Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-05-04
STOCK MARKET CLOSES
IN MIDST OF SHARP RALLY
Refusal Of Supreme Court to Re-
open Steel Corporation Case
Causes Covering by Shorts.
nY BROADAN WALL.

:. NEW YORK. May 3.--when tho
Supreme Court announced today that
the United States Steel Corporation
professional traders began covering
their short contracts. Tho short In
.ssrest WAS large and as r. result Of
rally. In tho midst OF which It closed.
advances from the bottom were large
In practically every Btock, hut early
. the day there wns severe break.
so that In most issues the session
closed with net losses.
Among tho stocks that showed net
advances for the day Internntial
Harvester, Mexican Petroleum. Pan
american; Sinclair. Texas. Royal
gle, Bethlehem 3D." Baldwin and the
Sugar stocks were prominent
Call Money nj . Fer Cent.
Money. renewed Mt Q per cent, but
Tell to in the afternoon. Foreign
NchanSa was bit hrmer.
The Supreme Court ruling In the
steel case had been expected by all
a"ycrs. their only surprise being
hat the Attorney General was not
rcnrlmandcd for making the appli-
alton 30 long after the case had been
,!oscd. II 81 rehearinE had been
tanted IL would have been logical to
Arcct rehcaring OF tho bred Scott
use also.
Absence Of May Day violence WINS a
,Gpeiul feature OF tho situation. bu.
Uldc no impression until the stcc!
aiinS wan handed down. The reason
he optmiHtlc factors were held In
elegance was that money ruled 80
nigh. Tho statement made Saturday
~ tho combined banks was the worst
m record. II was aggravated by the
'ad statement made by the local re-
serve bank.
OH Boom Is Forecast.
a prospoctor back from Mexico s
mr. To-.
harcs and liz aclling his holdings of
land to tho drilIers in anticipation
such boom. The inccndiary arti-
les being sent out by so-cailed sta
nd gasoline OF the United States will
&C exhausted this summer are not
Justified by tho facts.
When John Wanamakrr announced
oday that everything in his stores
ins for sale nj n discount OF 20 per
emit ne started what Wall street
opes Will be nation wide marking
own OF prices. In the case OF Wanna
Inc. II Will be followed by fake
iarking down saleB on the part OF
iany stores. but the banking world
elieves Il will have good effect.
The Strike OF the textile workers
I, New England did not spread and
Consolidated Textile. which was sold
,st week through fear that tho
ompany would become involved. re-
JNeTcu IN inc last nOuT. Inc
> ills Of this company are all in the
outh with the exception Of one at
orth Adams. Mass. II was under
TODD that a compromise will be made
It'll the strikers in the eighteen mills
I New Bedford. Mass. Official end
( The strike may be announced any
our
Merger Tnik Renewed.
Lack awRnna, Bethlehem III" and
tidvalc being mentioned as possible
dement's In the new steel com hila-
on, were all very strong today. The
Jm b!nation of Canadian Steel COM
anics was largely responsible for the
,rewul OF merger talk. Canada has
re fneat iron ore In the world near
ort Arthur and II has l!mitiass de-
osi;s Of coal In the far Northwest.
trough this new combination the
~Itish can give American msnufac-
irers "a good bit OF competition.
hat ~ another reason why II Is de-
rabie to round up the small AmeTl-
IN companies into a big concern able
fight effectively for foreign busi-
ess.
Wall Street has not taken the Jap
ncse situation so seriously az some
yeators have taken ~. Official re-
,ris have come 10 hand stating thai,
ne trouble Is lbou; over,