The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1920-11-22

Special Dispatch TO the lnte!liEences,
New York, No. 2l.-The past Few uays
Iiouidation not only in the stock market !
but also in commodities. Large VOLUMES
OF goods which have been heIu oaoN
up TO the very last moment are now %
ing placed on the market In prder 10
realize what they Will bring. Inc re- !
suit has been still further recession III
prices OF commodities with correspond
ing Establishments which ar" now AT -
beginning TO reach the consumer throu ~
reductions OF retail prices. The marx
ing Off Of losses on the books or LaTSe :
concerns as the outcome partly OF suCn !
sales has resulted in converting paper
losses into real Shrinkage. with the con-
sequence that In not rev cases aiSi-
dcnd reductions or suspensions are De-
ing talked Of. -,,.. ,
had a depressing effect upon securities
with the result that not i lew stochS
That had previously hid their own nave
during tho past veg suffered severe !
decline. Such declines ito not IN any
wav represent a change IN the condition I
or prospects OF the concerns but mercy
a recognition on their books and In tnelr
financial policy OF conditions whose eA- !
istence has been known FOR long t!ne
past 1t ~ not strange that in q market
which has as little support from invest
ment buying or from bankers as inc
present one. declines Of the KIM reter- +
red 10 should DO reflected in tho prices
Of nther stocks which are not nccesSar- /
ily subject to the same influences ana
which should not under ordinary CIR
cunlstances undergo such covering ot |,
values The trough" Ct the movement I,
MAY not have been reached; on the other :
hand. the Industrial depression WI
probably be continued for several months !
Unfayoruble Foreign Conditions. (,
Much OF the difficulty through ~nich
the United States IS now passing Is Si.S
outcome of highly unravorao!e fore!sn
conditions. The outlook in cana mas ,
continued diSCouraEinS. American pahS )
ers have hesitatcd TO extend the au-
vances that were asked for until 4 care
full survey could b. made and this sur
vcy has led TO u renewal OF the recon- !
mendation that the moratorium DC sN
tended. Meanwhile morato-ia have had 70 T,
be reSortcd To III various South Americau
countries with resulting deinoraIIZatIon /
of exchange and foreign trade III reSpeIe |
70 them These conditions nave DecH
rendered more complex By extensive can |
cellatIonS OF goods in Cuba ana eiSs-
where in South America. the consequence
being 10 take away from American s
tcrpriseS sources OF revenue Whtcn HNu '
been expected TO come in whHs !taNt"S |
them AT the same time vita quantities
OF uasOld goods on their hAnus. mu|'i VI /
which Is At foreign ports "nsF" ~, !
are a source OF expense and can d" So!0
only at severe loss. me >lat'oh !"
Europe has If anything hriGhtcned some, (
what but the fact that Europe mas M" !
N
has nccessitated the financing OF SuCn
shipments and has brought large guam
tity OF bills on the marNet. ms naS
for time the result OF depressing eN-
change quotations still iurther pf'o"
former levels. Tho exchang" marKrt. 50
far as European countries are concerhed' I!
however is now showing from titre l" I
lime a certain buoyaucy. both ster'Ins, /
francs and lire reactlng 10 mGcil oSt|e' !
figures in the middle of the week.
Financial Conditions Sound.
New York bankers at informal meet, !
ings where tho general industrial anu
Financial outlook has been conSldcred !
hayr taken the position that III" under
wing state OF things Is suoStantiallE
sound and interviews 10 tnat erect nave
been made public. II is 20 De eXPectea }
according 10 them. that there Will be- an {,
sasinI OF money from this time forward !
as result OF liquidation which has peen !
effected thus far. although IL IS lree'I
admitted that tho relief TO De cxp"cteu !
will not DO great enough 10 alloFU |
foundation FOR any material enlargement !
of speculative or Investment activity. !
Tho Improvement of the tederal hr
serve situation as Illustrated III tne U.s. |
Statement Is regarded as encouraging !
nor only because OF the stronger ratto |
of gold 70 outstanding reserve oh!iSar
lions but also due TO the 1aiIihs OIL VI
deposits and notes when apparently m
dicates power of contraction IL an uh- /
eyDected degree. The renewal rate on |
call loans has gone as low as per cent /
a considerable Improvement over IN.
rate which has existed during the !asi
,hran weeks Meanwhile investment anu +,
deyelopmental enterprises are MAKING |
brt INTERMEDIARY and are not likely TO !
advance very materially until prices as
sumo I; more settled position. Many un;
dertakings which had bEsn contemplated !
up TO short time ago have neccssaFtIy
been laid aside pending the arrival OF :
considerably quieter and more norma J.
prospects IN the general business tle!u' !
Foreign borrowers continue to be as De :
strous of securing accommodation IN !
the United states rs heretofore, AZ /
though the rate Of Interest which Is DO |
ing charge them Is not materially lower
than that which has prevailed hereto
fore The most careful observers na.e
now sc, next spring as the approximate
time for tho revival ana Improvement VI
business conditions.
MARKET Hevisw ana Outlook.
The Stock Exchange situation during
the week has been marked on most days
nv exccptionally heavy tranSportations
vhilo there has been from the OUTSIDE D.
public relatively little tnyeStment Du!
ing The principal shrinkase mas OF
coirse been experienced among the In
dustrialS but this week many or tho
rsUs in sympathy. have also suffered 10
some extent. In many STOCKS ne" low
prices for the year have been re&sIereu
and the general level Is now so rar down
as 10 lead TO the feeling in not lew
quarters tina, the present time offers
splendid opportunities Tor ma"inS IN
ypStlnentS. GsnorOl IIqu.ud iOi ~
time being at least. seems To- have party
snent It's force and to that extent the
market has been benetted' Spec!at
go bnwsver. are still under fire for
Various reasons and until these stocks
c'aSs 70 be targets the market will OF
course present more or less unsettled
appeI-ance. The future OF mo rAhroaus
,rLcr tha new transportation act and
viii increased fares is certainly moro
assured than that OF industrial corpora
fIons whose business outlook for the
80, several months is dubious. Pur-