Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-05-22
STOCKS ARE STRONG ON
GOOD WASHINGTON NEWS
Banks Gobblo Up Liberty Bonds
That Clients Arc Being Forced
to Throw Overheard.
FURRY IN SUGAR STOCKS
Passage OF Peace Resolution and
Steps to Better Freight Con-
ditions Help Market - Kings
Bill Would Iniurc Business.
RY RRoipAN NALL.

NEW YORK. May 21.-Stocks were
strong in Wall Street today. largely
as reaction. because they had been
driven down too fast, and partly be-
cause some really constructive news
came out of Washington. The House
passed the Knox peace resolution,
and steps were taken to clear the
congestion of freight.
Money was at per cent on call,
but the money rate has had nothing
TO do with the decline in the market.
There has been a sufcrahundance of
money all the time. The trouble mas
been that bankers wouldn't let BUSH
ness men have il at any price
BY agreeing on a 10 per cent stock
dividend tax 10 pay the soldier
bonus. the Republicans claim they
have killed that measure pcrma
nrently. They may. pass it in the
House as matter OF political
bunkum. but will do so only because
they have positive assurance that
the Senate will not pass il.
Business was on a fairly large
scale, and the feature of the day
was the heavy buying of Liberty
bonds. Some of the undigcstcd oil
stocks made new low prices. but the
established producers were all strong.
business In Dread OF Washington.
Congressman King, OF Illinois, in
troduced bill in the House today
making II unlawful for any Federal
Reserve Bank TO accept or rediscount
renewals of commodities notes. drafts
or bills. 1t is no wonder the bust
ness world lives in dread of Wash
inEton.
Sugar stocks suffered rather Sc
ferely today as result of the ad
reetiscd determination of the jam
and jelly makers to go out of bust
prices for sugar. As most mos oE the the
lions. entirely beyond the reach of
the United states government, this
threat had more effect than anything
the government could do. They be-
however. for the general belief is
that there really is a shortage OF
sugar. The million pounds or so dis
covered now and then in the hands
Furious buying OF Liberty bond is
sues has developed since they got
down to per cen; investment
basis. Banks being unaoie TO lend
OF the agreement not to do so. are
using that money TO. buy the Lib
erty bonds that their clients are be-
ing compelled TO throw overheard
among its clients and holding his
Liberty bonds as collateral can act
with absolute certainty in this in
tteresiing process Of separating him
know exactly which loans to call. and
they know exactly how much money
II will take for them TO scoop in the
bargains.
II is really n nicer business than
bucket shopping. II gets the money
of business men in larger wads and
has the sanction OF the government.
Wall Street is furious at Amer
lean WOODEN for refusing to recover
Most OF the brokers who write mar
Ike. letters have apparently been
hooked in the stock, for /, Is uni
versally sco!dcd. II went 10 a new
low price again today. II seems
that there is nothing in the wooden
business any more. There never was
anything in il before the war. and
the company is cutting prices.
The new low record made in Sin
clair Oil ILLUSTRATES the futility Of
trying 10 make the price OF stock
agree with its asset value. Sinclair
has assets worth double the market
price OF the stock.