Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-11-01
ARKET SHORTS AGAIN
WIN IN MANEUVERINC
cars Again Attack Prices and
Obtain Concessions in
Figures.
IARr BREAK IN DOMESTIC OILS
=. steel Corporation Report Held
by Sonr. While
Dthcrs Entertain View 70 shows
IARp BREAK IN DOMESTIC OILS
IBy AsaocIatcd rrc.sl

10y associated I'fcSS.
II NEW YORK. Oct. 3i.--s,ock prices
- oHcd In conflicting manner In to-
= .y's market. rejecting the play Of
- posing speculative forces, but short
= ind and again succeeded In fore
& "a shading OF quoted valucs. losses
one 10 two points being quite COM
on.
= I'd indicated relaxation Of pro-
- ssional pressure. but tho failure of
ie directors OF tho Studcbaker Motor
ompany to declare another extra
ridend on tho common stock pro-
idcd an excuse for another bear at
eek. which was aided by heavy
- quotation In domestic oil shares, an
arently tho closing out OF weakened
oeculative accounts. S,udebakcr
Registered net loss of az points
n the day.
Steel IndaHtry on Mend.
While the quarterly report OF the
nitcd states steel Corporation wa.
g. 'h"PPo'HtHR 10 many traders who
Expected that tho dividend on the
q Common would be earned. tho show
Ing. In view OF the fact Tint II COW
q red tho worst period Of tho coal
nd rain strikes. was construed asa
nd'cat!on That the steel industry was
In tho mend The balance OF Sll-
1908 applicable TO dividends show
d that NO corporation earned all
ne 16.3ot3l9 necessary for tho pre-
erred. and nil but {l.33s.so2 OF the
e.353.76l needed for the common
Il u. s. steel common closed at l0i7-s
not gain OF is after having touched
os Is during the day. Other stee,
: ihares were inclined to weakness
-ackawanna dropping two points:
bethlehem Il. as; Midvale, as. and
Republic Is. Cruciblo was unchanC-
I'd at Gulf States was fractionally
a7ifher
Domestic Oils weakened.
j Domestic oils weakened In response
TO sharp break In Paciro OIL. which
registered net decline of 3I-2
points. Losses or one to nearly three
points were sustained by Associated,
3Cosden and Tidewatrr oils. Phillip.
Petroleum and Producers and Rcan-
Icrs. Foreign oils also were heavy
Standard OIL of New JorHcy. falling
hack 3l.2 points: General Asphalt
common and preferred ll-t and nve
points. respectively. and Mexican Pc
ltroleum. !.
Equipments slipped back on the
fsce OF further announcements or
mug" orders. Baldwin dropping 2l-2
points; American Locomotive ll-s
and American Car ll-t. Changes In
ran shares were mixed. n four pointr
drop IN Delaware and Hudson and a
loss OF ! IS In Northern Pacific be.
lag the two outstanding features In
that group.
May Stores Individual Feature.
May Department stores Was tho in
dividual feature. being pushed up for
"a net gain OF SIG points on rumors
OF stock dividend at the next meet
ing. Some OF the individual weak
spots were Adams Express. American
steel Foundrles. preferred. American
Snmatra Tobacco. Atlas Powder,
Pressed Steel Car. preferred. RemIny-
ton Typewriter. United Retail stores
and WoOlworth. all down 2l-2 10
J IL points. Total sales were 1859
600 shares
Call money opened at 5 per cent
and then advanced 10 jl-2. holding
at that figure until the close sur
fcning ~ the rate was due 10 IN.
withdrawal from local banks OF Si3.-
100000 In government funds and tn.
calling OF loans. Time money was
quiet with no change in rates and a
fairly good business was done in
commercial paper with the best
names selling at 4i-o per cent
Covering OF speculative commit
mcnts and Improvement IN tho Italian
political situation resulted IN "A fair
~ good recovery In continental ex-
change rates. the volume OF business
being quite lAgc. Sterling held
steady around Si45l-4. there being
n noticeable decrease in the volume
OF commercial b!lls. due partly TO the
nigh price OF cotton restricting the
export movement to the actual re-
quircmcnts abroad