The Lancaster news. [volume] (Lancaster, S.C.) 1905-current, 1920-12-24
Numerous Issues At the Lowest
Record In Years-Drop 2
To 22 Points.
TIGHT MONEY THE CAUSE
Entire List Affected, But Steels,
COppcrs and Motors Suffer the
Most-Dividend Paying Rails
Are Unable To Resist tho
Tide.

NEW YORK. Dec. 23.-On trans
actions approximating 100000
shares. the largest turnover OF the
year. the stock market today expert
enced another drastic readjustment
OF quoted values. which forced many
issues down from to 22 points and
established numerous new low rec
ords for from TO 4 years.
The collapse, which exceeded in
violence any movement of the pro-
lougcd reaction. encompassed every
branch OF the list but was most ex-
tensivc III the group of sn-called in
dependent stcels. coppcrs, motors
and related shares.
Waiving admitted adverse condi-
tons in trade and industry. not only
IN thus country but throughout the
world. traders declared there was no
specific developments TO explain the
slump other than the growing con
viction that many war millionaires
in and out OF Wall street have reach
I'd the end OF their financial tether.
In substance. traders asserted the
credit situation has closed the money
market 10 the country's speculative
operators. although local banking In
Stitutlons aver that no more than the
usual calling OF loans customary at
this time OF the year has, been engag-
ed in.
1t is accepted as n fact. however.
that banks have been strengthening
their resources to meet requirements
OF the coming year. this policy hav-
ing the tacit approval OF the federal
reserve board and other conservative
interests. News OF the day which
bore directly upon the action of the
stock market was provided by the
shutting down OF many mills and fac
tories, especially in New England, for
inventory" purposes. In a majority.
OF cases these are likely to reopen af-
ter the holidays on reduced basis
OF wage schedules Much OF todays
unscttlemcmt was produced by an alb
rupt decline of about % points in
ttcpIOgiC steel. which is controlled by
some OF the largest factors in the
s'""i industry. Replogic recovered
only three points of its loss at so,
and Nanadium steel, which has close
relations with ReplogiC dropped more
than seven points, rallying just one
point
Among other coppers, motors and
kindred specialties the reaction. due
In part TO the disorganized state OF
those industries. ran from three IN
six points. the market for those is-
sues being negligible Oils suffered
declines OF two To four points with
only nominal recoveries. and equip
mcnts, which naturally follow the
course OF stcels. also reflected the
lack OF support.
Shippings. recently among the
weakest elements of the entire mar
ket. were heavy at all times. par
ticularly Atlantic Gulf and West In
dies and American International cor
poration. the latter being among the
issues to make new low record. Di-
vidend paying rails held their
ground until the final hour. when the
wide sweep OF the liquidation be-
came too strong to be resisted. Read
ing. one OF the sheet anchors OF the
transportation list, finished at a loss
OF five points, and Southern Pacific,
a target OF the bears ever since the
publication OF the terms OF it's
melon" forfeited two and one-half
points.
Trading in bonds exceeded $32,-
100000. also one OF the most active
days of the year Liberty issues made
partial recOveries from yesterdays
heavy losses at the outset, but react
ed in the later dealings when stocks
were at lowest levels.
ATTEMPT at RESURRECTION
n