Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-12-02
STOCK MARKET SHOWING
FIGHT ON BEAR PRESSURE
Afternoons i,csilicncy Accepted AS
Indication That Stocks Reach
Level, Particularly Industrials.
INITIAL PRICES INDICATE LOSS
Southern Pacific Heavily Dealt In,
~TOtal TrnnsnctiOns Exceeding
Any Other Issue on Account uf
~ Organization of New Company.
mY nnONnAN MALL.

NEW YORK. Dec. For the FIRST
time In more than n week the stock
market gave unqucstfoniblc evidence
of.sirong resistance "a bear pressure
ia'd scattered liquidation. The resi-
liency which developed In the after
po9p was accepted as AN indication
that stocks had reached a level, par
ticlilarly In the case OF the indus
TRIALS. where wealthy persons we're
wiiiin. To pick up issues on all re-
3iciiOns.
AZ tho opening Initial prices showed
overnight losses. During the fore
Ploon liquidation for taxation pur-
posses appeared, and the rccessions
III quotations which resulted cur
tailed margin accounts in com'niS
zion houses to u point where many
iioa'icd their holdings. This selling
-neuitcd In the establishment OF some
ncw low records for tn;s movement
u the transportation group. This was
particularly true With regard 10 New
Haven, which touched q new bottom
tt 10 and ST. Paul common. which
hanged hands as low "a % I-2. or
aeariy four points under the previous
&.iosln2.
Southern Pacific Active.
Souihern Pacific Was heavily dealt
n. III" total transactions exceeding
hat in any other issue. There was
come disappointment expressed when
announcement was made that the de-
atls.D! the plan which has been APP
proved By the director. would no.
le given To the public until 6 o'clock.
Francisco This d!spleasure found
oppression IN professional gales
which broke the issue nearly four
points. ~ the same time trading in
he rights 20 purchase the Sew OH
company stock began on the curb
1t - Early Ia the day the street
had . r.por, from the Pacific Coast
mt shareholders OF the southern Pa
'ifc would be permitted TO subscribe
o the new stock at SIS sharc Win
h. rights selling a, 81 and the
Subscription price AS II share. traders
hHured the new stock 10 be worth
bout s32 share. They also Inquired
hat as a i per cent stock southern
hI,h "oHid sIN. an apron t'nat"
market value for Southern Pacific
iock Of abor. slli. FOR this reason
rally immediately began In south
90 - TO iloa-i. Urgent buying OF
he. rights" on the curb also dev"i-
lpgit and farced the price UP to
= "-S Tines" proved To BE- the h"st
ittoi.ii ions FOR the day. as profit
ias~t< developed which RESULTED ia
eces-ions OF about "A point each in
NJ tights" and the stock.
r..s Call Nancy mt Per cent.
f~GSIi money 2os TOT per Gent again,
lAAi~,Aas In good supply The United
Stwts- government; viii Withdraw
f----I~" 600 from the banks and trust
.Qmunnics In the second Federal RE-
'ciy" District toda.. making a total
Il 9.jUp.nn0 withdrawn during tn.
aHi ten days. To iacilitat. the clear
ng ~; loans by the STOCK Clearing
Corporation. an amendment to tn.
stock EAchang" constitution has been
approved rs members preventing the
aIlinE Of loans after l2.iJ l.. NJ
heretofore the time limit Was ] l.. ~
BANKING institutions have promised
. cooperate. With. the exchanges -lp
. ring In. .thnNi III. .nnn.N