The Richmond Virginian. (Richmond, Va.) 1910-1920, 1920-03-05
IRIS Of GOLD
IMPORTS TO ENGLAND
- nRnApAN WALL.


I4GN York, March Am advance OF
3tnx today coupled with further re-
<e6 of gold imports TO be made by
mnd In preparation for readtnsting
- sold to Americans brought about
xahafp rally in the stock market
10y was loaned ~ . per cent and
- - mere plentiful supply than for
GGnn thine Al the stock market has
- absolutely dependent on the
4h3s relaxation IN money WAS
tnmk1y fAlt In prices Oils naturally
#&pok the laaderxhip with Mexican Pc
#ResAnm ut the bead of the list United
EDA1ng Rubber. Baldwin and finally
fxwnakeA States Steal became very ac-
#A The close wAs at about the BEST
41cee OF the day with inecstrials ma
R4SRfnlty higher in every department
EeSUn railroads had come advance.
sf IN Gre very large commission house
ElAGrA the normal lire OF United States
MHAAel tie about 20. Geo shares, there are
@s0nfy zoe being carried The o1g com
" fnisGion houses all run about the same,
THAT condition in the United States
steel market means that ihere is none
sT5ESr the stock aheat. Coupled with the
Il Eend buying for inside account noted
! yesterday II means that quite sharp
\ advance is possible even though the
hear market be not concluded.
The short Interest In some stocks Is
Il 10 large as to raise the suspicion that
i 3nstders have teen borrowing in order
I'D clean the market OF their securities.
b The large cash balances in the treas
d nres OF big corporations would make
s& fhse n very simple operation and would
4 enable the companies ta get the pres
rnf prof4teering ras' fnF call money
"a good many stor~s hay" been Dor
rowed by f1naaclers who have not gone
shcrt of the market.
No inHtfPeH
\ This luxurious form Of lending money.
tut when traders do IL the brokers get
I Aalf the interest
II remains to be seen whether the
oAort interest is for the account of
persons who have sold the stock short
sor whether IL is merely FOR the account
& or money lenders II IT IS real short
asas cause a sustained advance MP to
4 tne time of paying income taxes at
& ssast.
s# In TIC last twc weeks transactions
g@5N BALDWIN Locomotive have totaIled
enc and half times the capital stock.
f Az the same time the street has been
81 f.sIa Of runners Of tax troubles. 1t bears
& searraaTlts Of the same kind OF an as
saust as that made or Crucible at the
4 time false information " as handed ont
Ito the newspapers by prominent
IL Trader who was selling Crucible. Cru
& cfbie.s earnings just now are said to
3 be remarkable
Baldwin and all other railroad equip
1nerat companies EXPECT TO do business
with tire railroads this year up TO the
n limit Of their capacity.
b Equipment trust certificates viii be
Issued by the rails against this new
b. selling stock and such securities are
always considered gilt-edged-
Therefore a ready market will be
foand for the movement though gov
I Nrn,ment bonds go begging. Fer that
reason the equipment stocks are ind
Ing favor On this rally. IN addition 10
BALDWIN the leading ones are American
ESIsar and Foundry, American I~ocomo o.
tive Haskell Barker, Pressed Steel Car
II and Railway steel Spring company.
The inside buying Of Mexican Petro~
aeun4 stock made It's infuence felt to-
sdav for that stock was the leader of
b tire list
Railroad stockholders are dying hard.
81 H.hey still believe that the new law
EVIL make their stocks worth some
N IhfnE. The Pennsylvania Railroad di~
reesors are apparently not in sympathy
with this point of view as proved by
NtheIr aage Of Southern Pacific stock.
This sale OF Southeru Pacific stock by
eeat because southern Pacific is really
one OF the f7ncst railroads in America
ESfronn every point Of view
Fennsy lyania's own stock is not bet
Ger Enthusiasm IS fading from the
go called low priced rails. that is the
reorganized rails that never had "A
Il square deal under private ownership
3efore but that expect to have 1t now.
XSobody has explained just how they
sxpeet to get II and that is why the
disappointed new stockholders OF the
are quietly dropping board.
Not only Is the proposed new Ger
nan bond issue unpopular in Wall
sxreet, but leading bankers say pri-
sxtely that they doubt whether any
preign bond Issues would go. Great
Hsssritain intends 10 make sure in the
ase Of the Anglo French bonds by
importing large quantities Of gold and
MsselIing large quantities Of railroad
tocks hare. The. new millions OF the
soid that may be exported to South
America In the near future viii not
ount much against the heavy chip
ncnts that are soon to begin from Lon
Ss0n to New ! ork.
- -o-.-