The Richmond Virginian. (Richmond, Va.) 1910-1920, 1920-03-24
n nRDADAN WALL

oyr York, March 3s.-stocks were
k&dlS lrreguinr In Wall street to-
e The ciooN w&s much lower ~
[GI4 than half the Issues but = rev
i n6e new high records for the move
\ Some made absolute new tops
1N@f 9n time. notably Stuts Motor lne
k&4Wt important FEATURE OF the DAY
d ne appearances OF time money In
a&xIe quantities Renewals were 8
~ cent and call funds loaned At
4 pAT cent but time money was avail
" AA1e In million dollar lots and several
i fnpurtAnt brokers took full advan-
xaGe or It This means that the end
u the money squeeze b at hand.
Professional traders do not care
about the fluctuations for the next
few days heca use you can see clear
The impression Is growing that this
h not q mere rally In bear market
but really the beginning OF an i'm
s,ortAnt constructive campaign in the
whole list
SO much has been said about the
gold shipments expected this week
from London that a word OF expla-
flaticr is due 10 the readers OF this
column. The information that the
gold was to be brought here came
from one OF the most important in
tarnational bankers identified with
the British government Although
officially denied In London, washing
ton aud other places, this authority
who lis in a position to know and
whose long record as a financier JUS
tiles anybody in taking his word.
persists In his original statement For
some reason the British government
does not want IL known that the gold
has been shipped. II evidently was
= ~
er Of the whole British government
was invoked to discredit the an
nouncement AS a matter OF fact the
writer OF this column L. informed
and fully believes that the gold 10
question arrived at Halifax last Sat
urday and is now stored In Ottawa
ooady for shipment to New York on
~ hours notice when wanted here.
Not only does the word OF this emf
nent financter stand for the shipment
but the action Of sterling exchange
and of the stock market In general
confirms IL Action OF the listing
committee OF the New York exchange
in ordering that ten shares Of Gem
erai Motors stock must be accepted
an good delivery for one share OF the
old Is all right In pracuve. but II does
not create the ten shares OF new
stock with which to make delivery.
That In why General Motors both old
and new was 50 errattc today.
Incidentally II might rs wan be
stated now that the insiders Of Gen
erAi Motors company expect the old
stocks to 70 to r. thousand dollars "A
share and the new TO one hundred
dollars share not on stock market
manipulation but on actual earning
value. The Motor industry Is in the
midst Of a great boom.
Crucibie steers earnings are at
such rate that continuation of the
present dividend In expected by its
4 stick holders even after the stock div
fdend In declared. The rumor that
General Motors may absorb the com
pAny cannot bc confirmed In official
quarters. Stutx however, persists in
being absorbed by General Motors al
though officials OF the companies re-
fuse 10 make any comment on It's
market action. Stutz made another
new high record today at 245, an ada
vance OF 20 points
Spot cotton sold on the New York
market at A3.1S cents a pound which
I is the highest In more than fifty
years.
Standard Oh OF New Jersey is TO
Y be traded In on the New York cx-
change Thursday. In anticipation OF
that event the shares were active and
bouyAnt on the curb today. Mont
gomery, Ward and Company stock
stock will also go on the exchange
Thursday