Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-10-03
PEACE NEWS SENDS
STOCK MARKET Up
Professional Shorts Hasten to
Cover as War Clouds
Pass.
LARGE RAIL ORDERS GIVEN.
Equipment Securities Go strong a..
TrnhspOrtntIon Companies Prepare
u" Ihrrensc Number OF Locomotives
and Cnrs.
tBy Associated Press.l

NEW YORK. oct "A sharp ad-
vance In prices took place In to-
days stock market on receipt OF
news that the British and Turkish
commanders In the Near East had
agreed to meet at truce confer
cncc tomorrow. Professional short
interests who had sold stocks freely
last week on the disquietins foreign
dispatches. hastened TO cover ano
their demands. coupled with those
or traders who had kept out or the
market until the war clouds appnr-
entity had passed. resulted In most
active Issues registering gains of
from one 10 nearly four points
steele Gain Largely.
no advances were spread over
most OF the list, but the lurg.st gains
w"re recorded In Tia" ste-ls. cauip-
mems ana "!is. some excellent gains
also were made by spccialticp, par.
iicuiarly Otis Elevator, which was up
seven: American Lns.en VI FLA:
Electric storage Battery up L. and
Wells Fargo Express up 3-4
bethlehem B I.ackawanna md
than : points. some Of the buying
neing attributed TO uncon.irmed re.
ports that the Midvale cnmpany
might be taken into the Bethlehem
iackawanna combination. l.. 5. Steel
common moved up as and Repub-
lc %. Reports Of higher prices
"nd increased production also ware
'"n"cted in The dcnand for steel
shares
LnrEc Rail order Come.
strength Of equipments was based
on additional large orders from the
Dig railway systems. the oS4trs now
on tn" books OF the baldwin,
American Locomotive ana Pullman
Companies being reported az more
'"aH three times as large Hs those
N January !. These three stocks
registered gains OF from "a to 2l-i
IN toduyf trading
Mexican Petroleum. which wa,
under pressure last week. exhibited
" marked reversal OF form today
showing net gain Of 3l-t points.
Reports ,hnt the Mexican govern.
mont had ruled against the state Of
Vera cruz imposing a STATE tax on
petroleum production was favor
Hb!" influence. Standard ON OF Call
forum moved up 23-S and STANDARD
"i Sew J1sey !-2. despite an.
nounc.mcnt OF dut OF two cents
"a gallon for gasoline In tn" ca-ol!nus
Ivy the New Jersey company.
Rail stocks Improve.
Railroad stocks appeared to hav,
shaken of the dampcning Influence
81 poor August earnings statements.
canad dian Pacit" heading the ls,
with "a gain OF . 3-s points. several
others moved up pom; or more, Ia
Guiding AtChison. Northern paCfnr
Sew York Central. Sew Orleans and
Texas and Mexico. Chesapeake. and
ohio. st Paul common and preferred.
itclawar" and Hudson. I,ackawaunn
southern Pacific, Reading and Union
Pacific.
sugar shares made good re-
sponsc 10 tn" advance In prices Tor
the refined product. American climb.
ing .J-s, with smaller gains being
note! IN Cuban American and cuba
cane.
the Jewish holiday accounted in
part Tor the lighter volume OF bust
ness. total sales aggrcgat!ne 1850
sharc-.
Cali Money Advances.
Call money opened "a, 33-4 POI
cent Rnd advanced to I'VE. where |,
held until closing The nrmness was
attributed 10 Withdrawals for first
~ the month requirements The time
money aud commercial paper mar
kets were quiet, with virtually no
change in rates.
Foreign exchange rates strength
"ncd H. tone IN response 20 the more
favorabl. Near Eastern news. de-
lnand sterling showing gain ~
nearly = cents German eXchanr"
was heavy. marks being quoted AZ
l-2 cents a hundred against and
Gl2 on Saturday Canadian cx-
chang. was quoted at a premium
81 3-1i. the highest In recent years