Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-12-14
STOCKS REACH new LOW
LEVELS IN WALL Street
Zig Selling Day I'm Market Almost
Teaches New Record or
!, 100000 Shares.
RAILS ARE UNDER PRESSURE
bankers Islnmc Decline on Inabil-
lty OF Public to Borrow Money at
Banks To Meet Tax Payments
To-day.
ny ni,oADAN WALL.

NEW YORK. Dec. l3.--With total
transactions within striking distance
~ i;aoo;ooo shares. the stock market
declined TO new low levels again yes
ternay. with the exception OF brief
period OF strength
during the early afternoon the
market displayed pronounced weak
"ness throuEhou, the session. Both
the ran and industrial departments
.twere under pressure and purchasers
displayed AN unwilllnsncss TO take
stocks eSccp, At concessions.
Tx Brokers reported that buying was
largely for Tie account Of shorts
,fwhp immediately put out additional
short lines when they learned tn.
ohtnlned Standard rails and indus
trials closed with net losses rang Ing
from one TO three points while III"
spcclaltics ended the day with muui
larger Expectations the maximum
q being In Royal Dutch. which lost
nearly ten points.
Southern Pacific lod the transpOrta-
ton shares in tn. downward move
;, Of ~ Ia for this movement. or about
Fourteen points under th"> high figure
recorded on ulc rise that accom-
panied announcement Of the COM
pauy's segregation plans.
Ri steel common whs under prcssur"
and eascd of TO tho new bottom Of
~ IL for this movement. The close
was weak and around the lowest
. pTlf't l6f tht entire ll.t.
Bankers and brokers stated that n
good part Of yesterdays selling rep
resented sales for the account Of p.o
pie who were unable to borrow Al
the banks 10 meet their tax payments
due tomorrow. Collections by the
banks ia the South and Middle West
arc stated To be poor ana this ~ pre-
venting tho banking institutions from
lending corporations and individuals
funds WITH which To pay their tax
,instalment due.
ono influence which had a deprcss-
/. inc effect was ruInor circulated all
haE tina; there WAS a large CONNER
cinl failure ready for announcement.
Investigation failed to confirm the
report, bankers expressing Ignorance
oi such condition.
Another record wa. made on the
stock cNhanrc yesterday when i0j
different ISSUES were traded In. Inn
7pnrtrni brokerage houses arc cx-
pressing dissatisfaction Win the
manner Ia which markets ARE con
durcd on the curb and expectation
-lrait in on the outside market VIII hc
Transferred TO the big board as soon
~ possible
Ncw Haven was unusually active
AT ihe expense OF prices and ln IN"
afternoon dropped 10 III" new bottom
Of - ~. Tn" unsatisfactory earn
iiit;h being reported n ,ha face OF ic
recent rate advance accounts Tor tn"
steady lipuIdation OF the shaTcs. by
people who had purchased WIKI a
r3cw 10 Obtaining higher prices for
the stock following tn" .nauEura-
tion Of the h'pilcr tariffs.
Un,!i the last half hour az tn" s"s-
sion tho strength 81 T,s5.s Pacific
Goal and OIL. In the !gsc IL tho p"u-
criti weakness, came IN for consid-
cradle comment. Buying "f til. stock
was declared 10 ." .; the bcs' al
though II was said that TIA" pur-
CiaRoS were not Tor the account or
the Insiders Of the company
The ruinor that the Standard oil
Company was seeking 10 purchase an
Interest In the company was, revived
hut could not be confirmed.