Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-10-07
OIL, TOBACCO AND AUTO
STRONG IN WALL STREET
lndustrials Are Also Heavy in
Market During Entire
Session.
RETAIL STORES HAVE BAD DAY
Copper stocks Hold Steady on News
Thrt Selling Price of MctnI Iinx
Made Advance of Eighth OF Cent
Per Pound.
RETAIL STORIES HAVE BAD DAY
I1y X. l.. DnrnuIn.
TBy IJnitrb N.uS I


NEW YORK, Oct Coils. tobacco
shares automobile stocks and 4 num-
Der OF industrials were heavy today
the down ward price movement, gain
ing momentum with i,ivcrmore ap-
Srcssive on the bear side. Close obscrv-
crs OF the market are of the belief
that Livcrmore turned to the bear
SIDE couple OF weeks ago when he
found he could not get prices any
higher and that now he IL coming
out In the open on the selling side
with the idea OF covering the stocks
sold At higher prices. Many traders
who sold their long stocks at prices
above today's level are waiting for
further decline. to again take Il po-
Sltion on the iong side
Sends Out Statement.
One OF the largest Broadway com
mission houses sent out the follow
ing over it's wires today: I'VE think
tho entire market will be 4 purchase
for another rally when steel Is around
80 l-2. Baldwin between 81 ana So l-2.
Retail stores around 40. Rubber under
10, Bethlehem under 81. Republic un-
der 80. Northern Pacific under 10 and
Union Pacific around i20. Not all Of
these figures arc apt to he secn and
none OF them Is certain. but they
arc enumerated TO suggest the limits
OF any reaction at tho present time"
Retail stores Wcnk.
Retail stores following the divi-
dond action on American Sumatra
was one OF the weakest stocks today
on the 'list Rumors were heard to-
day that the dividend may be out
from per cent 20 when tho dircc-
tors meet next month
copper shar"s held strong today on
lI.a -. n, -
eighth OF a cent a pound had taken,
place ~ the selling price of the metal.
Dealers hay" taken all OF tho orders
desired under prevailing prices IL was
declared with INQUIRIES increasing.
Todny's price for the metal was II
cents with som" dcalcrs asking Is ! 4
for November delivery.
WASHINGTON dispatches report that
Secretary Mellon Was assured today
hy the House Committee on WAYS
and Means that legislation for one
nnn power in rcfunding the 10000
600 foreign debts to this government
would b. passed ut this session OF
Congress II these promises are kept
Mr. Mellon VIII bc given power to
reflIud. convert, or extend the date
81 navrHnrt Of interest or principal or
any Indlvidual loan. That Will be
some responsibility for orc man.
Howcvcr wall stree, is Of the be.
llcs that IL the job IS to be- given 10
our man II would be- harder TO find
It hotter one than NJ, Mellon.
Cnii Money Rrnrws.
Call Money renewed today at l-2
per cont Tho feeling here Is tina;
~ soon ns the worry large govern
ugrt interest payments are out OF
the way this month money is going
90 got "vcn easier than IT now Is
signs of Improvement in general
tr-du continue with money easy, II
.e ',t dtWcult 20 n Id back the bond
rI took market. Every day shows
rra violence o.! frozen" loans be-
~ tnawed. our flood OF gold Is
rr0= 20 become "A real problem IN
.r very near future.
.und and gravel prices have been
uut ~ aud 20 cents a ton, respective
is! tn. second cut within "A month.