The Washington herald., 1920-09-03
RAILSCONTINUE
TOLEADISSUES
Further Advances Feature
Session of Important
Developments.
MONEY REVIEWS AT SO
Wall Streets Sensational
Million Dollar Fight
Settled In Secret.
MONEY RENEWS AT SO

New York. Sept. I'm addition to
the further advance Of the railroad
share market which was the feature
of Wall Street today there Were
several other developments of i'm
portance to investors and specula-
tors. Money renewed at per cent
but loaned at per cent before the
day ended
The biggest development was the
settlement of a fight among high
fnanciers that has threatened TO in
voIve hundreds of millions of dol
lars of invested capital and the
stocks of numerous companies. It
involved international complications
and threatened to become so dan
gerous to the stock markets future
that leaders Of the warning parties
got together and decided to settle
the matter at once and without pub
IiCity. II is an open secret In Wall
Street but all bankers having cor
rect knowledge Of it are pledged to
secrecy. 1t can be said. however. on
the authority of the principals that
the fight is over and il can also be
said that the settlement of this
fight is a very bullish factor on the
stock market.
Gold Shipments Start Tomorrow.
The movement Of gold to New
York in settlement of the Anglo
French bonds promises to be much
larger than has been officially an
nOunced. The $4,000, 900 promised
bv the French is the minimum. The
actual amount may be double that.
The first shipment leaves HaVre to-
morrow British gold will arrive
on September :. With all this gold
coming to New York it is certain
that the credit situation will be
very much strengthened. The Fed
eraI Reserve Board is taking meas
ures TO check profiteering in money
and. regardless of who Is guilty the
fact remains that Wall Street be-
Iieves easier credits will mean
higher prices for stocks.
There was a distinct Improvement
in Mexican oil stocks. The MeNl-
can Petroleum Company expects TO
have its new pipe lines finished in
the near future and Is timing the
drilling OF its new wells SC as to
have them come in about the time
the pipe lines are ready to receive
whatever oil they may produce.
Activity and strength of the cop
per stocks was almost unbelleVaole
today in view Of the prOtracted pc
riod Of dulIness in the copper trade.
American Smelling was the leader
with an advance Of points OF
which most was retained to the
close Of the market.
Tobacco stocks also showed con-
siderable vitality under leadership
Of Retail stores. which advanced
nearly > points. American Sumatra
recovered from the heaviness Of the
previous day.
Automobile stocks strong.
Even the automobile stocks were
strong. Those patriots who have
been predicting the collapse Of the
automobile business now have an
opportunity to revise their opinions.
Rest authorities on the trade be
Iieve the big era Of automobiles is
vet to come for the machines are
only well introduced.
Erie Railroad.
Erie Railroad stock is being
picked up, 50 the Street hears, by
two interests. One Of the big lines
wanting Erie was suspected Of buy
ing il seven or eight years ago but
the laws were against Iht pl'p'''''
combination at that time Now the
laws favor such a combination and
il would not be surprising to hear
almost any day that control Of Erie
had passed from the hands Of hope
full ten-share traders into the treas
urv of a really important railroad
system.
Report that control Of St Louis
Southwestern had passed from the
Gould interests attracted little at
tention. 1t was accomplished, so
the Street hears through the sale
in the open market of the Russell
Sage estate interest. Confirmation
is lacking st. Louis Southwestern
sold at high record prices again to-
day. The revival Of the property
is due to the discovery Of oil in
the Southwest and the building up
there Of a new empire equal TO that
surrounding Chicago. Frisco and
Texas Pacific are also great gamers.