The Washington herald., 1920-10-07
TEXAS PACIFIC
| BREAKS BADLY
Constant Hammering Drives
Stock Down Fourteen
Points.
READING SCORES GAIN
Wall Street Believes Pend
ing Plans Chargeable
To Gain.
READING SCORES GAIN

New York. Oct G.-Texas and
Pacific Railroad stock broke IL
points in Wall Street today and
Z threatened for a time to unsetue
the whole market. But the strength
Of Reading saved the day. Reading
advanced altogether 6 points and
held nearly all OF il. Stocks were
all rather heavy at the opening.
Texas and Pacific showed weakness
at once. All the other rails SYM
pathized 70 the extent Of a point
or more.
The only really strong feature in
the early part OF the day was the
sugar list. This was due 10 the re-
port OF the Punta Alegra COMPANY.
When Texas and Pacific had its
worst break professionals began
covering short contracts They
found but little stock for sale
ResdinE's Advance.
For the advance in Reading Wall
Street had two explanations IN ad-
dition to the fact that q good many
shorts were caught. one is that
the government intends 10 force
larger shipments Of coal by Insist
. q
more regularly. The second Is that
plans for segreEating the coal prop
IeTties are maturing much more
rapidly than expected. il may BE-
several months before an official
announcement IS made but ap-
parentIy the right people have de-
cidcd on a plan and are getting the
stock in anticipation Of melOn-cul-
ting time.
The Texas and Pacific break had
not been explained when the mar
ket closed one Of the most Infu-
entiaI directors Of the road said
that there positively was No. new
development to justify the b-oaE
He seemed to think that some stock
.jobbinE pool had been caught m q
raid and forced 20 liquidatc through
the call OF a loan.
Sears, Roebuck Plans Loan.
Sears. Roebuck. accordiuu IN
street report. that is semi-oficfa'Iv
confirmed. will borrow about fFtv
million dollars on notes rurnir-
one. two and three years Il is
understood that during the IN, ~
these notes dividends on the stock
2 will be limited to per cent Scars.
this reduction OF dividend will hurt
the price Of the stock remains 20
be seen. Il is backed by some of
the strongest interests in the Coun-
Try. II has large inventories only
because its business is so extremely
large that il must manufacture @
great many Of the articles that n
sells The farmers are ITS bcsr
customers and they have been hurt
so severely by the current decline
in the price OF farm products that
they are not buying eNtsusfy, 1v
even after the cut announced by The
Sears. Roebuck Company.
Texas oil.
Texas Oil directors verified ''o
many rumurS OF recent w,.hs hr
declaring a 10 per cent stock ulE
dcnd. II is now said that 'h,v NAV
increase the cash dividend Goo s. %
share. Tho Texas Company Is The
owner of the most profitable urI
well in the world.
Ryan Returns.
Traders expected some statement
from Thomas +. Ryan ON his r,iur7
from Europe but he had uoirin- 30
say in regard TO the tobacco deal
with the French government. Ha
expressed satisfaction and surpris~
at the rapid reCUperation of Belgium
and France Traders bought The
tobacco stocks anyhow because th."
are evidently being accumulated On
anticipation Of some new deal tn-
volving Retail Stores. Amerl~.0
Tobacco b" Tobacco Products and
perhaps Philip Morris.