The Richmond Virginian. (Richmond, Va.) 1910-1920, 1920-04-02
III IT 10 PERCENT
IN WALL STREET
ny RRoApAN WALL.

Esw York. April i.-wau street
~ agreeAhly surprised today when
n9W failed TO so above 10 psr cant.
M4WAlS were at per cent and the
AAg rate was at 9. AT the close
S4ro was more than Ss,ooa,noo eeinS
k1rod on the exchange that could
Ase been had al per cent. but was
F&ok wanted by hrokere-
E Eltmtnation OF StgtE from the "a
AAnga quoted the market although
E1x ia no GOOD 10 the shorts who are
8&pxnared for the stock sold as high
80 as. About the only stock to dta-
&tngussh itself was Cnited states
MEeaity and il made al advance 81
@kRure than : rotrt&
Arriva! Of s1o.0eo.ooo gold fro-
#Kngiand together with curtA-l1enl
10 gold experts from this country 70
South America caused az advance q
RSsg~raiag Exchs1ge This also led to
VI netsaf ii an easier money market max
RE Close was a. abou, tie rest
1 pf ICES Of tae day. out rather trTeS--
Because there AAs been liberal sell
Tag OF railroad stocks brokers loans
1870 ret advanced iaa'sr -1-.i> ma ma,
Inn ere re5so1 Tor tIe ease Of CAL
meme rate, Tue tc1s account $
ssrons and there arc sd 81 good nan
saortk-
persons WIFE sE4u lote CT stQts
Aere able 20 fEa ready market ter
asat for casa
The most remarkable t4ct about the
faues corner Is the large number 81
sd lots found short Of It Eyen in
eessors have sold Il short There Is
ons ne~spape- "a the street that ne"e-
1 resn,its any Of us writer's TO 2pecu-
4 hate, bat reporter on that paper vas
Sseaught short q zen shares that he sold
81 tor Investment Things are coming 70
I'M pretty pass IN Wall street when
~xhert sales for Investment are inter
Tered vita.
Eealfv is haae6 or The large e2ra-
lrgs the COMPANY is deriving from in
esaed rentals ard from the building
3 asusn expected : ira near future The
sspart that tie company lad solo two
IT las ekyscrapers vas officially de-
Il nsed.
sugar sold a. TIE highest price Il
modern times When raws changed
hands az Is cents . pound. The cause
3 for this advance Is = new estimate Of
the Cuban crop OF 1920 which is placsa
sst 5.so0 eco tons as cou pared with
1 e4rlier estimates OF 445S .t0. The new
# sEtimate is nearly 100000 tors less
I fhan last year actual crop. Not only
II @ere sugar stocks en- this report bat
4 stocks Of com psr.es making near
q sugar went ". Among these were
n Eorn Products ard United States Food
d Products
Rats were al heavy aAd parttcu-
i isriy Reading which fs disappointed
8 because no supreme court decision has
II GENE 4 the coal CAGES Report Also
says that heavy sales o. STANDARD
4 issues have been made for British sc~
count.
n There seems to he some misander-
N standing regarding the volume OF
.redit possible to develop with the
B tla.o6o o0o q gold just received from
Great Britain Assuming that the SIC.
a OHe. nno is a ust increase OF the local
h Ycld stocks the federal reserve board
could nee - as the baEIs Of puroha s.
Il ing s25.oto.ha of commercial paper
from banks or from the publia Th's
SIS 200 0A9 Of PAPER currency ihus is-
sued would, Il ~ AL fall into tn
hands Of the local banks form The
basis OF loans running as high as
4 49,. seo.0ot fer the local banks are
compelled 20 keep only Is per cent re
4 serve against deposits. The extreme
sculd be realized only by lending Il
4 customers who would redeposit a
brokers usually do. or course tina
could never he done In actual prac
V tlees~ but the practical expansion @
loans might easily be S75, 100000 Il
II 500. 100. Gee.
Because the exchange will not ~
open tail Monday morning trading ha
been very conservative the last few
II days ard the technical condition o
q the market is unusually good Wal
street is confident that next week vii
III see not only easier money. but will Sc
II the war with Germany officially endet
~ congress. This would tend to &c
velop trade with Europe. The mandat
N " the supre me- court in tire stock din
49, - 4.