Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-10-14
RISE IN CALL money ! RATE
FAILS TO AFFECT MARKET
Most Stock Issues Show Net Ad-
vancos for Yesterdays
Session.
INVENTORY LIQUIDATION fENDs
lsnil Shares Display Strong Under
tone, but Brokers Caution Clients
Against Precipitate Purchases.
Copper Stocks Dark Spot I'm List.
ny DRoADAN WALL.


NEW YORK. oct. 1s.--Notwith-
rate To 10 per cent In the last hour
of trading, the stock market gave u
good account OF Itself today. and
advances for the session Final
|priccs were near the best, with in
dications OF n continuation OF the up
ward movement early tomorrow
The one most important construc-
Tive factor In today's marke, innu-
cnces was the favorable report Of
earnings announced by. the L-acka-
wanna Steel Company FOR the third
Huarter OF this year. This statement,
stimulated buying OF the steel Hhurcs
Tor the account OF shorts.
Another favorable influence was tho
of the Bethlehem steel Corporation.
that tho steel Industry was doing
business at about 90 per cent or nor
NAL, and that he considered the out
look bright.
Inventory IIuuidntIons Over.
Improvement In the quoted market
price Tor the so-called "lnventoty
Stocks, that is. shares OF those com
panles which had large Inventories
and which declined because OF the
necessity OF ilquida,ina them at se-
were losses. had beneficial influence
ana led the financial district to be-
ieve that The corporations had
reached the point wncre their TWEEN
tories we're giving them less concern.
The Dettcrmcut in the equipment is
sues was also looked upon with
favor
Railroad shares displayed a strong
nndcrtonc. but did little worthy o.
note. Some of the largest commits
SION houses are cautiOninR their Gus
toners not TO permit enthusiasm with
regard to railroad sharcs In general
10 prompt them into purchase OF the
stocks OF companies involved In any
klnd OF REORGANIZATION and also TO
avoid Issues which show little In
'rinslc earning power, bu: have been
put up on merger talk
Tnik or Election stock Doon,.
Much was heard in Wall street re-
Snrding the beginning OF an election
boom !n stocks. Most bankers and
Istrokcrs admit that the technical
position OF the market is such as to
wArran. The inception Of such 4 rise.
The copper stocks furnished one Of
ihe dark spots In the general list.
Utah Copper was offered on liberal
scale and at one time showed gain
sl2hi!y In excess o. two points
anaconda and Inspiration were one
poin, lower each. American Smcl;-
Ing and Refining held firm.
Declares IteHuInr Dividend.
The Street continued to question
Sears. Koebuck & Co, that The divI-
dend VIII not be cut. The director
ate OF the company gave it's answer
~ dec!nr!Rg the regular quarterly
dividend or per cent on tho com
mon. Those spectators who have
gone short or tho stock declare that
the distribution TO shareholders Will
be cut three months hence.
The company for the six months
ended June 30 reports net earnings
otter deductlhg all interest charges.
but before providing for Federal
taxes. az }l5,ii7.eSJ compared with
'a3.76o.sd2 for the same period of a
Quite = demand developed for call
money before noon with little being
oncred Withdrawals from the banks
~ the Second Federal Reserve Dis
;rIct by the United States govern
incnt today were 100000.
Those brokers and bankers who
i"'IcNe in constructive market say
that the expectation OF high call
money rates has been discounted
Because OF the favorable statement
made by the Lackawanna Steel Com
parS for the third quarter OF this
Year. the. street in general believes
lha, tho Republic Iron and Steel and
the United States Steel Corporation
viii also make good showings. The
statement OF the Republic Iron and
Steel is expected Friday and that OF
hcunc"d on October &c.
Loft Candy continues TO be de-
pieFFed. although sales showing a
gratifying in.rense.
beading, New York Central and
rea as and Patifc were the outstnnn
Ing features in the railroad group.
Reading il reported TO be in pro-
ccSH Of accumulation because of it's
prospective separation OF the coal
properties. Recovery OF Texas and
Pacific was based entirely on tho
prospect OF the company obtaining
oil Oh its right-ofway in large vol.
umc. It's failure TO do so has elm
mated the attraction 10 buy it, AS a
railroad the shares are considered To
nave liitlc value iii View OF the pros
pcttivo reorganization OF the pro-