Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-11-23
TOBACCO STOCKS TAKE
LEAD ON WALL Street
Boldly Declare Their Dividends
VIII Not Be Cut and Earn
$50 ings Increase.
CAMPAIGN MADE ON RAIDERS
Call Money Still Going Down-Four
and Half Per Cent New Low
u. Level Established on Exchange.
Free Supply ut Tint Rato.
ny nI,nADAN WALL.

NEW YORK. Nov. 22:--Profcssional
traders have been talking panic SO
long In wall Street that Attn the bankers ops
today. 1t was ono OF the finest bear
Jnpics the street has over seen. The
shorts were in wild and disorderly
ranged from three TO. ten points
Brokers said that the short interest
sttl outstanding tonight was very
large and that tho traders had all
mediate future.
This turn of tho market was pro-
: mess when tho tobacco stocks as
Huncd leadership Of the advance
Some professionals refused TO believe
Aha, the market has turned and be-
gan selling again. But tho tide OF
prices robS steadily until late In the
afternoon when professionals sud
dcnly began covering contracts re-
eatdlcss OF prices.
eau money opened at Z per cent
and renewed there but 1t dropped 20 8
at midday and was 3 per cent In the
last hour. After the close II was
IN free supply at IL per cent. Time
money wh!ah has been almost unon-
offered at ~ per cent for SIXTY
days.
For the turn in tho market the
basic reason Is that i, had gone too
TAR on the down swing. Blu; the
specific thing that seemed 10 excite
1bESlNR was the interview given out
by, The tobacco interests in which they
boldly declared that their dividends
would not be cut and their earnings
would Increase. 1t devciopcd later
part OF "a well planned campaign
against professional raiders and ru-
1nor circulators. II was backed up
by aggressive action In the market.
Individual advances differed widely.
They were controlled largely by the
.ratent TO which tho stocks had been
u thoroughly liguidated. but in come
the professionals had gone SO far
that they were shocked when prices
began climbing: In Mexican retro-
iaan eight points. American Tobac-
CO.. crnrlblc Steel. United Fruit and
American EXPRESS gained more than
POINTS and more were nurnnr ou In
Guiding Retail stores. TobacEn PSo-
duets. Rubber. Barrett and F.mous
than four points 10 It's mark"t price
and approached It's recent hlsh-re-
cord price.
General Motors WAS the most &C
tive stock Of all. having huge turn
over up TO II "a
Willis Texas Company stock did
points, II is significant. that it d!d
nni break when other Issues went
down last week /, has already re-
covered practically its entire recent
Although the government will
withdraw 10000, 600 OF United states
DEPOSITS from the New York banks
iplhorrow, !; liz understood that both
c:S!l and time money will remain easy.
Wall street has liquidnted so thor
uIsbly that the amount needed By
brokers IS comparatively small.
'Fhc advance now in progress in
TIM market Is being accomplished
w.thout Increasing loans. because the
stocks are being bought chiefly to
cover short contracts. The invest
mcnt buying Is bringing new money
10 tho street. Furthermore prices
h.Id reached a level where the big
interests were being hurt and they
have means OF parsuading bankers
20 Iet money be easy.
ACTUAL sale OF the Denver aud RIO
Grsnda Railroad was made. thus
wip!ng out about sS7.00o.00O of Sc
Curities. The sale has yet To be con-
armed by the court. but there seems
10 be no doubt about that.