Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-10-29
MARKET, FINALLY TURNS
AGAINST RA|D|AC BEARS
Supporting Orders Arrive In Large
Volume In Lust Hour Yesterday,
Inaugurating Reaction.
RAILROAD REPORTS GOOD
Fair Increases In Net Earnings
Shown by All Systems Save At
Iantic Coast Limo and Pcre Mar
qucttc.
ny nHOADAN WALL.

BHOhDAN WALL.
NEW YORK, Oct. 28.-Prc:essional
bear traders met with considerable
success In the stock market to-day.
and for time succeeded In weaken
ing prices to the extent where losses
ranged from one to three points in
standard issues and from two to- ak
points In spccjalties. Tho bearish
contingent was aided By the contin-
uanco OF 4 high rate for call money
and cables from London which stated
curly In the day that the outlook for
IL settlement Of the coal strike were
uncertain.
Trading was on Il much heavier
scale than on any previous Hcssio n
during the week. and II was not UNI
til late in the afternoon that tho
market began 10 show resistance To
the persistent offerings
Good NcWh from London.
Early in the afternoon cabieBrams
stated that the British coal strike
had been settled subject 70 vote
by ballot hy tho miners, Practically
no attention was .aid TO this news.
ana II was not until supporting or
dcrs. especially In steel common. APP
pchred mat the general list manifest
ed any evidence of resiliency. In tho
rally which occurred during the last
hour. much ct the early losses were
recovered. but final quotations left
nearly ali Issues showing net losses.
The close OF trading came in tho
midst OF the rally.
The most important development
Of the day from the viewpoint Of tho
investor vas the publication Of "A
batch cf railroad reports giving the
results of operation from September,
which is tn. arst !uii month under
which the common carriers were op-
Grated at the increased frcigh. rates.
with the exception OF two roads
the Atlantic Coast Line and the Pcre
Harqucttc-thc reports showed far
increases In net.
Attempts were made by the bears
to minimize these increases b. using
the incrcuss OF 100 per cent rcpoT ted
day HS "a yardsticS When COnsidcra-
ton IL g!ven tho fac. that "a hubstan-
tiai amount OF the business carried
carly in September Was at the old
rates. the earnings Statements were
considered favorable.
I'nvUrItrs with Spectators.
81. Louis and san Francisco shares
have for many months. been fhvorItes
with spectators and investors 40 that
the street Is anSlously awaiting It's
September statement. II can be said
on good authority that the earnings
VIII make good showing.
Texas and Pacific was favorite
throughout the session and closed
with II net gain of Two and one half
points. Shorts were largely .cspon-
sihle 70. the advance. owners OF
they arc not grinG TO stand by and
watch the Missouri Pacific interests
!eorganizo tho property to suit them
selves, and Indications are growing
that whatever reorganization plan IL
proposed by the income bondhoiders
VIII be contested bitterly by rep
resentat!vcs Of the Texas and Pacific
shareholders.
y director OF the Bethlehem Steel
Corporation said thai tho company Is
now earning at the rate OF s25 4
sharc annually on the common stock.
lie added that the railroads arc plac-
Ing orders for rails subject 10 prices
10 be named the first OF the year.
Retail Stores Weak.
United Retail Stores. which is eH-
pcctei TO take over the new Inter
national Tobacco Corporation, being
formed Ia absorb the United Profit
Sharing. philip Morris and Tobacco
Products Exports. was weak. In con-
ncction with United rroat-Shar!ng,
reports from sources usually familiar
with the plans OF tho tobacco people
said that the company Is about 10
cousu'nmGto the purchase OF u chain
%! stores. The United Pro:it-Sharing
Company EDs about seven stores In
Canada. and II present plans are car
RED out the company viii invade the
American hclds.