Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-11-10
FRESH LIQUIDATION
HITS STOCKS AGAIN
Market Has Another. Sinking
Spell After Recoveries.
Gains Wiped Out.
BY STUART r. WEST.

w ALL SIhEE1, view IoTh
Der 1e.--In most Of the markets out
side the stock exchange the predomi-
mating tendency today was toward re-
versal of the downward movement.
Sterling exchange had particularly
violent recoil. Right at the opening
which meant recovery from Mon
days low of cents in the pound. This
was very plain proof that the down
ward plunge in the exchanges had.
for the time being. been 4oyerdone
Rates on Paris and Rome, while they
did not have as sharp q reaction as
rates on London. were decidedly
stronger.
The same symptoms Of recupera-
ton were likewise apparent in the
commodity markets. No very positive
deductions could be drawn from the
upturn in cotton and grain. which may
have been merely q temporary re.
bound. But it did fit in with much of
the other evidence of the day. which
went to show that pessiinism; over
the general financial and commercial
situation had been carried too far.
Nunersu. Weak Points,
Through the early. part of the day
stocks were extremely Irregular.
There were still numerous points Of
weakness. st =
Copper shares were freely. offered.
ceeded their low prices OF the year.
The argument here, of course, was
that with copper at or under Is cents
pound there was no profit in cop
per mining for anybody and most con-
Germs, il they chose to sell. would be
the sharp reduction in the October
output Of the porphyry companies
which was reported today bore wit
ness to the measures Of correction
that have now been put into effect.
There was pronounced weakness
again in the sugar stocks and in the
shippings shares. Studebaker. with
the dividend off. was driven down
sharply without disturbing the other
motors.
Low priced rails were inclined to be
heavy. Tire stocks were another
weak point. and there was very
sharp and surprising drop in Bethle-
hem Steel B. On the other hand short
covering made itself felt in the oils.
the equipments. American Wool and
the alcohol stocks.
Scale Buying.
1t is at such time that one hears
most of scale buying by big inter
ests. However. in a market like yes
terday's this buying does not show
to the advantage that 1t would in any
other. Severed of the market let
tiers which were sent out before the
opening of business this morning
called attention to this fact. One big
wire house said: THE chief en-
couragement one can get in Il market
United States Steel ard other impor-
tant stocks there was plain s.I idence
of good. strong scale buying on the
way down"
Another source was authority for
the statement that steel common was
q 81 nf
One market expert said: "A market SO
professional as this has been newt
ably goes to unreasonable extremes
before it turns. 1t has gone too low
now. just as it went too high on the
advance some months ago. and there
are thousands Of individuals watching
for the proper moment to enter as
buyers"
COppeFs Weak.
New low prices were reached for
nearly all the coppers While mainly
this was in the nature OF q belatel
response to the reduction in prices of
the metal to a level where there is q
loss to the producers. it was also
connected with the publication of the
porphyry companies. Utah's produc-
ton was 100000 pounds last month.
against $4,000 the month before;
Ray Consolidated's. 3.990.0o0, against
4 SOC. 900. and Nevada Consolidated's.
:.S50, 600. against 4.650.000.
Chino's output had the largest drop
of any. 1t was a little less than 4,000.-
900 pounds for October. against 5.1S2.-
600 pounds in September.
The decrease of 637.952 tons during
October in forward orders on the
books Of the United States Steel Cor
poration was smaller than looked for
by Wall street. and the publica ton
Of figures was followed Immediately
by covering purchases in steel COM
mon.
New Low Levels.
1t was not until the last hour. how
ever. that any definite turn for the
better appeared. Through the early
afternoon bear raiding continued and
forced one group after another to
lower levels. Even the standard
rails despite the excellent buying
that was going on in them, were
for a time after the appearance of
the monthly tonnage figures showing
a smaller decrease in orders on hand
than the street had looked for: then
under enormous selling sank to q new
low for the year.
The bear party made much of a rise
in call money to 10 per cent. which
came earlier in the day than usual.
While this was manifestiy the result OF
the announcement that the government
was to make a further draft upon its
New York Deposits draft which would
deplete them almost to the vanishing
point-disa ppointment was protested
because the liquidation in stock had not
awaited to make money conditions
easier.