The Washington herald., 1920-10-28
ATTACKS
CHECK MARKET
General Lists Failure to Resist Per.
sistent Raids BY ProfessiosaI
Elements Discourases Bulls.
INITIAL PRICES IRREGULAR
High Call Money Dampens Enthusi-
asm. Oils Noted for Shength-
Closing Prices Near Bottom.

New York. Oct. 27.-stocks yield
ed slightly today to the persistent
attacks launched the last few days
by the professional bear traders on.
the floor Of the New York Stock
Exchange. Losses ranged from one
10 Two points. Not so much signif-
cance was attached to the size OF
the declines as to the fact that the
general list ceased TO resist the
steady pounding by the profession
al element. The close was heavy
and caused much dlscouragement TO
those who have been inclined 10
look for Improvement
Initial prices showed irregularity
but with the oil shares conspicu-
Gus for their strength. Enthusiasm
was damDened somewhat bv 3 per
cent renewal rate for call money
and less favorable reports in con-
nection with the English coal strike
situation. Before the end of the
forenoon the steady offerings by the
bears found L. s. Steel common as
one OF the leaders. In the afternoon
a feeble rally from the low level
Of the session occurred when ca
bles from London stated that an an
nouncement would probably be made
tonight OF the settlement Of the coal
strike. The uplift was short-lived.
and final quotations were within
striking distance OF the bottom hg-
ures.
Call Money.
Call money moved to 10 per cent
when il became known that the
United States government would to-
morrow withdraw from the banks
| in the Second Federal Reserve dis
trict $4,000. 900. This makes a to-
tai Of $44. .SO0.O 900 that will have been
withdrawn from the banks this
week. Money lenders estate that
funds are being attracted to New
York. bUt not in volume sUfiCient
to depress the call money rate.
S1eeIs.
For the first time in many weeks
there was a wide opening in Steel
common az from SS& to SSl.. which
compared with a closing price yes
terday Of SS%. The heaviness OF
the issue caused some surprise. in
view OF the favorable statement Of
earnings announced for the Sep
ftember quarter. but brokers argued
that the offerings were based on
the fact that the next statement
would not make such a good show
ling In the late afternoon a broker
offered a put" on 1000 shares Of
Steel = point below the market
good for thirty days.
International Paper.
International Paper was under
ipressure and under heavy offerings
declined nearly points. closing
within a fraction Of the lowest. The
selling was based on the eXpecta-
/ tion that the company will have
to fall in line with other industries
and cut prices. Considerable for
eign paper is also declared to be
coming into this country al prices
under those being charged by the
international.
Much interest was manifested by
the financial district in the Septem-
Der statement on earnings issued
! by the Kansas City Southern, u
being the first railroad to announce
the months results under the higher
freight rates. The figures were
construed as favorable, in that they
showed an increase in net OF SS4,l4S
out OF an expansion in gross OF
J.
amounted to more than 100 per
cent The Kansas City Southern is
comparatively small road, but the
surprisingly good results for Sep
ltember were accepted as an indiCs-
tion Of what n -ight be expected from
{ the larger systems. In view OF the
fact that tive railroad managers say
part OF the earnings in September
were on business carried over by
reason of the congestion even bet
ter results might be looked for in
October and November. The full re
suits Of the rate increase are not
generally expected to be fully real
lied until December.
Three new issues-White OIL, Sub
marine Boat and Atlas Tack-wiil
be traded in on the floor OF the New
York Stock Exchange tomorrow.
Seneca Copper continued to be the
/ feature OF the copper group and
sold up to the new high record OF
!l9 in anticipation Of the successful
closing Of the deal by the Calumet
and Arizona for control Of the prop
erty.
General Motors moved within a
narrow range Of prices. Steady Of
ferings continued but they were not
on as heavy a scale as the prev
ious two sessions.