The Washington herald., 1920-11-09
HEAVY SELLING
In STOCK MART
Another Sinking Spell in Industrial
List Features Active
Days Trading.
RAILS SUFFER SLIGHT LOSSES
Steady Undertone Displayed, Bui
List Says and Issues Close at
Lowest Prices.
RAILS SUFFER SLIGHT LOSSES

NEW YORK. Nov. s.-Dealings in
the stock market were featured
to-day by another sinking spell for
the Industrial group and relative
strength by the rails. although the
latter closed with fractional losses,
Weakness in the industrials was
most pronounced and commission
houses were heavy sellers through
out the session at the expense of
prices. Quite a number of stop
loss orders which have been stand
ing on the books of the commission
houses for months were executed,
and helped accelerate the downward
movement.
Losses in the Industrial depart
ment ranged from 1 to points.
and carried many issues to new low
records for this movement. II not
for the year. The prices of indus
trials are not below the average
low figure reached on the break in
August Liquidation of this group
was urgent and the low. figures es-
tablished caused many brokerage
firms to send out margin calls fol-
lowing the close of business today.
Rails
The railroad group was relatively
strong and at different times dur
ing the day showed fair gains. but
the pronounced weakness of the in
dustrials had a sympathetic infiu-
ence on the railroad department.
Southern Pacific had a tower of
strength throughout the session.
In the absence of favorable devel-
opments over Sunday the market
opened heavy with industrial issues
offered freely. Rails displayed a
steady undertone and led in two
feeble rallies, one in the forenoon
and one around o'clock but the
heaviness of the industrials was so
oppressive that the general list
sagged and the lowest prices OF the
session were recorded in the last
half hour. The close was heavy.
Southern Pacific.
Southern Pacific was conspicuous
for its strength throughout the ses-
sion. At no time during the trading
did 1t sell at a loss of a point. Of
ferings of the issue were readily alb
sorbed and IL closed with a net gain
of 2Ia points. Buying of the issu.
is declared by brokers on the floor
of the exchange to be for persons
familiar with the company's affairs.
Strength of the stock in the face OF
the general heaviness of the list
loaned color to the rumors that the
executive committee of the COM
pany at its meetings on Thursday
would make some announcement
relative to the plans for segregating
the oil lands and stockholdings in
the Associated Oil Company.
Money.
Because of the reported loans on
time in Boston last week at III
per cent, the financial district was
surprised when local bankers de-
manded 81 and 81 per cent on
time money-this compared with a
high rate of 81 per cent recently
made. Local bankers say they are
raising the rate to force borrowers
to liquidate inventories and reduce
loans. A number of banks called
loans today. Prominent bankers as
sert that the declines in commodity
prices left a number of bankers
particularly in the South and West.
with a large carry over of IN
liquidated paper. In other words.
some of the Southern and Western
bankers find that they are the own
ers Of commodities on which they
had loaned money in excess of the
present quoted market prices.
Expectation that reductions in oil
prices will be announced soon by
important producers stimulated
sales of the oil issues. Some issues
touched new low levels for this
movement