The Washington herald., 1920-11-12
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four hours today traders opersfiaE
for q rise In stocks hoped hat can
nouey would ease on ana furnish
an Incentive for q revival on the
buying side Of the market Gall
money las opened st . per cssf ssd
loans were renewed st tbst heurs.
The first ray Of hope was received
from Tire 1oor Of the stock az
change that for the frst time since
the government had started win
drawing from the banks. IN heavy
volume susgt three weeks ago.
offered. Heretofore brokers have
had 10 bid for It.
About an hour before the clos<
the good word spread through tne<
street nat the money rate had
eased TO 8 per cent. with funds stIu
being offered. Optimism beexu 60
grow and the spectators anxiousiy-s
crowded the ticker tape for evil
dences Of improved strength. Ono
half an hour before the close word
came from the stock exchange that
the call money rate had declined to-
per cent Hope ran high IN the.
breasts Of those long Of stocks. but.
The market failed to show even
feeble response and the session
closed midst much disappointment
On the part Of the owners Of stocks
Initial prices showed slight fm--
provement. but shortly after the be-
ginning of trading professionals
again offered shares at the expense
Of price and caused slight declines.
Persistent offerings Of Atlantic, Our
and West Indies, which c<rried a
down TO a new low price for this
movement. had an unsettiing tnfu-
ence during the first hour.
But offerings Of stocks In gen
eraT were not as heavy as On the
previous session. and the list show
ed signs Of resistance. In the early
afternoon the market displayed
signs Of strength, but at this point
offerings of Willys-Overlsnd, Sears
Roebuck. and Atlantic, Gulf aud
West Indies induced selling in 9TH
er directions, which continued up
TO the close Of the session. when
prices were near the lowest.
Southern Faeisc.
Some disappointment was alec ex-
pressed at the failure Of the ea-
ecutive committee Of the Southern
Pacific Company to make any an
nouncement with regard 20 the
plans which are In embryo for the
segregation OF it's Investments in
Associated Oil and oil lands Deal
ings in Southern Pscifc made up
about one-eirhth Of the total trans
sctious 6uring the day. AZ the
lopening its quotations ruled n 20
. Of a point above the previous
| close. The market for the shares
displayed a firm undertone until
the last han hour, when the gen
eral list eased OF and Southern
Pacific closed with a net loss OF
nearly two points.
1T was a. pretty q pia~ Of bust
ness as ever was put throurh." said
a broker in commenting on the
recent rise in Southern Pacific
stock.
Those who bought Southern Pa
cifc under par are now talking las
by Christmas"
Heavy offerings OF WHY'S Over
land broSe the stock points to
the new low record Of Z.
wall street swoIve.--
| n HeN PACK OF "dAl StfeeI-NolNes
are amuck In the financial district.
They lift their heads toward the
sky ana howl pitifully. Persons IN
the vicinity OF their cries listen ana
then investigate. with the result
that conditions are found to be un-
favorable. but not nearly as bad az
the financial umof-mongers have
painted them. As Samuel Rea.
president Of the Pennsylvania Rail-
road. said yesterday. the situation
must be faced calmly and without
timidity. Some corporations would
do a public service 81 they forgot
| their dignity for d minute and ran
down some Of the Nusly runors
\ which are afioat and the ciroula-
tion OF which has caused many OF
their shareholders TO sell out and
take losses. owing to the failure