The Washington herald., 1920-10-26
STOCKS ENJOY
FIRM SESSION
Sharp Rise in Cali Money Arrests
Upward Trend But Closing
Prices Are Steady.
STRONG UNDERGONE TO MART
Pronounced Strength in SteeIs and
Oh, Conspieuou, During the
Early Trading Hours.
STRONG UNDERGONE TO MART

New York. Oct 25.-More favor
able developments In connection
with the English coal strike and
a substantial rise in the quotation
for demand sterling impaired a
strong undertone TO the Stock Mar
ket today. A sharp rise in the calf
money rate in the afternoon arrest
ed the upward movement and caused
irregularity, but the close was
steady.
Early business was featured by
pronounced strength in the oil ana
steel shares. The oil group was
led by Standard Oil Of New Jersey,
which at one time during the dG=
showed a gain OF 81 points over
Saturdays closing quotation. L. s.
Steel led the steel group. The
strength OF these two groups had
a sympathetic influence on the bal
ance OF the list, which, with the
exception Of the local traction is-
sues. moved forward.
Call Money.
Call money opened and renewed
at per cent. but banks were re-
ported to be calling loans. and the
rate rose TO 10 per cent in the late
afternoon. where II closed. Fol-
lowing the rise in the call money
rate. professionals began Offering
stocks at the expense OF price and
started a reaction which wiped out
many Of the early gains. The oil
and steel issues. however, closed
with net gains for the day.
Calling Of loans bv the banks was
undoubtedly in anticipation OF large
] l..
United States government. OricisI
ernoon that tie government will to-
the banks in the Second Federal
reserve district.
| Railroad shares have done prsc-
( ticany nothing worthy OF notice
during the last two weeks. Their
! inactivity is believed to be due to
desire on the part of the bankers
and investors to wait for the Sep
tember reports OF earnings.
The reports will be issued direct
/ by the railroads and will be the first
. issued direct since government con-
troll
Goodyear Tire and Rubber.
An agreement by certain Chicago
banks to provide for the current re-
| quIrements o. the Goodyear Tire and
! Rubber Company was declared to
be but a temporary arrangement
and that the Continental and Com
merciaI Trust and Savings Bank OF
/ Chicago and A. c. Becker were
working on a permanent financial
I plan. Goodyear common stock,
which a month ago sold at Sos a
share. changed hands today at SIS
a share. Several weeks ago the
company sold two shares OF pre-
,frrrcd and one OF common for a
total Of $500.
L. =. Steel.
Directors Of the United States
Steel Corporation will tomorrow act
on the quarterly dividend. RUmOrs
were current that the board would
declare an extra stock dividend but
these rece Aed little II any credence.
The streets expects that only the
regular distribution will be ordered.
The quarterly statement Of earn
irEs is expected TO show from
Sc. 1000 600 TO $1,000 600. For the
first quarter Of the current year
earnings were approximately St5-
| 000. 600. For the second quarter
they were about S42.OOO,OOo.
The rise in Standard Oil OF New
Jersey was accompanied by reports
that the company would probably
declare a stock dividend in excess
Of 500 per cent.
Persons familiar with what was
going on in United Fruit decided
today that the issue was ripe for
taking profits. In fact. the harvest
began on Saturday. The realizing
sales resulted in. weakness in the
issue which closed with a net loss