The Richmond Virginian. (Richmond, Va.) 1910-1920, 1920-04-17
EXPECT LOWER RATES
IN STREET NEXT WEEK
by EROAD.AN,WAIA

New York, April t6.--Money was
marked up to IL per cent again today
but had only temporary influence
on stocks, The falsity OF the money
position is well understood In the
street and lower rates are expected
next week. The heavy payments on
account Of which Withdrawals were
made are finished. The liberty bond
market has been manipulated down
SO that the government has probably
been able TO scoop in some bargain
bonds and now recovery is the
normal result.
In the morning the list was strong
but when renewals were announced
at 10 per cent the professionals at
tackled and drove the price a few
points lower. The rate moved up TO
= per cent and the bears thought
1t adVijAbIe to cover which they sue
ceeded in doing only at loss, The
close was strong with few stock~
showing material gains and soms
Nth new high records to their cred
( it.;
Those bankers whose advice has
/ proved most valuable in the past said
! yesterday that a market that did
not yield under the gross manlpu-
iation of money experienced In the
last week was no market to sell. They
say il displays an undertones of
strength that is remarkable.
Sugar stocks were among the
strong features of the market They
have had a material advance but the
crop news from cuba and the reports
Of sales of raw sugar make it impos-
Sible to ignore them as specula tive
favorites. 1t was rumoTed yeSter-
day that the american Sugar com
pany had bought control of the Punta
Aiegre Sugar company and would
let is shareholders buy the shares at
I35. Punta Alegf- has been remark
ably strong reccI ~. 1t is n large
producer and its acquisition by the
=, big refining company would he q fine
i business deal The canus makers are
. going into the sugar HI mess. The
Loft company has purchased n pls n
tation and one other new candy con-
| Germ has covered its requirements
by taking a controlling interest in
an important sugar producing CON
Germ.
Consolidated Textile was the benz
! eficiary yesterday ri a new develop
! ment. The spipuefs Of Manchester,
England. are er aged in a wage dis
pute that promises 10 disrupt the in
dustry and pak II impossible FOL
the British 10 flood AMERICA VII
foreign textiles as was Isap 3me
weeks ago. Then the outules III Inc
OF clothing increases tae hot1e de-
mand for cotton textiles made by the
Consolidated company. " hen t6
/, these Two Things rrTr- sFtttis-- tff-- fl II
that the cumDan. paES 81 a share
dividend, earned the entire years
!, dividend in January aad February
and expects 70 show sci share
earned for the whole year. there is
a speculative situation. And besides
w hisper this not on the stock OK
change floor-Allau 4. Ryan and
Company managed the syndicate lna'
brought the stock out. Wall stree
loves to play with "A winner
Pan-Amcrican b stock is grow
ing In popularity and bankers say i
js 20 he the trading representative
Of the property in the street as the
A stock is being Withdrawn fol
voting purposes Thf Mexican Pc
' troleum company which il the chic
J asset Of the Pan Ana Jean, is just
4 finishing it's new nine lire and vii
within sixty days bring in six larg,
wells. There is no doubt regarding
these new w44tS for they are an whai
might he called offsets" SIS they are
: as clAse as it is possible tie place
them tn wells of other companies
now producing.
More talk is beard Of cowbina
tjon Of small independent s'nei COM
panies. Inland EerioEle. Nanadiun
aud Republic are supposed 70 be If
- Nidvale 10 Included bv some
There may be nothing in it for not
a word of official confirmation has
been obtained but the idea pleases
the street