Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-07-10
professionals START
BIG SELLING MOVEMENT
Last Hour on Exchange Indicates
That Bulls Will Abandon Their
q Campaign.
EUROPE NOW y BAROMETER
Closing OF Plants by American
Wooden Mills, Throwing 10000
5 People Ont of Employment, Dis
couragcS Holders of Stocks.
EUROPE NOW a BAROMETER
M uKOAnAN wAII..

NEW YORK. July 9.-Undc- cover
Z OF n MANIPULATED advance OF . points
of stocks in Wall Street today by
professionals. Whether they were
( frightened by the alarming situation
that has developed in Poland or
whether they were merely testing the
fortitudc OF the public it is too early
10 determine. Action Of the market
i'm the last hour was sufficient TO
warn everybody OF possible aban-
/. don ment OF the bull campaign.
There rs, no short interest in the
-inarkct of Importance because tho
: professionals who usually have shorts
outstanding went heavily long
ones who were selling today. This
absence Of short interest will make
II hard TO check Il downward swing
should the selling continue tomorrow
The close was very irregular ana
at the bottom prices in many stocks.
aNet losses were not large because
there were sharp advances early in
The day. 1t WAS tho sudden change
OF sentiment and break of prices that
seemed significant rather than the
net losses.
Call Money Again Up.
Money. which opened and renewed
Mt z per cent, Went 10 10 at the close.
This was due largely, of course. TO
the plans under way for providing
funds FOR crop-morinG purposes. The
action OF the Interstate Commerce
Commission in delaying the advance
Of freight rates and the refusal OF
Sthe Federal Rccervc Board TO take
coEnizancc OF the conEestcd credits
of the country due To the neglect of
duty by the Interstate Commerce
commission account for the money
furry.
The European situation has become
stock market factor overnight and
must be rcckoncd with for the first
time in months. The domestic and
foreign conditions taken together are
enough to make the public careful
about the stock market.
Announcement was made that
american Wooden stockholders took
Only $4,000 shares OF the 1000
shares OF stock offered for subscrip-
ton. The unsold portion is taken by
the underwriting syndicate which
Will remain in existence until October
This announcement sent the stock
throwing 10000 employees out of
work The outlook is not pleasant
for stockholders.
Ryan stocks TO Front.
To account for the weakness in
street heard that the traders who
had made those stocks active had
switched into Reading. The Ryan
stocks claimed considerable attention
IN consolidated Textile and OF u
point and Il half In Continental Candy.
. StromborS, which rose nearly > points
in the early part OF the day. broke
more than eight in the afternoon in
about as many minutes.
interest IN the runorcd chemical
combination was revived again by an
advance or more than C points in Ma
tional Anilinc stock. Important deals
z Tor this stock At private sales We're
reported.
Houston oil. which was admitted
70 trading on the exchange only a
Few days WAS marked UP Is points
ana held Is of II 10 the close.
Kelsey Wheel advanced .. Pneumatic
Tool d and Maxwell Motor certificates
u. There We're numerous advances
: OF from l 10 points that We're not
Wiped out because the selling move
ment came so suddenly and such n
Z snort time before the close Of trad