Evening star., 1920-11-18
STOCKS WEAK ON
RENEWED SELLING
Further Heavy Liquidation in
Commodity Markets-NeW
Lows Scored.
BY STUART r. WEST.

WALL STREET. New York. Novem-
Der ia good part of the stock
Exchange list went lower than ever
this morning. and along with the de-
cline in stocks there was further
heavy liquidation in the commodity
market. Another new low record for
corn, q violent break in wheat and
further slump in cotton were the
chief incidents in this direction.
In these movements the markets
were again responding to the extraor-
dinary tWo-edged statement given
out on Tuesday afternoon apparently
az the consensus Of big banking opin-
ion that there was nothing seriously
wrong with the situation, that il
would right itself in time, but that
continued liquidation was to be looked
for both in securities and commodi-
ties.
At some stage. however, the liqui-
dation will have gone far enough to
satisfy even the most unfavorable ex-
pectations in banking quarters. and
it was question which suggested II
self with increa sing force as the day
went on whether parts OF the list We're:
not getting very close TO bottom. II
indeed they had not actually
reached it.
Many Points Of Weakness.
1t goes without saying that the low
point will be touched when individua
stocks one after another. get to prices
so low and SO far beneath their actual
value as to develop buying power
sufficient to absorb all the offerings
that are thrown upon the market by
those who must sell regardless of
| both price and value.
There were some stocks at least that
began to act yesterday and again to
day as if they had Reached this con
dition Of things.
On the other hand there were many
points of weakness, many stocks which
broke into new low territory under
a combination Of short selling and
further forced liquidation. Among
these were the coppers. which are
preparing for cutting or passing OF
dividends, some Of the oils. and un-
| fortunate shipping stocks. one or two
of the motor and tire group and vari-
Of these groups and having very
narrow market.
American I.inseed.
When stock breaks The way
American I.inseed did yesterday il
sets many people thinking that there
must be something wrong with tht.
lcompany's situation. lnasmuch as
inventory accounts are the special
plague nowadays, tn. suspicion was
iLinseed might have a serious problem
Of this sort on its hands While il
lis true that the price Of the product
namely linseed oil. is down consider
ably. the company has not suffered as
others have under similar circum
stances. for the simple reason that
! the management saw what was com
! ing and sold out at the high prices.
| Copper stocks DrOOp.
| Copper shares continued to act to
| day as stocks usually do in which div
idend cuts are impending. Anaeonds
got down under 40 and the porphyrys
were all conspicuously weak. Fur
ther evidence that these companies
are badly of as regards current earn
ings was afforded by the quarterly
istatements of Ray Consolidated and
Nevada Consolidated. which followed
Il the unfavorable showing by Utah yes
terday Utah has always kept such .
strong cash position that 1t will be able
to do better than the others for 1t:
stockholders. But the other por.
phyrys are not SO well situated.
Another stock Dividend.
The J. l. Case Threshing Machine
Company has joined the ranks o.