Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-03-05
ADVANCE OF STERLING
CAUSES SHARP RALLY
Money Mt 8 Per Cent More Plentiful
Than for Some Time
PAST
NY BROADAN WALL.

+ NEW YORK, March Am advance
or STIRLING today, coupled with further
Ieports or gold imports to be made
hy England in preparation for re-
adjusting issues sold to Americans.
Drought about Il sharp rally in tho
Stock market. Money was loaned at
per cent. and was In moro plentiful
supply than for some time. AS tEo
slock market has been absolutely de-
pendent on the money, this relaxation
IN money waS Instantly felt In prices.
u naturally took the leadership, with
Mexicnn Petroleum at the head of the
list, United states Rubber. Baldwin
very active. The close WAS at about
the best prizes of the day. with indus
trials materially higher In every ue-
partment. Even railroads had some
advance.
In one very large commission house
where tho normal line of United states
only 700 being carried. The big com
mission houses all run about the same
That condition in the United States
steel market means that there Is none
good buying for inside account noted
Yesterday. 1t means that quite a sharp
advance is possible. even though the
pear market be not concluded.
Insiders Are borrowing.
the short interest in some stocks is
so large az to raise the suspicion that
Insiders have been borrowing in order
TO clean the market OF their securities
rho large cash balances In the trcas-
urics OF big corporations would make
TINS very simple operation. and
present profteering rate for call
money. y good many stocks have
been borrowed by financiers who have
not gone short Of the market. Even
luxurious form OF lending money. hut
when traders do II the brokers get
aiitlf the interest.
ii remains to br seen whether tho,
short interest Is for the account Of
persons who have sold the stock shor,
or whether II is merely for the ac-
real short interest, the gold imports
now in sight may cause a sustained
advance up to the time of paying IL
come taxes at least
Big Deals I'm nnldwin stocks.
IN inc last TWO weeks transactions
IN baldwin locomotive have totaled
one anu half times the capital stock.
~ the same time. the Street has been
iul' OF rumors of tax troubles. II
bears eormarks of the same kind OF
AN assault as that made OH Cruclble
handed out To the newspapers b. a
prominent trader who was selling
Crncibic. Crucibie's earnings just now
are said TO be remarkab Bile
baldwin and all the other railrood
cluipment companies expect to do bus
mess with the railroads this year up
10 the limit of their capacity
Equipment trust certificates will he
rolling stock. and sucl securities arc
Always considered gilt edged
Thnrcforc, a ready market will be
round Tor the movement. though gov
crnment bonds go begging. For that
rcason, the equipment stocks are find
ing favor on this rally. In addition to
baldwin, the leading ones are Amer
lcan Car and Foundry, American Loco
motive, Haskell Barker. Pressed steel
.ar and Hallway Steel Spring Com
pany.
nnying Petroleum Stocks.
INC inside buying of Mexican Pc
trolcum stock made it's influence felt
To-Day, for that stock waR the leader
OF tho list.
Railroad Stockholders are dying
hard. They SIN believe that the new
something. The Pennsylvania Rail-
road directors are apparently not in
sympathy with this point of View as
TACTIC stock This sale OF Southern
Pacific stock by Pennsylvania Is AL
the more Significant because Southern
Pacific is really one of the finest rail
roacS in America from every point of
view.
Pennsylvania's own stock is not bet
ter. Enthusiasm is fading, from the
rcorEaniZed rails that never had a
square deal under private ownership
before, but that expect to have it now.
expect to get 1t. and that is why the
disappointed new stockholders of the
company arc quietly dropping board.
Not only Is the proposed new Ger
man bond issue unpopular in Wall
street, but leading bankers say pri-
vatcly that they doubt whether any
foreign bond issues would go. Great
Eritain intends to make sure in the
case OF the Anglo-French bonds by
importing large quantities of gold and
selling large quantities OF railroad
stocks here. Tho few millions of the
gold that may be exported TO South
America In the near future Will not
count much against the heavy ship
ments that are soon to begin from
London TO New York.