The Richmond Virginian. (Richmond, Va.) 1910-1920, 1920-03-04
WARMING DEPENDS
UPON THE FARMER

lF.sz NV York, MHrch 5em=Sscne improve
out was seer Ia the stock market to-
nT. Most OF 1t was In che Industrial
- AAd the oils for the rails are still
their friends.
HI The only news OF market Importance
49, announcement OF orders tor rolling
49, placed by Union Pacinc Erie and
&G44ooA. Thks caused ~ advance in
- Ana Foundry stock and renewed
Il 1&&Aek Gu Baldwin. American WOODEN
u - Endtcott johnson. which are tbs
n 3onAlnG representatives Of the inren-
1oey stocks won't to new low records,
a - TIE latter reacted sharply.
n Money was ten per cant ali day and
1e0kerS are being given to understand
I that the rate will be higher before all
d the income taxes are paid. Banks are
T#MArning against activity in the market
and the butt party is doing everything
\ Hi It's power 10 comply with the request
ct the bankers
IA While the steel stocks have not been
acting well the bagipg Of these issues
seems to be better than tn selling In
Tnitd states Steel today the stock went
I TO interests that usually buy for keeps,
y IN that respect II might be compared
with the haslng IN AeA.cAn Pea 'ts .I-
In both United states Steel and Mexi-
DAD Petroleum there liz buying for the
account OF persons who arc not particu~
the near future.
In fact they would rejoice to see fur
ther declines because Of the opportunity
To acquire cheaper stocks Everybody
knows that there is q world shortage
or steei and petroleum and that good
business at fair rrotts is assured both
Industries. The immediate future Of
the market may net be Influenced by
the good buying in those stocks, but
~ Va rr.a k1y
Of Investment now beiLg placed Will
add to the intensity of the bullish
flames Earnings OF the steel COM
ranies in reports being made public are
not good but current earnings are
good Only the insiders know the cur
rent earnings
Another point In favor Of steel and
Petroleum companies is that there are
no large inventories to be liquidated,
bat rather e. minus inventory of mil
lions Of tons.
These investors who are financially
strong enough to stand any further col
lapse that may come in the stock mar
ket are buying stocks quietly because
even with the boards of comm ODDITIES
now withhold from the markets there
VIII be shortage Of nearly everything.
The commercial panic that seems to
he developing must therefore be a very
brief one. Complete recovery from 1t
may vii come within a few months
after ii has reached its climax provided
crops are good.
The farmer lis the only really impor-
4tnt individual In America Just now
for on his output for 1920 rests the
whole commercial and stock market
Structure. X the farmer should adopt
union labor methods long period OF
depression would be almost certain.
Therefore crop reports are more i'm
fsortant than corporation reports.
The bank of all nations Is now being
discussed in Wall street This institu-
\ ton Is to he designed TO serve as bank
FOR International securities and gov
\ ernmest bond issues. II Is proposed
that its capital stock. which viii pe
several hundred million shalt be taken
4 In Europe In connection with its estah-
4 fkshmsnt. The matter is too vague to
b. discussed with certainty and some
4 bankers believe that II is simply an
Ideal that may not be put into definite
shape.
1t would be sort of financial league
~ nations and would serve a very use.
ful purpose in the economy of tn.
4 world. AS TO where the headuu arter.
would be and who would hold the re
4 serves banking interests seem to be en-
y flrefy at sea. One proposition has beer
to have central office which will b,
4 purely executive and to have the re
serves Kept in branches located in tn.
ECuntries piedging them, each countr,
@Rto hold It's own reserve.