firm reported
lndns.rMls and rails for cs,sh. There
as nos. been any rush on the part of
Inc peppie to buy stocks for cash which
would Indicate that tic type or in.
vcstor who is classcd "a "barG1in
nunter". does NOT believe prices had
dacliucd far enough.
With the exception OF Mexican Pc
iroieum and Middle States OH. the oil
shares failed 10 show any response 70
tho na.vs from Washington that the
Senate had agreed on the conferences
report OF tho oil land leasing hili