Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-09-11
THREAT OF BRITISH STRIKE
CAUSES STERLING SLUMP
Drops Sharply TO ;$3.5I, Lowest
Figure It Has Reached in Mar
kct Since Last March.
WATCHES ITALIAN SITUATION
Conditions in Europe Arc OF Princi-
pal Concern to Wall Street.
Obrcgon's Conservative Statement
Boosts Mexican . Per Cent Loan.
ny nl,oADAN Wall.

NEW YORK, Sept l0.--Wall street
was much concerned today over the
political conditions in Italy and the
coal situation In England. An other
considerations were secondary In the
minds OF traders. Sterling broke 10
s35l, which Is the lowest price il
has touched since last March. and the
oil and coal stocks were strong, par
1icularly Mexican Petroleum., which.
furnishes large quantities Of fuel oil
for English consumption and PITS
burgh coal.
The Mexican . per cent loan con
tinued advancing under the Influence
OF President-clcct ODrcgon's conscr-
Natiyc statement.
Some time money made ia appear
ance and was loaned at Sig TO . "a
per cont The Steel Corporation re-
ported Il shrinkaEc in untitled orders
Of 3l3.43O tons.
Market Close, Unsicndy.
business vas almost entirely pro-
fcGHiona!. The market was unsteady
at a. OPENING. and some reactlo,ns
were seen IN active stocks. IN thc
early afternoon strength o. The oil
and coal. shares brought evcry thing
back but tho close was unsteady.
Tho ltalial situation is something
that Wall street finds d!nicult to APP
praise In the stock market because
IL may mean so many different things.
lut .he English coal strike tina: ID
called for September % is !. definite
event that can be measured in dol
lars on the exchange.
Ii the British cease to produce coal
for any extended period they Will
have to import large! quantities OF
coal and fuel oil from America, and
VIII also have 20 let their ships
leave En- gland without cargoes. Many
arc doing that already. American
shipping. on the other hand VIII he
able to leave homo loaded with coal
Dr al ~ az liGyDNgI
other countries in market without
competition. The shipping situation
thus suddenly turns 10 favor the
United States. Before the war Great
tonnage OF her own Imports and c1-
ports In British bottoms. and the
United States only 10 per cent OF
her own commerce. II IS now argued
% demand 80 per cent OF her own
business with all foreign countries,
and tn. present Goa! strike 10 the
key TO the whole situation. This
strike may MAKE material change
in the market sentiment regarding
shipping shares.
steel Demand beyond Limit.
Wall street refused 10 take today
hl!cd orders on the United states
Steel Corporal books seriously,
because II is well known that the
demand for steel 81 practically beyond
llUll- II IL true. however, lHhI CT
sUmcrs are holding off in expectation
Of q reduction OF prices. There Ia no
official warrant for saying that prices
viii be reduced, hut consumers per
sist in waiting for reduction chief
~ because other commodities have
been reduced in price.
Authoritative denial Of reports that
the United Fruit and the American
International Corporation would In
crease dividends caused reactions In
both these stocks, but 10th held re-
nlnrkably steady. considering the eN-
tent OF the recent advance. The real
reason for tho advance probably Is
that the stocks went too low In the
big break. and arc now going through
the process OF n normal recovery.
Mexican bonds were again fea-
ture OF tho market rising TO - new
high price. Money did not 20 abY'e
Z per cent and Ia the afternoon II
was 6 per cent, thus demonstrating
the correctness OF the view set forth
IN this column that the approach of
The income tax payment date means
cusicr ctll money for a few days.
Money is being accumulated for the
purpose OF paying taxes, and, as the
hanks cannot lend 1t on time, they
are using 1t for call purposes. TaN-
payers nave learned ~ experience
not to certify tax checks. The GOV
eminent by rcdcposlt!ug these checks
does not In reality take the money
out of the market at all.
in the late afternoon cotton options
advanced sharply as 4 result of the
covering movement by professionals.
October options gaining $50 points.