Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-10-09
FREE SHORT SALES CAUSE
OF MARKET HEAv|NEss
Anticipation OF Poor Bank State
mcnt for Week Causes FURRY
on Exchange.
TOBACCO BREAKS NINE POINTS
\" Recovery Made by Stocks
isaidcd During Day-Sctucmcnt
Of Anglo-Frcnch Bonds Scheduled
for Next Week.
by ni,OADAN WALL.

NEW YORK, Oct. Sin antlcipa-
Ton of a poor bank statement Satu;,
day. professional traders today sold
short freely. with the result that the
inarke, was heavy nearly the entire
session. In the carly part OF the
played by tho high grade railroads
but from the beginning OF the session
there were weak spots here ana there.
low record. then American Tobacco
broke nine points. savage Arms went
down sharply and finally Texas and
l,acifc moved into new low territory.
There was no recovery OF Importance
in any OF these.
Local fractions and gas company
of the afternoon. all making material
advances.
The government has drawn about
ss.oOO.o00 from the banks this week.
abroad In gold. The money situation
y not bad at the moment. Loans
Were renewed at per cent today.
recorded II IL generally believed
however, that Morgan ana Company
are lending on call great many mil!
IN settling Tor the Anglo French
bonds which mature on the 18TH
brokers have received intimat!ons
mat large loans VIII be called. a
tcnpnrary money nurry is. therefore
anticipated and the shorts sold be-
cause OF that. should the bank state
I1ent prove better than expected and
should money remain easy next week.
thtre VIII be great deal OF excite
inent among professionals.
hcndinE Dissolution Ordered.
announcement by the court that
N1adin4 must hie It's dissolution plan
Wnhln ninety days or the court
YOU'D '9rmu!ate plan, had no et-
h"d been expected. II is generally
understood that plan has already
besn agreed TO by the leading Inter
baltimore and ONO and The Sew York
'rhtrh! New York Central went to
a new nigh record for the movement
,,f2dhy' icing. the only important stock
~. rhlls ala anything Of importance
~ either direction. mos, Of the ac-
iif.ty % TIC day being confined 10 tie
Af,er lnvlncible OIL had been raid
"a an oi'iG!a! statement was issued
.snEing that any OF tho wells had
rms IL the second time Invlnciblc
mas collapsed and !tA decline has
nr,haoly been due In both instances
AIN interests identified with the
property.
he2or, ,ha, the Southern Pacific
Extend its lines TO Mexico caused
that stock TO remain steady and
10 ih" morning u hal some aggres.
siy" strength. The Street also heard
mat the Mexican government might
aHk the southern Pacific to par;ic!-
pate IN the management Of the Ma
'ionHi Railways OF Mexico, but the
report could not be coun-med The
buy!nG Of Mexican Petroleum stock
Vas based largely on the fact that
TIA, company, has a contract for
sGppiS!n. fuel oil! TO the Mexican
railroads. and. /! they are 10 b.
rehnhiiita,eh. II VIII proft naturally
sugar sold At another new low
record. the raw touching sl-i ccnts
which IL the equivalert Of 7.5l duty
PAID and laid down in Sew York.
sugar people are looking for n still
further slump.
Fail to Explain Tobacco nreak.
For the break In the American To-
tiInablc, but the street believed tina,
y had something to do with the re-
turn OF Thomas l.. Ryan from France,
"here he went presumably In the in :
t.r"si' Of the United Retail stores
company. which has been cndeavor-
ing 20 he appointed retail agents for
tobacco throughout France
EARLY in the day bears circulated
report that the General MOTORS
IompnEy would do come Important
~ raid the market for that stock
and boasts were heard that they
would nut IL 10 $40 n shr re. Prom Ut
1uc.al denial that any financing
WAS IN View caused the proposed raid
Thc crop report published after tn.
close Of the market came up 10 all
tho expectations o! the Street. and
therefore. viii probably have no in
ilIcncc on prices. Tho large crops
do proye however shat there is
moved Failing OF In the volume Of
new freight that Is noted by rail-
road men is. therefore, not so alarm