The Washington herald., 1920-10-12
STOCK MARKET
REMAINS FIRM
Bears Attack Industiak Supported
By High Money But Issues A,
A Whole Retain Stability.
ROYAL DUTCH HITS NEW LOW
Central and Texas Pacific Also E,-
tablish New Lows-Auto
Stock, Heavy.

New York, Oct. 1I.-Money got as
high as 3 per cent in Wall Street
on call and with that. encourage
ment the bear party attacked the
Industrial list. A few stocks gave.
way but the market as a whole re->
mained firm.
Royal Dutch surprised the Street
In the afternoon with a break OF
nearly seven points to a new low
record. Central leather and Texas
and Pacific Railroad stocks were
others to establish new lows.
Trading was on a light scale
owing to the fact OF the holiday
tomorrow. II was the necessity Of
borrowing money for two days in
the face OF rather stringent condi-
tions that caused the rate to ad-
vance to 8 per cent.
AnacOnda's Loan.
Wall Street was much Interested
in the announcement. made after
the close OF business that the Ana
cOnda Copper Company had sold
$25,000,000 Of bonds 10 the National
! City Company and the Guaranty
Trust Company. This is the first
bond issue put out by the Anaconda
Company. This borrowing Of s2S.-
600, 900 suggests that the company
has a large quantity Of Unsold
metal
Tobacco stocks held firm because
( Of the development in the Whelan-
Z Duke group. II was reported that
a new company to be called the Ma
tional Tobacco Company will be or
Eanized to take over the Tobacco
/ Products Export. The United Proft
Sharing and the Phillip Morris
! Companies. The first and last Of
these companies are ofshoots from
the Tobacco Products Company. The
| Profit Sharing Company was formed
| to handle the coupon business Of
the United Cigar Stores but is now
operating a chain Of retail tobacco
stores in Canada with great success.
Terms Of the merger are not an
Rounced.
OfciaI announcement was made
OF the declaration Of Sc stock
dividend by the United Retail Stores
Company. This FIRST caused an ad-
vance OF the stock. but later there
was a reaction. The stock has paid
this year 50 cash and this makes
.lOeo in stock.
Automobile stocks.
Automobile stocks were quiet and
heavy. Rumor said that directors
OF the Studebaker Corporation.
which = now paying 7es dividends.
were considering the advisability Of
tcutting the dividend to 4Cr
/ Texas and Pacific showed little
vitality after its break TO l.. This
is % points under the price al
which it sold just a week ago. Il
is admitted that Of the two wells
sunk by the company on its right
of-way in Texas neither one has
produced anything. The company
has eleven wells in Louisiana yield
mig some 400 barrels a day all to-
gether.
In addition 70 the money move
ments already on record the Federal
Reserve Bank has called on the
local institutions for repayment ~
IS. 100000 tomorrow The French
liner La Lorraine arrived today
with about $1,000 600 OF gold from
the French government
The Philadelphia and Reading
Coal and Iron Company elected an
entirely new board OF directors.
This looked as II the company were
planning an early dissolution and
that the old directors having the
banking interest in what would he
done wanted to be legally clear and
ready for business.
Owing to the technical condition
of the grain market there was
sharp advance in wheat but only
margin traders took il seriously
Producers had little hope OF the
Improvement being maintained
Silver was down again in London
and in New York. This is due
largely to the unsettled conditions
OF India That country is exporting
silver in order to purchase gold
In New York the price has fallen
: cents an ounce in the last week.