Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-11-12
MARKET WEAK;
BEARS IN CONTROL
Fresh Selling Attributed to
Money Rate-Temporary
Rallies.
~ STUART p. WEST.

BN STUART y. WEST. Pa.
WALL. STREET. New York, No
vember l2.-There were too many weak
spots remaining to be uncovered in
individual stocks for the general
market this morning to attempt any
thing in the way of rally. During
the greater part of the session the
bear party was in complete control
and succeeded with teh aid OF GER
tain amount of real liquidation in
breaking one thing after another un.
til over half the list was involved in
a fresh downward movement and new
low prices were established:
The street professed to he disap-
newal was not reduced from the 2
per cent rate, at which 1t has stood
ali month. It had been xpeoted aft
err yesterdays drop in the quotation
for day to day funds that the charge
on standing loans would como down.
money conditions were easing and
that this would show in the money
market next week. But in the mean
tine the che OK upon operations for
the decline which had been looked
for from lowering of the renew al
rate did rot materialise.
Ne New Factors.
For the rest there was no new fac
tors at work. The decline in wheat
went lower. but there was no such
violent downward plunge in either
market as has been familiar on 80
many occasions during the last few
months. Sterling exchange rallied
again and there was nothing newly
ter. The denial in very emphatic
way of some Of the recent trouble
rumors which have been 80 reckless
ly put out to aid bAartsh operations
might have been supposed to do some
good.
But the truth was that while every
body admitted the extremely low level
OF prices there was no telling how
far liquidation of the distress sort
would have to go before ii was com
pleted.
Eine-tenths of the selling today was
OF this character: that Is. it came from
people who had to get out regardless
or the question of what their stocks
were really worth.
shipping Stocks.
While the mischievous rumor. which
has recently been going around about
the position OF one of the largest of
the export trade concerns. has been most
panies connected with shipping were
among the weakest again today. The
Mercantile Marines made new low rec
ords There was heavy 1iqu'dat at
new low levels in American Ship and
Commerce. Breaking 50. Il lot of stop
orders were caught in American Inter-
national and the stock slid away fast
Insiders in Atlantic Gulf and West
Indies seemed to have provided the
chief source of bearish gossip on the
stock and have taken no pains to I'D.
vertise the fact that there were no
supporting orders IN the market The
talk now is that while the dividend on
Atlantic Gulf will be paid in full. it
will be necessary to draw upon surplus
In connection with the fresh selling
movement in these stocks Of shipping
and trading companies a lot was said
about the demoralized South Amer
lean exchanges which have already
ton Of debts due to American ctsl-
Germs, have caused heavy cancella-
tons and for the time being at least
have brought about severe SLUMP
in trade between the two continents.
sugar stocks,
Weakness in the sugar stocks con-
tinued in conformity with the contiu
ued weakness in the market for the
commodity. Raw sugar was dealt in
below 8 cents = pound and seemed to
be moving In support of the pPedlc-
ton that the decline would not stop
until prices got back to the pre-war
level.
Even the excellent showing made in
the annual report of the Cuba Cane
Company. in which it was revealed
that the entire product of the COM
pany had been sold at the top prices.
leaving wonderfully strong cash po-
sition. had no effect. Cane Sugar pre-
dend would seem to be reasonably Sc
cure. regardless of what happens to
the profits Of the sugar compan MES
during the present fiscal year. sold to-
day Z points below where 1t was when
the report was issued.
Seneca Copper Hit HARD.
The campaign in Seneca Copper
which has been under way for the
last few weeks. supported by much
press agenting and boosting. today
came TO an inslorious finish. 1t had
proceeded in defiance of the unfavor-
able conditions in the copper trade
and was based mainly upon the fact
that the stock had not been distrlbut-
ed and consequently was easy to con-
morning. however, and q quick col
lapse followed.
BiaAes Retailer.
In discussing the credit situation of
the country today. a partner in a
Broadway wire house said: Whole
sale and manufacturing interests
have taken their unpleasant inven-
tory-account medicine and are ready
for new business. The banks, par
ticularly in New England and the
middle west. which we're forced to as
sumo affairs of commercial enter
prises. are we'll along the road to
liquidation OF engagements. With the
retailer 1t is different. He is working
on the theory that he will not do BUSH
ness with his present stock, except at
cost. and he Is denying the right Of
his trade to buy from him on basis
Of current wholesale prices.
HE is about to wake UP and he will
swallow his own Individual dose to
the accompa niment of increases in
the commercial mortality record.
This will be brought nearer the liv-
ing cost and labor readjustment."
Banking. Pssitiss.
Following the break in the call
money market yesterday it was learn
ed that easier money conditions are
expected to prevail until tho turn
of the year. The banks. expecting a
bank call. had been putting them
selves in condition to make n good
return Once this is out OF the way,
however. funds from out OF town will
reach Wall street and bring about
lessening of tension. -
OIL STOCKS.
Qnoia lions furnished BY ". B. Hihbs 1 Co.
Bid. Asked.