The Richmond Virginian. (Richmond, Va.) 1910-1920, 1920-02-12
DOWNWARD MOVEMENT
WAS IN FULL SWING
ny nRoAnAS WALL.

Nav YORK. Fab. 11s---C1n 8 turnover
which amounted to nearly 100000
shares, prices of stocks hroke sharply
ssaIr today under heavy offerings.
Tie downward movement was IN fun
6w ns when tAe session closed, ieav-
Ing quotations around the lowest level
Ter TIE day and at the loves; figures
Tor the year. Several stocks. parttcu-
larry those selling between s20 and
So q share touched the lowest prices
h their history. The weakness was
~ pronounced at the end OF business
h~eEers expressed q belief THAI
sCvor range ct quotations would prob
aaas ~ .saesSesa.
nc time during the session was
here display Of strength. Open nE.
ssr4eeE were Irregular with E7cst issues
showing declines from the previous
esoxtng. Professional bear traders
Earning that there were few hnving
fs WaGe~ tAe tHsrket iaG.e1 Iate}y
=s-s=sss far szzsa-EAs Il AZ n -lhe
5s.a... 4iau e.cceeael n causing. sub
Ks4tsaisi feceSsioAs. Around noon tae
Ir6ssLr4sl }sspes developed resistance
AaA the fire. OF the haar operators Was
erected INTO tie railroad department
where AlGa-aIass Issues iike southern
pacsac and Union Pacific declined from
iHo to sATee poiats 10 the lowest prices
sor this year. Short covering caused a
=
lho forenoon. but in the last hour -he
general market had s second spell! OF
Weakness n which the lowest levels
ere reaca=a. General Motors was
" tire head OF tbs declining column
ate az che tine changed hands tair-
tsAn paints 4ude- The high for the day
Fgokers reported that rotwithstaud-
nag The favorable news Of the last two
DAYS their customers refuse 10 purcaa ~
ftocg6 Gail money WAS again offered
~ six per ceat news from Washington
was that the United States government
walla proba bly, ask the courts for an
injunction restraining the railroad
workers from striking and expectations
SaTe that the peace treaty would be
ratified this Month. All these favor
srle influences, however. seemed 70 Re
atsregardeG IN tho making of prices
rsx securities IN visw o. the favorable
sews TIE action Of the market was *
frernely disappointing to persons who
have taen taxing the constructive s!de
Brokers report that wealthy clients
Mhe usually purchase stocks on big
ks<aks sre row refusing 10 enter the
III 4East although they are well sup
ulia5 with s4r9s.
One theory being advanced fer he
an-viiiingDeSs Of persons with surplus
funds 20 enter the market is that the
disbursements made by the large indus
trial companies last year were disap-
pointing n view OF the huge earnings
which the industrials in general naads
6erinE tire twelve month";. while II sa
.rde that the industrial companies have
esaced hack into their properties many
millions OF dollars out OF earnings the
STEADY depreciation IN quotations would
sesrG to demonstrate that no attention
r. being paid at present to the relation
~ prices of stocks TO their Intrinsic
vaIuer
4 Although Genera; Motors was selling
:oday ar more than 80 points under It's
high price made last year. IL coEtinu ss
tc - savortts short sals among ths
rank and file OF spectators.
Although call money was lending at
pc. cent. banks reported less OF an
inquiry from brokerage houses. owinE
10 the severe decline In the msrket
a-Lich has forced the liquidation of ae-
counts by many small speculators.
same commission houses are now carry
inw less stock than for many months.
1ssire q few have also been reducir &
.hesr loans. This was particularly true
today, 4 banker estimates that br9k-
srg' loans now approximate one bill
lion dollars which ss about seven hun
dree ard ATTY million dollars under
what they were about sig months al go.
As prices dscliae the number of bar
gair hunters coming to the financial
district Is Increasing One commission
stase said that even women are becou
rig interested This firm reported :he
srrchase Of small amounts OF good In
i1astriaie and rails for cash. There has
set been any rush On the part OF the
people to buy stocks for cash which
1opld sE6+ea.S that ts4e t4sfaa ~ investor
Rsso is cIassed as bargain hunter
toes not believe prices lad declined far
enough,
With the exception OF Mexican Pc
-ro!eurn ard Middle States Oh the oil
shares failed to show any response u
Sc news from Washington that the
s5ate had greed on the conference re-
bcrt ot tire oil land leasing bill