The Washington herald., 1920-10-27
BEARS ASSAULT
STOCK MARKET
Professional Savage 0nslaushh
Successfully Resisted, and Issues
Are Steady at Close.
OIL AND STEEL SHARES LEAD
Firmness in u. s. Steel Attributed
To Favorable Statement of Earn
inss-Coes-Cols Loses Interest
OIL AND STEEL SHARES LEAD

New York, Oct. 26.-The general
stock market successfully resisted
again today an attempt by profess
sional bear traders to induce the
sale Of long stock and bring about
Liquidation. Here and there some
weak spots were noticed but they
were attributed to special causes
The resistance displayed by the
general movement to bear tactics
in the face Of 10 psf cent for call
money was considered significant.
Unsuccessful bear attacks for the
| last week increased the short IN
! terest to such an extent that n may
now be considered large enough 10
force to cover.
Foreign News.
The foreign news relative to the
coal strike was favorable and the
financial district is beginning TO
look for an amicable settlement OF
the labor differences in England
Settlement OF this controversy
| would remove one Of the biggest
cards in the hands OF the bears.
Market quiet at Opening.
The market opened quiet and
neglected in the important devel-
oIments overnight. The oil and
/ steel shares assumed leadership In
the forenoon and gains ranging
from one to three points were made.
OH loans opened and renewed at
9 per cent and as the rate moved
up TO 10 per cent the bear traders
began another attempt TO induce the
resumption OF liquidation. but with
out success. for the market frmed
in the late dealings and closed
| steady.
Us. steel
Earnings Of the United States
Steel Corporation for the quarter
ended September 80 last, amounted
to s4SO5l, $40, which were in line
with the expectations OF the Street
and compared with approximately
$4,000. 600 for the preceding quarter
and about S43. .gOO. 900 for the first
three months OF the current year.
Directors declared the regular quar-
.tcrly dividend OF IL per cent on the
common stock The financial dis
trict looked for an expansion in
earnings owing TO the very favor
able reports issued for the same
quarter by the Lsckawanns Steel
and the Republic Iron and steel
United Fruit.
, The time for Announcing the plans
, under consideration by the United
Fruit Company for a distribution OF
additional profits to shareholders
. apparently was not considered ripe
: today for following a meeting Of tn"
. executive committee IL was stated
: that no action had been taken in
: that direction. The board OF direc-
tors are scheduled to meet Decem-
. ber Il to take action on the dividend.
: In the absence Of any new develop
= ments the stock declined nearly 4
points which is about II points in
the last Two days
. COca-COIa.
2 SorSe OF the interest went out Of
: CoCa-Cola today when Il became
known that the directors had de-
: ferred action on the dividend due AZ
this time. The stock declined slightly
2 mere than a point early in the ses-
sion but recovered in the Afternoon
i. all the loss and Z points additional
! For a stock that is not paying anv
: dividends il is considered too high
!. American Hide and Leather and
y Central Leather were heavy beCaus,
= of the unfavorable reports Of earn
= ings announced for the Qusrte1
= ended September 80 last