Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1919-10-22
HEAVY TRADING MARKS
DAY ON WALL STREET
High.Priced Industrials Lead List
With Motors and Oils Follow
ing Closely.
MAY RAISE MONEY RATE
Rumors of Sucl, Move on Part of
Federal Reserve Bank Arc Heard
I'm Several Offices OF Brokerage
Firms.
by BRoADAN WALL.

NEW YORK. Oct. 2l.-Stocks closed
Ieactionary today with net gains ex-
ceeding in number the losses. but with
all stocks under the best prices In
the morning the market was buoyan.
and several new high records were
The high priced industrials were lead
srs. General Motors. Mexican Pctro-
leuin Central Leather, Baldwin Loco
motive. Corn Products and finally
United states Steel got the traders
highly excited by their strength.
Just before the close a rumor was
put In circulation that the Federal
reserve bank would raise the dis
count, rate in the hope of curbimg
speculation. This rumor came Just
when professionals were congratulate
money rate 10 per cent. The low
rate and. plentiful supply Of money
forecast by Saturdays bank statement
Federal Reserve Board buttcd into
the situation year ago with disas-
trous effect to the business interests
OF the country and sobeC Wall Street
r,en do not believe that II viii make
this mistake again. \ strong and ac-
tive stock market is an absolute
New british L"nn Hcportcd.
Some OF today's strength was due
TO announcement OF the new British
ment strengthened sterling exchange
to the extent OF about cents, some
Of which was later lost. This loan
Will not only finance the debts Of the
British government falling due here,
but will stabilize exchange so az to
make possible further large exports
10 the great benefit OF American bust
ness. The establishment OF this
credit comes just az the time when the
harbor strike Is settled and should re
suit in sudden increase or exports.
Other favorable factors OF the dag
were the better reports from the presi-
dents sick room. from the steel strike
dent and his Cabinet would succeed in
preventing soft coal strike.
General Motors Lcnds List.
GenGTai Mo'STs was I%nas 91 ,ne
iablished a new high record Royal
Dutch was the star performer in the
late trading. selling up six points: al
together on very heavy transactions.
Al the same time General Asphalt
the Curb sold of rather sharply
and She'll Transport moved upward
States steel. some sort of pool ar
ransement has been reached ~ bank
.ars identified with The management.
Sugar and Candy stocks continued
IN urgent demand under leadership Of
rev hiEa record With Wall street
restaurants doing on, sugar by the
lump. the shortage is brought home
Buyers OF sirurs.
The Corn Products Company and the
United States Food Products Company
are both producers OF sirups that w.l!
be In great demand for the next three
months. There is 10 shortage OF
sugar n general. but so many patriots
have boarded the commpd!ty that real
Americans are going toInnd II difficult:
TO get a pound al The srocer's. sugar
dealers say there Will be almost none
; Il e. Of soda fountains Viii be
compelled to curtain their Business in
sweets, There will naturally be a
biz demand FOR candy and all the
candy companies have taken care to
provide themselves with stocks against
the day Of famine.
Central I.eathcrs splendid report
FOR tire third quarter. found quick re-
lection in the market. The stock ad
vanced nearly three points but lost
most OF this in the hnal wave OF profit
inking.