Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-11-11
.BEAR:ELEMENTs HALT
!. STOCK MARKET RAIDS
Armihticc Is Declared on Profess
t" sionai Drives Against Sc
ta. curity Values.
iNDUsTRIALs NET SMALL GAIN
selling Movement of Previous Six
Days Is Declared by Many to
Have Been Too Drastlc--Scssion
Closes In Good buying Spirit.
ny pnoADAN WALL.


NEW YOIsE., Nov. Io.--Thc pro-
iessional Bear elemeni late today de-
Clared nm armisticc for the benefit OF
the Bulls AMI for the first time in
s!X dpye the average price of indus
trinls closed with pligh, gain. EX-
cept, snr an eising In the call-money
race there was nothing In the newg
10 warrant an upward movement
Improvement in the general list.
however, did not appear until com
mission house liquidation md Bear
IN several directions. Commission
honscs reported that como very heavy
loSsc. were taken by customers who
Wera fGTesa to 9oS ss at w !ne beginning
verc pretty yell cleaned out go that
the. InarEnt was In = strong technical
position.
Earl. Prices Show Gnin,.
The E,rcat had expected "A heavy
opening but initial prices showed sub
s;:tmtiai gains over the previous clos
ing due TO banking support aud pur-
chases by people who believed that
NE selling movement The previous
fix days had been Two severe and the
dcciinc in prices too prcCipitant 10
rortinuc. For this reason they Dur-
h3sed for n rally.
Shortly before the beginning OF
the, last hour Of the session the Bears
made another concentrated raid an
Tho general LIFT and succeeded In de-
pressing quotations hut AT the low
level offerings were readily absorbed
ana 4 buying movement started which
rnntiVued UP to the close. southern
pacific. Baldwin ard Mexican Pc
troleuin led in the rally. The i'm
p'crc,nent carried southern Pacific
more than three points above the
previous closing. IN. urgent huy!ns
Of Mexican Petroleum resulted In -
gain OF six and ono half points from
, tho new low record for the move
nent recorded earlier in the session
and chre. and onc-half points aoove
u ~ a sNst n
closed with net gain OF thrcs and
thruereighthg points The close was
active and strong. Total busineaS for
tho day exceeded one and one.Gunr-
sout+rrn Pacific Leads.
Southern paclnc was one OF the
nrst !ssuca 70 80 20 tho front when
the general list turned and the sell
inE pressure siackcncd. Tho steady
and persistent buying Of the Issue
which has been going on during the
recent liquidation soon became APP
pa-en. in It's quotation. a, tonights
closing tSurc = was only about I'VE
roinrs under the top figure made
folloEing the announcement % the
co,nprny's decision To aggregate its
OIL lands and ho,diGEs OF Associated
OH stock. Huinors tina, there was a
hitclr IN the connanys segregation
iians were unoN!cla1l! d.n!s1.
change. however. IL declared 10 have
Been. made In the Original tentative
plan,
un1li-I Orders Drclinc.
The dccrcase la the volume Of un-
lll.d' orders ON tho books OF the
Unitid States S,cel Corporation ~ tho
end %! October was 62i.S52 tons. or
about 100000 tons In excess o. tn.
maximum estimates made III the an-
anci, distric. prior 70 official an
nountnrHcnt b. the corporation to-
dny.
tnYostment bankers report that
th"ra IL l.ss Of IN inquiry for bonds,
Ou; welcome the easing up !n the IN
uuiry. The smaller amount OF bust
ncss Is enabling wider dirtribu-
sion OF tho many new offerings
whlc., appeared daily for :.lrnos;
tnrer weeks. Bond dealers feel con
CdHnt that the inquiry vii! again
broaden very shortly owing TO the
huge amount OF surplus funds which
are seeking.
Mexican Pctrolcun's advance IN the
late afternoon was helped hy an
nouI~ccincnt that tho company had
closed a contract calline for the salc
OF al amount Ot ruol Of! cor which
i50.0S0,G1D would hc received during
the ,fe Of the contract.
IN, The railroad group New York,
Chicago ana 81 Louis, otherwise
known ~ the Nickel Plate" showed
ACTIVITY and pronounced strength.
Go3d buying OF earn products wac
rcDOrt.d late in the afternoon