Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1919-08-20
ATTACK IS LAUNCHED
ON TOBACCO ISSUES
Most Spectacular Raid of Year
Results In List Being Beaten
Down.
BEARS ARE GIVEN SURPRISE
Net Advances During Day We're
Numerous and Large, and New
York Market Closed Strong.
Mexican Oils Active.
ny DRoADAN WALL.

NEW YORK. August lo.--Sunshne,
with free operation of the New York
traction lines. brought more hopeful
public TO Wall Street today. The re-
suit was strong opening in which
Inc bears covered cxcitcdly for "a few
minutes. Then seeing themselves APP
parentlY beaten. they gathered in force
and attacked the tobacco shares. which,
ny tcchnicality. were left exposed.
and succeeded In making one Of the
most Spectacular raids OF the year. The
Wholc list Was beaten down TO low
prices and for time there was semi
generalization. The good buying of
Mexican Petroleum stocks attracted
attention and frightened the bears
INTO covering again. The result was
rising market through the afternoon.
ING day were numerous and large.
BuEinC OF Mexican oil stocks was
caused by announcement that Ameri-
can troops had crossed the RIO Grande
break in sterling exchange to s+.l9.
which is the lowest in history. and "A
further break in all neutral exchanges
gave pessimis's good reason for fear
ing Tor our foreign commerce. So they
Considcr Steel strike.
But tho big news OF the day was a
preliminary report of the strike vote
IN the steel Industry. It is expected
moro" II VIII show majority in
favor OF strike. That is supposed
TO he very terrifying TO the big steel
companies. hut IL isn't The public
might as we'll brace itself for the deci-
sion. 1t Is probable that 4, stock market
battle VIII accompany the labor battle.
Inc so-callcd Whclan stocks were
victims Of spectacular raid that was
Trade possible by the fact that United
Retail stores sold cx-rirhts. These
rights We're worth Is when the market
cN sold AT SIS. |, closed the night be-
Tore at lol, so that leaving off the
rights IT had an apparent decline OF
thirteen points - a matter OF fact
~ Was up t"o points. because IS plus
10. equals lG3. Blu, brokers e,ected to
consider the rights as fully paid for
ana demanded additional margin equal
10 'hclr selling price. As most Gus
ipin"rs mad only about fifteen or twenty
points margin. and AS most brokers
neg lected TO tell their customers OF this
htt"sSar! some heavy selling The
rights declined from 1914 TO 10. and
Inc stock. under pressure OF r3iding,
that was inspired By this situati~ a.
unnecessary slaughter Of customers By
brokers. II hurt the stock and i. hurt
INC stock eXchanse On the break
persons familiar with the value OF the
company, bought the stock freely and
were very CAD TO get The bargain.
Call Money Goo. HeEgIng.
Call money Went begging at IL ner
cent. without distinction between in
dustrials or rails, but nobOdy wanted
any The market is well liGuidatcd
IL is getting in condition where there
VIII bc no Interference from Washing
ton II Il constructive market should
get under way
Strength OF automobile and tire
stocks was the feature OF the day
for when the tobaCcos were Ya!ded
those issues held firm. This is due to
the shortage OF cars and the known
irnpoSsibil!ty OF furnishing all the cars
That viii be needed in the next twelve
months