Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-09-16
GALL STREET TRADERS
admit POOR JUDGMENT
ode Mistake in Going Short
Il All Week, Feeling
for the Top"
NDEI,roNE or MAnKEr coon
"cnr interests Fight Itisr In Prices
Atnbh"rniy, While Market Shares
Are H"ing RnpidIy bought by the
Hull interests.
By II. l.. IInrnuim.


""NEW YORK. Sept. l5.--Tradcrs in
The stock market who have gone
short every day this week feeling
Tor the top" had TO pdmit today that
so far their judgment had been
wrong. These traders are firmly Of
the belief that lig people in Wall
street arc nsing Livermore 10 make
Il market on which to unload They
believe that ns soon az tho outstand-
= ing short interest has been clint
mated prices Will again decline, be-
chus" there viii be no buying power
10 substitute for the short covering
nov going on. But SO far nothing
| has been gained by thosc who have
secn lighting the rise. Today the un-
dert"nc Of the market appeared to
DC letter than Al any time this week.
Market Under Hull Control.
Here Is wha; one of the four Wall
street houses that have changed the
picture during tho past fortnight by
taking the long side Of the market
had TO say today: 1T Is true that
the rise is SIM being tonight stub
nornly by the bear interests But
The theory that stocks are being put
'fr to distribute is a mistake. The
theory on which tho market is being
/ pure hascd al this time is that IL Is
| = genuine hull market, that is to say
the start Of one. Stocks are being
purchased for tho long pull. This
bcini; the case. houses which look for
/ wholesale scilinE on reactions by peo-
Pile who are accommodating stocks are
likaly To be rnistrkcn. This is also
the reason why thosc who are walt
ing for prices to get back to where
they were in August are likely 10
be- mistaken, for the stock that is
being taken out OF tn. market BY the
!ptcrcsts responsible for this i'm
j Irovemcn. Is being taken out per-
! marcntiy."
Will Not Becomc Converted.
This may be "a true analysis of the
existing speculative situation. How
over. many oli-timers VIII not te
come converted To the bull side Of
III" market untl The upward move
mont becomes more general. So far.
these old-timcrs claim. ii has been Il
"pn.man" mark", in a few stocks
line wool. Studnbakcr. tobacco prod
ucts EudicDt, Johnson. Baldwin.
','rhcSe stocks /; is pointed out. have
already had substantial advances,
ana some morning the leader may
not like his breakfast or ne might
near piece OF bad news which VIII
maf" him chang. To the bear side as
quickly as h. recently turned from
,aa' side.
i;"HIrding the thirty point advance
ih.'t has taken place IN Baldwin, II
Was !";srnri from inside Philadelphia
fourcrS to-day that during the frs,
!, six months ut the year Baldwin earn
f sd more than i;s fuil years dividend
lthrt busineS has recently been get
t.nG better. that IL has recently becn
1ruuu!ns about 5appc.0Oo "A month:
+ 'ra. there is enough repair work 20
|. SHop overhead down To a satisfactory
las.s, mat within the last eixty DAYS
s'5t@.rOo Of new business has been
tthen :rom Mexico and that nesoti-
ltioua are now on FOR a contract with
Cniic. that for some months cash has
teen gaining at the rate OF from
sto0.oGJ 70 $4,000 by the difference
IN the billing price ~ goods and the
inventory cost OF manufacture.
Negotiations for the $40. 100000 AR
,fGentine loan are OF. Presumably the
terms were not satisfactory. This
country has ben doing considerable
shopping here ana elsewhere for new
money.
Yesterday the Great Western Sugar
pany passed its / 81 per cent
quarterly dividend. To-day the Cen
trai A1uirre sugar Company reduced
\ its quarterly dividend from SO to $50.
|; 'The Otis Steel Company passed its
! preferred dividend
p Terms Not Satisrnctory.
!, II is understood that there is n
= difference OF opinion in the manage
f, mcnt OF American Sugar as TO wheth
cr s2o,OoO.0o0 new money should be
borrowed in the very near future to
take care OF floating debt
A new low record was made for
T, the German mark early today at
f, .o0e0 1-2. One very prominent WALL
=, street banker just returning from
/ Germany thinks. in talking with
{ friends. that that country is in n
bad way.
Receivers were appointed today for
Inc Consolidated Distributing com
! pany. The company has thirty-n;ne
, stores for distributing automobile ac-
, ccssSories. This was one of tho Allan
y. Ryan promotions. Liabilities are
s2.5O00OO
. can money loaned today at 40
(, per cent This was the lowest rate
. in some time
I, a stock exchange seat was poste,,
/, for sale today at $4,000. up $4,000
! from last sale.