Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-10-31
HEAVY BEAR ATTACKS
CAUSE OF REACTION
Losses i'll Active and Popular
Issues From | TO 5
Points.
Leading Weed manufacturing Secur-
tiles I.osr-OiIs Register sharp tie
ductions From Their Season High
Mark.
GBy Associated Press J


NEW YORK. oct. 30--Rcnewal OF
heavy bear attacks, which failed 70
encounter any effective buying re-
sistancc. resulted In another sharp
reaction In today's stock market.
losses In active and popular issues
ranging from | to : points.
with the business and Industrial
situation showing continued i;n-
provemcnt. traders could only &c
count for tho recent downward move
mcrt by describing IL as Of :, weak
nncd technical condition which vas
brought about ~ speculative tx
ccsscs OF the recent upward swing.
with brokers loans estimated az
high az sI.So0.0o0. IL IL believed In
some quarters that banks may have
forced some OF the liquidation by
calling loans
Errnks t""ord I'm stock. DrnIt In.
MI records for the largest mum
Der Of Individual stocks dealt in on
the N"w York Stock Exchange for
single day were broken today
when the tape recorded tho sale of
40 different issues in the av"-hour
session. Tho former record vas ass
mad" last April
Today's opening was irregular. a
fe" stocks deriving strength from
the initial 4l-i point gain in Gulf
states steel. all OF which was later
Cancelled. tile stock closing at small
fractional loss. Shipping shares
were tho FIRST target Of tho short In
t"r"Sts. both Marine preferred and
American international Corporation
being depressed 10 new low records
FOR the gear on speculative fears
tina, u" next scmianuuaI dividend
OF The former might be passed
Tobacco stocks were then attackct
on announcement Of another cut In
cigarette prices. Liy2ctt & Myers
cropping - points. Lorillarl Tobac-
60. 10 -. American Tobacco. 4i-2:
Tobacco Products. y IL Tho pre-
f"rred. 2j-s ana Reynolds Tobacco.
liz
on shnrc- Also yuIn-rnb,,.
on shares also proved vulnerable
to selling pressure. Mexican Pctroln.
un being forced down 6l-2 points
Nlth losses ~ 10 nearly / points
being r"vi~t"rcd by tho Pan. hn.ri
can Issue, nacinc. Houston auG COS.
o"n ri!". Phillips Petroleum. Roval
ln'ch and General Asphalt Stan.
dh'd OIL "f NON Jorscy which reg
istcr"d q loss of more than 10000.
GOO on the quoted valu" nr its our,
standing stock sIu~o it, hirh ~ the
y"ar ei0 - was one %, Tho tc,v ak
""r''on'. scoring = not gain OF
paints 80 ~. IL
Encouraged by tho succcsy at,
iair"d In th"ir raids agaln-, Tho
industrial shares. short sclio-.
iurn"d their attention 10 rails vim
surprising results 81 Paul con-,
mon and preferred were tho hardos,
hit. declining BIS and 53-S points
respectively oth"r substantial loss
cs were rcco-d"G by Reading or
~
"l-2 Northern Pacific, ais: CanaIi-
an Pacif'r. IL. Per" Marquette.
IL; i."high Valley =. and Now York
Central, ~ Settings Of rails was
influenced. u" dpuh, by the poor
showing mad" iN IN" latest Scptcm-
hcr earnings Statements
t"pp"rs Heavily sold.
Speculative disappointment over
tn" cours" uf copper prices which
hay" fallen slightly below IL cents
pound. apparently was responsible
for the heavy selling NJ co7pors d.
srit" tn" fact that they have been
tagging far behind tho rc.t Of tho
list IN recent upward swings Ana
conda's drop below 50, touched off \
number Of stop.loss orders. which
wcr" disposed ~ in "a bunch Of 1000
shares at IS i2. the stock showing
net loss OF nearly ; points on tho
dar ChIl". k"unccoi, and Mother.
Tod" also Lost ground Total sales
w"r" lll6.0NO shares
Call money opened AZ Per cent.
hut "as"d Of 10 'l-2 where /, closed
Time money was In good demand
II 49,. but bankers were demand
Ing . per cont FOR tho longer ma
TURTLES, few loans hcinr arranged
at that figure. The commercial manor
market "hs quiet. with no change In