Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-02-09
10 0 RAY OFF C,ERT|F|CATEsI
TREASURY DEPARTMENT.
ADJUSTS EXPENDITURES
Heavy Demands ON Money Market Held
Responsible for Tightncss OF
Funds by Expert.
ny BRoADAN WALL.

~
"a NEW YORK. Feb, acknowledgement
& That the United States Treasury has
accomplished It's plans for adjusting it's
and receipts. and that it
would shortly begin paying OF cers
tificates of indebtedness out of the
payment of income and excess profit
& taxes, causes the financial district to
81 pegin new week with the eSpecta--
-fneeessities have been supplied and
Il that the drain upon the banks for gov
ermnent purposes has stopped.
haas as i has BEEN the
Il government on the money market that
( has been directly responsible for the
Furnished the basis for the recent
4 break In the quoted market prices for
securities, Wall Street tomorrow be-
gins business with more optimism than
4 for many weeks
Lowest Level Is Reached.
e While there, are many who can be
mot been completed in the stock mar
Z ket, the most important people in the
s financial district think that. so far as
: the prices of stocks are concerned, the
low record prices recorded last week
contraction In trade that is expected
depreciation In European credit as ex-
pressed In the foreign exchange rates,
which last week touched the lowest
u. with so much business on hand. the
optimists entertain little apprehension
Which is be ang om tn n
s ers as result of the sharp decline
{ In foreign exchange.
aket is believed to be completed. or
almost completed, this cannot be said
of commodity markets.
Prices Not Easing OF.
While 1t is true that the prices for
futures for provisions and cotton sui
fered substantial Depreciation tife last
for spot, provisions and cotton have
not cased off much. 1nasmuch as spot
markets usually follow tho trend OF
lions for spot provisions and cotton is
a Despite the liquidation that has
money continues to be tight. and prom.
inent bankers are predicting relatively
! high EJa r.. rates Is for some time to come.
ing paid for the use of surplus cap
ital,. the market for bonds continues
to show the absence OF demand.
eropean governments that arc anxious
to place loans in the United States.
Local bankers say. practically every
approach Americas money counter, but
there is very little chance of any i'm
portant European financing being con-
Summated because American investors
have within recent weeks refused to
purchase foreign securities, notwith-
standing that prices have heen marked
down.
BnnlScrs Not Enthusiastic.
Ii American bankers arc not enthusi-
astic regarding now foreign loans. In
asmuch as they viii he confronted IN
A October OF this year with tho task OF
taking care OF tho Anglo-French loan
of s5P 100000. s-
Here and there efforts arc made to
revive interest In railroad securities
without much result.
4, Copper stocks are coming In for very
ilttie attention. although sales OF tho
metal since November first last are UNI
derstood to have been largely In excess
of The production Of 750,00o,0o0 pounds
during the first half of last year. The
price of the metal reflects tho export
situation. Copper shares, however,
.inre considered to be In strong tech.