Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-09-03
sAaLL STREET BANKERS
CLOSE FINANCIAL FIGHT
slscat War Threatened 10 Involve
Hundreds of Millions of
Ss.ss- Invested Capital.
sBuLLISH FiCTOR ON MARKET
t'Aiovcmcnt of Gold to New York
Promises To BE Much Larger
Than Officially Announccd--Ccr-
tain TO Strengthen Credit.
snULLISH FACTOR on MARKET
ny nRuADNN wNII..

III HRoADA\ WALL.
NEW YORK, September 2.--ln ad-
3 tiiiion 10 tho further advance of the
share market which VAS the
feature OF Wall street today, there
e,Issere several other DEVELOPMENTS OF
flmportancc 10 Investors and spcCula-
81 Tors. Money renewed ut per cent
ssNiuT ended
The biegcs, development, was the
a Getuement of Il fight among high
b fnanciers that has threatened To in
.SsSolre hundreds OF millions Of dol
\ lars. OF invested capital and the
sstocks OF numerous companies. II
u involved International complications
RsiHnd threatened to become so dan
= THAT leaders OF the warning parties
4 got together and decided TO settle
,he matter at once and Without nu2.
l.city. Ii is an open secret In Wall
8 street. but ali bankers having cor
erect knowledge of it are pledged 10
s .aecrecS. II can he. said. however.
s hat the light is over ana il can also
\ be said that the settlement of this
\ light is very builish factor on the
May Amount to SiGo."0o.ooo.
~ SThe movement of gold to New York
Ssii settlement of the Anglo French
han has been officially announced.
$eThc $J0,0oO.oO0 promised by the
II Frcnch is the minimum. The actual
4 amount may he douole that. The first
shipment leaves liavrc tomorrow
British gold Will arrive on Scp;cm-
\ sher I, With al this gold coming
sto New York ii is certain that the
credit situation will be very. much
sStreng thened. The Federal Reserve
Z Board is taking measures to check
l,rohteerinc in money and regard
+ mains that Wall street believes
. easier ,o credits will mean higher
8 IN Mexican oil stocks. The Mexican
{ 1etroleum Company expects. TO have
Its new pipe lines finished in the
ing of its new wells so as to have
them, come in ahou, the time the
: pipe lines are ready to receive what
: ever oil they may produce.
Activity and strength OF the cop
per stocks was almost unbelievable
to-day in view OF tho protracted pc
I American Smelling was the leader,
witt an advance OF four points; OF
(which most was retained to Tho close
Tobncc" stacks Are Active.
Tobacco stocks also showed CON
5 si,ierable vitality undo 'ead@rship
nearly two points. american suma-
8 ira recovered from the hcavinoSS OF
The previous day.
strong. Those patriots who have
4 been predicting the collapse Of the
8 automobile business now have an
! =,
] Best authorities on the trade believe
:. the big era Of automobiles is yet -
+ come. for the machines are only well
introduced.
Erie Railroad stock is being pick ed
up so the Street hears. by two in
ierests. one OF the big lines wanting
Erie was suspected Of buying il seven
or eight years ago. but the laws were
against the proposed combination at
q that time. Now ihc laws favor such
q combination and 1T would no, b.
surprising 20 hear any day that con
troll of Erie had passed from the
hands of hopeful cn-share traders
into the treasury OF a really impor-
tant railroad system.
!, Report that control OF -; Loui,
( southwestern had passed from the
'SGonid interests attracted little nj
& tcntion. 1t WAS accomplished. so the
\ Street hears, through the sale IN the
II open market OF the Russell Sage cs-
tate: Combination is lacking ST
AZ Louis southwestern sold al high re-
cord prices again today. The revival
4 OF the property is due 10 the discov-
SSery, OF oil in the Southwcs, ana the
building UP there OF Il new ctnpir.
equal 10 that surrounding Chicago.
y FRISCO and Texas Pacific are also
~ great gamers