Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-01-30
MONEY REACHES IS PER CT.
UNITED STATES STEEL
WAS STRONG FEATURE
Excited buying of Motor, Held Rcsp"n-
Siblc for Rig Demand ON
Finances.
ny ntoAuA> WALL.

NEW YORK. Jan 29,-Al,houeh
money went to Is per cent renewed
stock market was strong at the, close,
This Was due largely 10 excited buying
OF the motors. United States steel WAS
tho strong feature all day. The open
ing was firm, perhaps under the iuiiu-
encc OF a little better quotation for
sterling. Opening # tho money mar
Immediately there was I, rally. This
FADED away IN the afternoon. and Il
was only few minutes before the
close when the demonstration in the
motors carried ia, wRpie market u
better prices
Bethlehem Steel made its report after
The close, showing net earnings. after
taNes. of $l9.rS snare Is compared
with S2l a share in i9lS. This = much
better than the street expected. and
fully bears out the promise made bE
The United states report Traders who
were Shor; Of industrial stocks are nov
Very much Worried over the earning
figures that arc to be rcported from
Many Orders on Hooks.
President Grace stated that orders
on tho books in Al commercial steel
sure tull capacity operations through,
out tho year. New business Is offered
far in excess of the company's ability
directors Of associated dry GOODS
corporation postponed dividend action
on their common stock.
reason for putting the motors mp 10
day. These companies will hc making
their annual reports Very shortly. and
II is understood that showincs FOR the
marhably good. Therefore there is
considerable activity by pools work
ing on the long side Of tho market.
silver BuiIion Soar. in London.
Silver bullion went IN London to i
new high record price OF s. pence
ioldd did not ADVANCE. remaining AZ the
of the Eank Of England rose to y? l-2
the violent fail IN sterling exchange
IS seized upon by Those who ncljcve the
market i going higher rs proof that
me United States has already given
europe most OF the credit needed. The
n favor OF the United states for l2l9.
The only way International trade bal
ances can be settled is by the transfer
of gold or securities. The widest
imagination cannot picture more than
81 600 oo0.o 900 slipping from Europe 10
America in thae shape for the past
bulk OF the SioOo,oooo0o representing
that trade balance is in the shape OF
exchange held by hanks and investors.
That also is an additional reason for
Importers After Money.
Among these investors VIII probably
g" found, many q the large importing
'.'u>cs ~ the country who have taken
tho exchange 20 be used later in their
own operations with Europe Thus
/. l.n a heIN! IMPORT movement starts
from Europe 1t can be l!quidatcd with
this outstanding foreign exchange and
will not demand the use OF additional
capital from the banks. II this theory
IS correct tn, money situation is not so
had after all, and is really not any
thing for ;hc stock market 10 worry
about; As tomorrow is Friday. when
loans carry over 10 Monday the hign
rate of today Will probably be exceed
I'd. but brokers said they were able TO
get the money they wanted Some
brokers' are in such strong shape that
they ara actually landing money.