Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1919-11-18
NEW MARKET INTERESTS
TRY TO FORCE UP RAILS
Union PACIFIC Advances -Four Points.
Similar Stocks Taking Up
ward Swing.
COAL SITUATION is SERIOUS
reduction OF Mine Output May Mean
EARLY Lack of Fuel to Keep Wheels
or Industry Turning, Causing
Shutdown.
ny nnoADAN WALL.

NEW YORK. Nov. 17-Under tn.
;;ea,dership OF Union pncihc The new ~;
TIE stock market attempted today 10
make Il campaign in the railway issues.
Tour points during ;he day, and ear
ried the rails with it to some extent
W to the time when the supreme Court
handed down minor decision against
Southern Pacific. For time TINS de-
ciSion hurt the stock market because
the street misunderstood IL to be the
Cclc brateJ oil case that has been look
ed for anXiousiy in recent weeks.
When the truth Of the situation vas
learned the market resumed IT'S up
lndus,rlais were slightly Irregular.
with General Motors acting about the
best OF ALL The close for all stocks
was firm, with few material net
gains.
Sterling Exchange Hrcuks.
Sterling exchange broke 10 a new
low record OF l05 5-S. French and
GcrDan exchange wore also lower
None ranged between 10 ana y per
cent and closed at 10 per cent. There
Although the bank plans now call
for big campaign In the raj! shares
II ~ gong 70 DC di'iicul, 10 get the
people 70 follow. because OF the siaugh-
ter OF last week. There Is no use OF
talking any more about that panic be-
cause everybody in WAL street UNI
ocrstands Just how ii happened
The coal situation may nave a good
dea! 10 do with the stock market FOR
ihe immediate future regardless OF the
labor phase Tho output OF bi,urni-
nous coal for the iirs; week OF Novcm-
ncr was only 3.f77 900 tons as com
pared with l2os5.ooo tons. the previous
10 November Has bcenI 4O1,i2I.0UO
tons. compared with Jli72a,ooO In the
game time year age.
Means Reduction In Industry.
The output OF anthracite for the coal
year 10 date has been 55,s3s.Coo tons.
compared With G2.1I5.o00 tons "a year
ago; This reduction In the output of
coal necessarily means correspond
Ing reduction OF industry. The physi-
cal facts OF the situation Therefore.
suggest reduced output and smaller
tonnage for the railroads.
The railroads cannot DC successful
unless the !ndustrials are successful,
hrst, for the railroads are the servants
o. indnstry ana go nothing but the
buying more railroad stocks should
consider these facts.
Although the facts arc all against
rTccesS OF market for railroad shares
sentiment q al! in favor OF such sue
cess. The railroads are IN sucn bad
shape that many very conservative
Gone 10 hclp them. Their present
market prices represent their present
condition, Tor nobody has dared hope
Tor relief.
Hope Measured on Ticker.
Eot only is actual relic, for the
railroads yet 10 be discounted by high
g prices. but the hope IS that rel.e;
is 10 nc measured on the ticker. There
Sc in spite OF depressing facts. The
bankers intend TO do everything In
their power throush the loan market
10 help the rails.
Announcement, from Mexico that Car
RAMA Rad Issued orders against drill
,ns o. more wells caused selling OF
o. tho day. bu, the stock came back
strong N the afternoon.