Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-10-08
STOCK LIST Lower;
BEARS PRESSING
Many Rumors Given CircuIa-
ton to Aid in Depressing
Market Values.
BY STUART p. WEST.
stan Correspondent.

NEW YORK. October 8 Especially
Today's operations on the stock ex-
change did not give the impression
of any important liquidation under
way, although they did result for the
most part in lower prices.
More than ever it looked like q
series Of powerful and daring bear
raids directed against the moro vul-
nerable stocks. The difference be-
tween today's market and that Of
other days was merely that more OF
these individual points OF weakness
were uncovered and that the strai n
upon the general list wae consequent
ly greater.
tremely well in the general uneettle-
ment; they acted az stocks only do
act which are very thoroughly liqui-
dated.
On the other hand. manipulation on
the short side was successful In dis
lodging quite bit Of real stock In
some Of the low-priced oil shares and
In a number OF epecialttes.
That II was bear campaign and
not a bona fde liquidating movement
was sufficiently plain. because it was
found necessary to invent all sorts OF
rumors
The break In Invincible Oil. which
priced oils, was accompanied by the
familiar talk Of salt water in the
wells" This was promptly denied.
Then the speculative rumor factory
turned out a story to the effect that
in trouble. This also was emphati.
cally denied ana the bear drive
against the motor group turned out
quite unprofitably for its promoters.
The RunsP stage.
When market enters the rumor
stage it is always very significant. At
the top OF big UPWARD swing.
when insiders are unloading stocks
and buying sentiment has become
somewhat jaded it 10 always the prac-
tice to invent one yarn or another
that will serve to bolster up the bull
speculation. Precisely the same char
acteristic is usually noted toward the
end OF q great decline when opera
tions for short account require artif-
cial help and this Is supplied BY the
inventive genius Of bear traders. It
Ia invariably q confession Of weak
ness where this occurs In all prob
ability the rumors in circulation to-
day would not have had thu effect
they did had it not been 70: the un-
fortunate denial from inside quarters
that there was anything wr,ES with
the Texas and Pacific situation. The
to rally and this morning break to
new low levels despite this denial.
and accordingly 1t was Inclined TO
question the good faith Of the denial
OF other statements OF a bearIsh na-
ture that were going tn, rounde
The days happenings were calcu-
lated to confirm the opinion that the
present is nothing but a very narrow
professional market. capable Of being
easily affected to the extent Of a point
or SO either up or down. A large
section Of the industrial list IL mani
testify sold out.
This appears to be true Of Baldwin
Locomotive, American Locomotive and
the other equipments. and 1t is true
likewise OF the sugars, the high
priced rails and some Of the steeis.
Mexican Petroleum gave Q pafticu-
larry impressive account Of itself in
the way 1t snapped back this after
noon, following the early weakness
in the low-pficed oils.
Steel common. Bethlehem Steel and
Republic showed Increasing resist
ance all through the carly unsettle-
ment.
There were sharp upturns in In
dustrial Alcohol. in United Fruit and
in Sears Roebuek. The copper and
smelling issues held DenarkAbly
strong in view Of the constant sug-
Eestion that copper prices must have
a further decline to a level whore
there will be little or no money in the
business Of copper mining.