Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-09-07
SECURITY PRICES RISE
SHARPLY IN NEW YORK
Upyard Movement Takes In
Practically Every Stock
on Market List.
MltH INTEREST N COTTON
f'"id Continues Ia Pour Into the I. y.
from Abroad. There itclnE NenrIy
S:o.nnn.ooo Ia Arrive over Week
End
Mrcm INTEREST ~ COTTON
%, u. D.. Hnrnnn,.

NEW YORK, Sept. ".--Thc advance
in the stock market last week re-
quilted IN the accumulation of buy.
ing orders over the week end from
all sections of the country which
together with urgent bidding on H.
part OF the short interest. resulted
In n sharp rise Ia security prices at
the opening az tn" stock market to-
day. which continued throughout the
greater part Of the session with only
Slight interruptions The f.a,ur" o.,
the market was the sharp rise of
four points In Mexican Petroleum az
a result Of the news from Mexico
city that IN. tax controversy has
been settled TO the satisfaction or
9th parties Details az TO the set
tleinent are not available In This city
ana unless they com" from Mexico di-
rect no Information may be obtained
until the local oil men return, when
~ expected to bc later In IN. week
Tn" entire oil group advanced with
Mexican Petroleum.
Ever, Stock Included.
The upward movement however.
was not entirely confined To the oils
In fact. almost every stock on the
list was higher the sharp upward
movement in the copper issues at
tract"d AN unusual amount OF attcn-
ton ia view of the fact that this in
"uhtry MAS one OF the hrst 10 debate
iollowIng the signing Of The arms
tee. Motors were higher under the
leadership of Studcbakcr. Rails were
also higher, bu, their gains were
more moderate than In the indus
trial group.
Several large traders who hav.
been known To be on IN. short sid.
"i the stock market for some time
ar" understood 10 have turned bull
'sh. Judging from the statements
coming from the floor of the cN-
change. This may account for "A good
part OF the recent advance whether
or not the movement viii continue. /,
Is rather too early TO predict, in view
OF the fact that n tax payment ~
due the middle OF this month Those
spectators who have recently turned
huilish VIII have one believe that IN"
advance Will lie carried much further.
hu' there appears to hc motive in
back Of their statements. ThOsr
people who have been conscrvatIv.lv
Su!!'sh for some time pas, and who
arc sun confident that the future
VIII see better dayH. express the
opinion that technical conditions are
back OF the current market. and that
as soon AK these are corrected "A re-
action in prices may bc Witnessed.
This Is expected before the middle
az the month. They do. however. look
for a continuation of the Improve
mcnt in the fall
More Orders Filled.
Statement Of untitled orders on the
books Of tho United states Steel Cor.
porati"n Will be ISSUED AT noon on
Saturday Estimates made early last
week hal 1t that tho report would
show reduction OF between 100
600 and 10000 tons In unfinished
business. Estimates mad" today.
however Increase the amount TO
100000 tons.
Reports Of the Department OF
Labor show that thirty eight ont Of
ssN;E-two cities show an increase in
employment during the month OF
August. which is an encouraging
sign. as II ~ confined to the manu-
featuring industries The average
gain Of all cities was los per cent
which means n reduction Of To- G3
In the number Of unemployed
Robert II. Adams, president of the
American l.!nsccd Company, on sail
Ing for Europe, says the directors OF
his company Will declare no divi-
dcnds on either common or pre-
ferred until general nnancia! condi-
lions have improved
The board Of directors OF the
on Friday OF this week to take action
on the quarterly dividend. and. as
far as can be learned in quar-
ters that are supposed TO know. there
VII! be no change in the quarterly
rate. Business in the automobile
industry in general Is not to the
liking OF manufacturers. and the re-
cent numerous reductions in prices
hear this out. Eut in the case OF
h.t H. .k..t
just how earnings stand at the pres
"nt time. the head of the company
has gone on record rs stating that
there Will not he any change in the
dividend for the balance OF the year
unless something unforeseen turns up
Much Interest In Cotton.
Cotton continues the center of in
tcrest here, although tho stock mar
ket les attracting great deal of in
terest, also. as result of it's recent
upward movement. which has at
'ractcd some outside buying. News
from the South Indicates that there
has been further deterioration of the
crop since the last government re-
port as OF August IS. South Caro-
lima alone. according to the State
Commissioner of Agriculture, shows
loss Of eight points since that date.
II this is general throughout the
south, as result OF weather condi-
tons. it Is little wonder that cot
ton is continuing to add to its re-
cent sensational gains.
Gold continues to pour into this
country from abroad, and. as indica-
tons now point, there will be little
change in the movement for some
time to come. Between Sl5.000.000
and S20.000.000 arrived over the week
end. and II is stated from abroad
that about s35 1000 900 more is ex-
pCCtCd from Germany In connection