Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-10-15
LOWER REDIsCOUNT RATE
REPORTED IN NEW YORK
hunor i'm Financial Circles Used on
Constructive Side OF Stock
Market.
IMPETUS TO UPWARD TREND
Motors, Equipments and Rails
Lead MOyemcnt-Chand Takes
Jump of Nearly Seven Points,
Maintaining 1t to Close.
IMPETUS TO UPWARD TREND
mn nnoADAN MALL.

NEW YORK, Oct. l4.-The oiu re-
liable Federal reserve bank reds
count rate was dragged out of hid
ing today and made TO perform ac-
two service. This time. however. it
stead Of destructive. side OF the stock
market, demonstrating that IL Is a
poor rumor in Wall Street that can
not be worked both ways. Practi-
Nigh call money rate. financial inter
-sts and spectators being too busy
trying TO figure out whether or not
the rcdiscount rate rumor would
Initial prices showed continual
lion OF the upward movement which
*as in fun progress on Wednesday
when the scsSion closed. Shortly ar
ter the flrst hour word came from
the floor of the stock exchange that
Tho rediscount rate OF the Federal
be cut. aud that a formal announce
nent OF the reduction would be made
after the clpse OF the stock market
SATURDAY.. This gave added Impetus
leadership OF the Motors Equipments
and Rails.
Mnrk~t Closes strong.
mere was come Dro;it-tak!ng In
inc last hour IN spots. but the close
Was strong and around the best quo
titlons. The advance is already
earning the name OF the election
rise and It's followers expect that
u will continue up 10 election day.
TIC marklng-up DrocceG resulted IN
the establishment OF some new high
hgures for this movement
Ia the discussion regarding the
nG rumorcd reduction In
the rcdiscount rate II was argued
nat In hs much as the figure had
would now be lowered owing to the
roou progresa made In that d!rcc-
ton. Traders enlarged on the re-
port by stat!ng that the prominent
] In IL al -
with the Federal Reserve Bank. Of
Sew York. wanted to do something
- rchssnre business and could think
aash2 Nue. wo@ ~ hays speh and
sentiment than n cutting of the re-
discount rate. which has furnished
many Nightmares for people In the
People ciosn.to the Federal reserve
bank. however. smiled when they
rre Informed Of the rnmor. but
such action is taken It will be duly
announced"
Motor Group Takes Rise.
chandler was the leader OF tho mo-
non ~ q r!rc OF nearly seven points.
Practically all OF ,he gain waa main
'ained w TO TIE close. Stnd.ba ker
a,so came In for some rr2minence
Dr. p!tn the fact that, "dircctor.'
mertlngs We're held In Wall street
~ the mrs, time in many months.
somebody had kind word to say
FOR Pierce Arrow. That issue was
brought on the theory that II had
discounted almost everything bad
thai could happen Ia the company
aud that its affairs had turned dem
ni'cly Tor the better. The decline
IN ricrc" Arrow from almost 100
hroke many hearts and purses the
last year.
I t,duipnIeut Issues, were In better
q smand, with Baldwin the favorite.
The car and locomotive building
companies are expected 10 bee col :
Lection agencies for tho railroads the
neNt three years. according TO one
banker: that Ia. the earnings o! the
transportation companies viii pour
INTO the trc;1urics OF the equipment
companies for addition rolling stock.
which Is badly needed TO handle
bus!nesa Of the country.
Buying OF New York Central con-
tnucd 10 be urgent, Accompanying
= 'he strength OF the issue was a ru-
NOR that the company would take
oyer some road, but those who re-
aged thc news lacked the name of
Tho property 10 be absorbed