Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-12-21
NEARLY MILLION SHARES
ARE SOLD At LOW PRICES
Offerings Attributed TO Selling for
Purpose OF Establishing In
como Tax Losses.
GENERAL LIST UNSETTLED
steel, Common, Relatively Steady.
No Attention Paid to Improve
mcnt In Foreign Exchange and
Steady Close OF Grain.
ny HRoADAN WALL.

NEW YORK. Dec. 20-Ncw low
records with total sales approaching
nearly 100000 shares characterized
dealings In the stock market today
ouerinSs were attributed TO continued
selling for the purpose Of establishing
income tax losses and sales by even
wealthy people who are apprehcnsiyc
concerning the steady decline In the
prices OF securities Even persons
hoiuinB railroad shares for which they
nave paid In full have been asking
their brokers AZ to the advisabilIty
or disposing OF their holdings at th.s
iiihe in anticipation OF purchasing
thcin back later on.
The general list was unsettled by
further breaks in some or the special
lies 10 new low levels. Houston Oil
broke more than eleven points and
international Paper changed hands at
Il decline OF more than four points
and at new low figures. Sinclair also
made new low bottom. as did Amer.
lean international and Bethlehem .'i;"
ana Republic Iron and steel.
Opening In Irregular.
Foliowins an Irregular opening the
the afternoon there were signs Of a
feeble rally. but In the last hour Of
the session the general list MAS again
offered ut the expense of price. Clos
Ing prices were near the lowest
steel common was relatively steady
,hrouGhoui; II did not touch It's pre-
range of price fluctuations was con
hhcd to iivc-ciBhts OF II point.
Practically no attention Mas paid to
a strong closing for the grain market.
Call money ranged at seven per cent
ali day.
expected 10 appear IN Vivandau yes
tcrday matcriaiiZcd and the Issue at
one time showed "a gain o! nearly one
point. The colnpany's annual report
~ expected 10 be ready for publication
IN about VITO weeks. IL VIII max. q
good showing. according to persons
close To the company.
short Delivery Demanded.
scars Rocbuck early IN the s"sS Ion
sold down 10 the new low record OF
- i-:. which represented a loss OF
more than one point. Toward the close
OF the forenoon banking interests
close 20 the property were reported TO
be demanding delivery Of the stuck
which had been sold short and which
they had purchased. THIS caused some
covering. Those who insist upon re-
manning short Of the issue are finding
~ TO be an expensive operation, OK
ing !" the necessity OF having 10 pay
"a premium. 10 borrow the shares every
day. The continued existence OF THIS
premium has caused many TO cover
although they believe Tn. Issue must
SCH lower 10 be in line with other
sharcs paying the same dividend.
The Street heard whispers OF au-
other large professional operator who
Is Supposed TO nave been forced to
transfer large lines OF securitics 70
nankins In; ,nierests; TINS op,rat,oF.
commitments AS tnosc recently taken
under the guidance OF banking inter-
-sts
The Aetna explosive sale 10 the
Hercules Powder Company calls for a
distribution OF $40 "a snare In cash and
81 in Hercules Powder preferred
stock III exchange Tor one share Ot
Aetna. j =. Bachc Il Company an
noUnced that more than 50 per cent OF
the outstanding Aetna shares nave
been deposited under tue agreement
20 sell 10 the Hercules