The Richmond Virginian. (Richmond, Va.) 1910-1920, 1920-03-12
Tx PAYMENT
nlI DRAIN BANKS

fVS @ b0AnAN WALAA
xoek March ia tn . -
II highest authority for thu
nk GOLD In large volume u
N the way to New York from
- ocetclAl announcement OF
n - boaa ualas AnA 1or tA&t
nan snvs& tsday sxpresssd
uneGRng ~ Ths rssuA wa
~ DrsA&-eA1tng that clceed
~ ~ nsogt ackfv0 issues not
- tn sailing was nat OF -he
GneGne. II came sDasmodicA1fy
- ~ q w1o JUST a& tAs close.
ekioA 0f foreign sxrhange In
rnx 70 new high record for the
keul with sterling at s.s2A 90
with the fact that call money
N1anttful ut seven per cent and
noney was to be had at 5 and w
mt Indicated that the banking
&fen has changed II is not clear
nSffct1l announcement OF the gold
INT Ii withheld. but shipment of
&mxne gold from Berlin TO London
n6e secretly. Perhaps the bank
Iwnnt to execute some coup In the
markst.
he early trading ncw high prices
ITO movement were recorded in
Al Motors. Chandler. Stndehaker.
3ng and several inactive issues.
ny American Brake Shoe. pre-
Business was on large scale
EDAction in the market toward the
- NAs not severe enough to mean
ming more than fiuctuatfon-
nd1lng borrowers of money said the
reason for the advance in the
r market at this time Is not the
- Is ~ ~
len 30 much as II Is the fact that
ENUenAte has asked the federal re-
- board what about usvrious rates
~ charged by the banks.
~ several weeks the market for
I'm has been at the mercy OF the
Emoney market With interest rates
down stocks cannot help but do
~, Tomorrow being Friday when
- market loans carry over to Mon
1.-THE money market VIII be tested In
y way as TO give a clear idea of
(tmmediate future of the market
lAyment of the income taxes on Mon
Nili make a heavy drain on the
~.
n the bulk Of the checks do not be
He'd until Saturday the strain may
develop until next week for 1t will
TUESDAY or Wednesday and may be
eeek later before the tax checks can
IA the banks. Therefore easy
ny might easily prevail for whole
~. but the sentimental influence Of
RSaituation will be felt today. Sew
I 3mportant pools are ready TO take
buliish position II they
THE least encouragement.
Em4omohile stocks were the feature
3Ariy trading. General Motors was
|octed to perform wonders and 1t did.
fcA Arrow Joined the advancing col
y and made good all the expecta-
II Of Its friends. Studebaker and
II we're strong in expectation of In
uting developments
announcement that George J. Wheiar
&Eofng away for a month or SO re-
~ In FIVE point advance in A. T.
writes in the morning. The stock
[9ond that American Tobacco direc-
IN Ars planning may not be an
need officially for several weeks.
Esit IL in the minds of the market
Nrx
6n4dtng American captains OF indus
k4rA canceiling plans to do big bus
M with Europe. It was said today
several gigantic corporation
ines had been entirely abandoned
IMPORTS OF butter and other food
1Bucts into the United States from
6op8 together with large imports of
x21nctured articles now planned In
<o8htng of a paradox. The reason
ut vast quantities OF merchandise
0 accumulated in neutral ware
Doe Of Europe ready for sale to the
alnAns At the close Of tho war. The
mans are willing to take the stun.
cannot pay for il and the high
- In the United States may make
&Ipment here profitable After the
|Df1can goods are all imported into
E4cA Europe will have great guam
~ Of her own products to be sold
Owing to the disparity of ex-
re rates American importers can
~ handsome profits buying on the
&1nent for shipment to the United
A tremendous growth of i'm
- ID therefore in sight with con-
My declining export trade.