Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-11-04
WALL Street MARKS UP
RAILROAD SHARE PRICES
business More Active on Stock
Market Than for Many
Weeks.
MILLION SHARES ARE SOLD
Southern Pacific Leads, Scoring
Gain of Nine 'oints--Scptcmbcr
Railroad Earnings Favorable In
the Main.
MILLION SHARES ARE SOLD
ny n,,oADAN WALL.

NEW YORK, Nov. 3.-Wall street
today expressed It's approval of the
election results by marking the prices
Of railroad shares UP from l TO =
points. and trading In near!y 100000
shares OF stock. Business was more
active than II haB been for many
weeks. Industrial shares were under
pressure throughout the session and
were offered at tho expense OF prices
closing with net losses ranging from
to points.
Interest In the market was con.
list. with Southern Pacific and Read.
lag displaying pronounced strength
and activity. The gains In those H.
Tho market became dull on N.
inoderatc reaction. which followed.
hut there was no weakness shown Ia
sion progressed the railroad lis,
inanifested pronounced strength I'M
der the. leadership OF Southern pa.
IN the railB was maintained UP to
the close OF the session with indi-
cations Of further Improvement to-
Call Monday mt o Fer Cent.
CAN money loaned NJ 9 per cent All
day and with the passing OF the Mo-
hurscments local bankers were In
cilned to look for easier money. Tho
United states government withdrew
sa FeGSr mS n shS W
withdraw sG.l67.o00 additional today.
Southern Pacific advance was most
impressive: The net gain for The day
spccuiation on tho probable value OF
me distribution OF company's oil land
holdings. and It's investment In, the
Associated OIL Company. Initial dc2!-
ings IN the stock was unusually cS-
cited. with the stock selling At Sow
"rni different prices at tho same Tine
,biiic!ally the stock opened at IRON
ltsi-z TO III, but brokers In the
Southern Pacific crowd" declared
that some transactions were made
"a low ns lu'.
Copper shares Heavy.
copper shares were heavy in SYM
pathy with the balance OF the Indus
triai department, but buying OF Sen,
ccn Copper cont inucd urgent ana
forced thu quotations 10 n new hlEh
nsure. I,umors were current that an
additional 50.000.o0U pounds OF cop
yer metal had been sold. but the re-
port lacked confirmation.
September railroad earnings made
public wero In the main favorable.
statements by railway oi'icials tina,
The increases In not would have been
larger cxcep, for the unusual appro-
priations made Tor maintenance dur
ing the mouth. were confirmed by the
detailed statement OF tho Baltimore
and Ohio.
Western Pacific common was In
good demand and advanced one
point. Buying OF tho issue WAS based
on knowledge that the company pro-
poses distributing TO shareholders
sl.,he0.000 new preferred stock and
sl:,o00.0o0 OF new common. The dis
tItoution Will enable the directors TO
give some share OF new common and
preferred FOR each six shares or
. stock now held.
Pressure ON Paper Combines.
Pressure continued on international
PAPER and Sears Rocbuck and Com
Jany shares, both issues touching
new low prices for this movement.
The financial district Insists that the
directors of the latter company pro-
pose reducing the dividend. Persons
short OF the issue declare that tho
declaration recently or the regular
dlv!dcnt on Sears, Roebuck and Conn
rtny was made In order to allay sus-
picion.
Cruc.ble steel was conspicuous for
las weakness ana at ono time showed
" loss OF more than ave points. Part
OF the loss was recovered in the late
trading. but tho Issue closed heavy
and with a net decline of two and
vuc-haif points.
Offerings OF Royal Dutch for tho
account OF Holland Investors. were
on much smaller scale and this en-
nhied q squeezing or tho short in
tcrest.