The Richmond Virginian. (Richmond, Va.) 1910-1920, 1920-04-24
BEARS ATTACK THE
MEXICAN OIL ISSUES
AND BREAK THE LIST
By BROADAN WALL.

New York. April 23~--Atter
general advance In which d few stocks
made new high records the bears made
concerted attack today on the MoXi-
can oil issues and broke the whole list.
The drive continued to the close 50
that material net losses were in evil
dence. There was no specific. news
to Justify the selling Of stocks.
The Mexican news was extremely
bullish for it consisted Of a report,
later confirmed. that the state depar'-
ment had asked that some war yes
sells be sent TO protest American resi-
dents Of Mexico on the west coast,
The other report. that rebels had been
defeated in the Tuxpam district on the
Gulf coast was good news for the OIL
Interests. Nevertheless Mexican Pete
declined nearly IL points and Pan
American more than 8.
News from the railroads was cheer
full for the Erie reported q very i'm
portant Improvement in the strike
situation. As the Erie is the leader in
this fight what is true in that system
must he true all over the country
Money rates were rot changed but
sterling exchange was lower. The
japanese situation was reported inn
proved
Tie raid on the market looked like
last attempt by the bear party 10 cover
It's short contracts.
The Stuff affair promise 10 be
ended tomorrow morning with a set
tement at $500 a share. That price Is
considered eminently fair ana is much
less than MIR. Ryan could have ex-
acted through the courts. The end or
this fight will be a very favorable in
fuencc on the market because 1t has
been attracting the attention of every
reformer in the country and has al
T. TOT ,1,,.r
harmful bills in the state legislature
and congress. The money involved
was never a matter ef consequence
because Mr.. Ryan didn't need it and
the raiders who were caught deserved
the trimming they brought upon
themselves
The matter will not he settled right.
however unless Mr. Ryan is induced
10 remain as member Of the ex-
the official lists.
Report Of the corn products com
panv showing s5.104.519 surplus for
the first quarter Of 1920 after charges
and federals taxes against surplus
OF s2,442.3 800 the previous wear sue-
gests 4 reason for recent strength Of
that issue md for the buoyaucy of all
sugar stocks.
Weakness developed In the tobacco
stocks early in the day evidently being
due to the plan to increase he taxes
Of toba eco for the soldier bonus All
the independent steel shares were
strong and report persisted that new
com bination was being put together
that would represent more capital
than the United States Steel Corpora
ton. The combination as now spoken
Of liz to include Bethlehem Midva IL.
Inland, Lackawanna Rcplogle, Naua-
dunn and possibly Republic. Allan
Ryan is interested in most Of these
and for that reason 1t looked like a
Ryan market up to noon Replogle
made new high record at SIS. with an
advance Of ten points Consolidated
Textile with WhicE Ryan's name has
been identified also made a new high
record al "A. .,
The day was NOT without It's usual
stock dividend New Jersey Zinc. with
a twenty per cent bonus, being the per
former. All Wall Street expects the
United States Steel Corporation To do
something handsome ar the next diyi-
dend meeting
Utah Copper reported earnings for
1919 Of $3.50 a share compared with
st135 the previous wear, This has
no effect on the market because the
condition OF the copper trade is We'll
known