Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-10-23
STOCKS FIRM IN FACE OF
RISE IN CALL MONEY RATE
Jumps to 10 Per Cent, Highest
Point Reached In Weeks,
Surprising Street.
MANY ISSUES SHOW GAINS
Resistance OF Market to Unfavorable
Strike News From England Is
Considered Illustration OF Strong
Technical Position.
ny uI,OADAN wALL.

NEW YORK, oct. 22.--Stocks hold
relatively firm today In the face OF
an advance III the call money fa'e TO
10 per cent and no change Tor the
better in the labor situation in Eng
land. Price changes were Irregular.
but the close was steady. with many
Issues showing gains ranging from Il
fraction to a full point. The resist
ance shown BY the general market
to unfavorable news was considered
another Illustration or the strong
technical position OF shares In gen
or;tl
Irrcgularity characterized the early
trading. An effort was made TO use
Judge Gary's uttcranccs on the pros
poet OF lower prices in general as an
excuse for Offering shares in the
second hour OF business. but tho pro-
f"ssionals we're Unsuccessful In Undue
ing offerings. on the whole, Judge
Cary's address before the iron and
Stec! Institute was conEidcroh favor
able IN that hc declared the outlook
Tor business To he bright. Tho gem
"rhl list turned strong in tho carly
of II resumption Of tho upward move
mont when the cali money rate be-
gan advancing. This resulted In ir-
regularity which prevailed when the
session ended.
Absorb New IiondS Quickly.
Confidence In the stability OF prices
for securities Is Interested daily by
ihe remarkable pu!cKnegs with which
new offerings OF bonds are absorbed
by the general public. Tho huge
amount OF new issues absorbed dur
Ing the last three weeks is con-
sidercd significant in that II reflects
rowings from the banks to the In
N"stor. This Is gradually hut steadily
releasing more credit and making for
cas-" In the industrial situation.
The rise IN the call moncy market
to the highest point In weeks iurn-
ish"i much surprise To wall Street
district. in az much rs II came after
N" government had Withdrawn "A
Total Of about tjl.OGo. 900 The adj
N,nce was attributed TO the calling
vi II large number OF small broker
az" loans. The extent OF the recent
transfer of funds may be realized
rom the fact chat recently the
r!earinHS OF one pro;u!ncn; bank one
Dag amounted 10 one-third OF It's
Total deposits. The advantage In
IN" call money rate today Is consld-
cred temporary, and bankers look for
easier money.
revival o: activity occurred IN
United. Fruit. Buying was so urgent
mat II quickly advanced more than
Xix roint" Ia q ucw top for this
movement. l.umors that the COM
many proposes declaring stock divi-
dcEd OF from % TO 30 per cent this
year continued to be the Incentive
Tor the buying movement.
ShOrt- Arc :Run In
Predictions early In the day that
iha shorts In Studeba would be
run In" came true in the afternoon
when Il concerted buying movement
on the part Of insiders advanced Tho
ISSUE more than point AID closed
II q shade under the best figure The
engineers Of the squeeze were aided
~ statements that the directors OF
tho company at their meeting next
terry dividend OF si.75 a share
decline in the price of crude
rubber to the new low record Of
- cents a pound was construed as
huIlish on tho tire and rubber goods
MISUNDERSTANDING companies That
group. however. failed to make any
r"sponSe lower figure for the raw
material.