Omaha daily bee., 1920-12-14
Financial
Che Nem D ork Glmes.
By ALEXANDER DANA MOVES.


Chicago Tribune Omaha Bee Leased Wire
New York, Dec. l3.--The decline
in the stock market continued to-
day, with the losses again irregu.
larly distributed but in marry stocks
very substantial. The total number
of shares sold, 1,378,000. was the
largest since November l9, and the
number OF separate stocks dealt IN
was the greatest on record. The
aforementioned comparison is not as
significant as perhaps might be sup
posed, for the addition Of new
stocks to the list of the stock ex-
change was one of the active in
dustries of year ago, but the SIM
rltaneous appearance of an unusu-
ally large number Of stocks which
are only occasionally dealt in, al
ways means movement OF consid-
erable. scope and indicates some
kind of liquidation.
At the lowest prices. today's de-
c!ines ran to 8 and 4 per cent in
numerous stocks, with points of spe-
cial weakness in which the extreme
losses ran much higher. As a rule,
net declines did not go further than
2 to 3 per cent, even in the weaker
stocks; some OF them, though not
all, recovered part of their losses at
tlle last. But the closing as whole
whs weak and the movement of
prices made the more impression,
however, because it came on tie
heels Of so severe and continpous
decline as last week, and BECAUSE
it affected railway and industrial
shares alike.
No Reason Shown.
Nothing in the days news could be held
to account for the market The declines
on the Eock exchange were apparently
based on judgment of the general situa-
tion. The question OF profits and divi-
dends in the event of prolonged trade re-
action was naturally an uppermost con.
sideration in the case OF the industrial
shares, and the question OF how such
earnings was uppermost with the railways.
1t is always necessary, at tines like this,
however, to consider such matters more
judiciously than speculative wall street
does. Neither the present business situ-
alton nor the business outlook is in any
respect different from what 1t was
month ago, or. for that matter. from wha<
tt was in midsummer; what @ the the s'tSa tSs
attitude of the people who~hAd indulged
in unreasonable hopes. Whoegek had been
on recovery OF trade prices ue
cause of autumn scarcity or on ,ev,,ai IVA
after election" or the removal or the uh-
pleasant credit complications as soon, as
the November money tension eased OH.
would now be pretty sure to heip aiohs
the drift toward despondenoy
ahar
crop has been a fruitful source OF dis-
comfiture to- private calculations ourlmS
many years-notably IN Its unexpeeteaiyy "a
low figures in the "Sully year" 1908. ana
in its unexpectedly high forecast OF the
first war year and in some respects today's
estimates might be ranked with THESE.
The departments present forecast Is iatser
Indication, and, If correct, would represent
q cotton yield greater than last year
by 165s,0O0 bales. or nearly ID per CEN.
in the cotton markets view, y the fact
that the departments 12,9S7, 000-bale es-
innate was almost 100000 bales above tne
general run of private. expert forecasts
gwen out in advance OF 1t.
May Be Corrected.
Past experience has shown that these
December estimates often have to be cor.
rected by the later and much moro exact
census bureau report of cotton produc-
ton But in the great majority OF cases
tine December figures have oeen EN- 'htrehs todaxs
report would of itself be fairly, adequate
explanation of the seasons great fan IN
cotton prices. But, as everyone knows
it is not the whole explanation FMS
crop came into the growing Nseason last
June with SO very unfayorable promise
that the governXeit,s report Of June
gave it the lowest percentage ever re-
ported at that date. The cotton trade
at that time predicted a crop OF only
IL. 900 900 bales. And a month, ,ater; even
with a higher condition estimated. the
department itself foreshadowed nothing
above 11.45Oo 900 bales, 1t was on this
basis that the SPECTATORS put the price
vi, TO 43%c a pound, but the season In
the cotton belt turaed out to be as nearly
perfect as any on record and last
Of 4 wholly unexpected yield and of the
breakdown of speculation to which
planters traders and, banks had all con-
tributed. 49,.