Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-04-23
BEAR PARTY STRUGGLES
TO EXTR|CATE ITSELF
Raid OH Market Spends Itself and
Reaction Comes Early
in Day.
STRIKE Is MOVING FACTOR
Tic-Up of Credits Result OF De-
laycd FrcightS Causes Merchants
to Throw Investments on Market
to Meet Payments.
~ nROADAN WALL.

NEW YORK. April 22-Ano,her
Wild day in Wall Street saw the bear
party striving desperately to extTicate
itself. In the morning another at
tack carried prices OF many stocks to
tho low level OF the previous DAY. and
Now low records were made Selling
Of steel and Republic were particular
~ Impressive. There was also very
good selling Of Mexican Petroleum.
Before noon. however. the whole
situation had changed. for. when the
shorts tried TO cover, they found lit
tie stock offered The result WAS a
sues. crucihlc advanced more than
16 points: Nanadiup, s: Rcplorlc -:
S;ronhcrg. 5: General Motors. 2s:
Baldwin. moro than t. and others in
the active lis; OF an average Of )
points.
shy strike Responsible.
Now that the raid has spent It's
force the best opinion seems 10 he
responsible for the whole trouble.
Tens Of millions of dollars Of freight
In transit IS standing on side tracks.
where = can j" claimed As "A banking
credit by neither the seller nor the
buyer.
In the meantime commercial loans
have hecn falling due in the West
and the banks nave insisted on pay
mcn'. Merchants pressed for payment
had no other recourse than 10 sell
their investments. Ii has been AN
exhibition 81 irlU0nsidcratc hank .ng
such as frequently discrcdits the bust
ness system of tho United States.
Attack Professional.
Further evidence came TO hand to-
day Of the professional character of
the attack on the stock market. l.
seems that VcSsiruistic reports have
been put n circulation al! over the
country. 50 that thousands OF persons
were ready - believe the worst.
There WAS just enough bad news /"
justify these reports. The sudden and
unexpected attack started on tho mar
ket Monday VS. effective. chiefly he
cause 1t was no; understood The
raiders appreciated the value of myS-
terry. Fortunately IN" scheme has
been explained, and the public is re
covering its compoSurc.
What gave the raid an appearance
OF professionalism and resulted N ito
exposure MAS the good buying of
stocks on the decline Of the account
Of 9th, the rlunerrs Their was at no
professional coup brilliantly executed.
and the New YORK Stock Exchange
Will not discipline the houses through
which Il was eng incsrcd. No official
action will bc taken 10 protect or
avenGc the slaughtered public.
Protect Hymns interests.
Allan \. Ryan'S friends did not hest
tate today 10 protcc, Rcplo.lc steel
when the raiders got after it, They
take the Who'll" capital stock IL ncccs-
sary. They planned deliberately to
let corner develop IL the bears per
sisted IL selling the stock. II was
10 be AN exhibition corner 10 test the
right Of Insiders 80 protect their in
Ncstm-ni. Tn. raiders took warming
aad drove Ecplog!c TO u new high
record price IN their attempt TO cS-
cape.
Announcement; that Allan Ryan was
WILLIE to settle Stut2 contracts di-
rcctly and would not insist on COM
mittcc had It nuoyhnt influence on the
market, fer that means speedy set
Element.
The STOCK exchange is reported TO
want him to withdraw his demand
that his seat he sold and To let StutZ
be listed again.