The Richmond Virginian. (Richmond, Va.) 1910-1920, 1920-03-25
|R0 OIL GOES
EXCHANGE TO-DAY
~ nnoADAN VAIL.


~ Yoxk, March 14.--Money 1t ~
Aonk eomhtuod with the fact thai
@n1skst haA been rising rapidly
- About q bad break In Wall
n t0day. In tho morning the list
okrong and active with several Is
ulakizg sew high recofda- Ne.
M1n WUvO sf pr cent. About
- - rate wa advanced 20 .
&oN4 - considerable pront-taking
~ onpoArAn0a- From then to
a6aonn thA moaey rata advanced ana
6nxka3 declined. Final prices were
1pWeee Of the day and trading was
61vA
unsop was current In the afternoon
80 the Federal Reserve bank was
MAINS to take charge of all money
gs&n91 Tor speculative purposes. Runner
MN3eo came from Washington that re-
&knNed effort would be made In the
skonae to Impose tax on the decia-a-
Hon OF stock dividends. This ruraor
4NnS counteraeted by the announce
ks~nt that in The senate decision had
shAen reached to attempt no taxation
M3f stock dividends Report also came
||S.rofys France OF proposition to re-
sSsfrict imports because of the adverse
L axchange rates between that country
md America.
relegraphic Communication between
the British Isles and Central Europe
49, reported TO be in state OF inter-
kuption. Many traders Z h ere fore
tunped to the conclusion that Germany
HAs again in a riot
IA Statements made ut the hearing on
sFafes before the interstate commerce
scumtntsston may have had some effect
scn the railroad stocks but as class
they acted better than the industrials-
sOk course they were due to act better
because they had no sharp advance.
sEhA demand made in behalf OF shippers
that In liking valuations the BOOK
STATEMENTS Of the companies be ig-
Aored is not matter of any impor
aAnce- 1t is we'll understood every
whers that no railroad could be repro
s6uced for its book value. The only
lnuAstion is how much of an advance
,Uynr that hook value La to be recorded
- the rate-making basis.
Ss The strength OF Sterling seemed TO
;dincredit the reports OF new troubles
m Germany. Montreal exchange fell to
H. premium OF 81 per cent which com
$pares with lTA per cent In February.
OFFICIALLY announced movements of
sncney Go not explain this situation
s1t must he the influence of tne
xnoonshine" gold.
n Traders who neglected to get out of
the market were arguing tonight that
There could be nothing serious because
a4hG break had been so quick. II I'M
eportant interests had wanted to
s3t4uidate any important lines they
would have done 1t cautiously. The
market acted as though some strong
Interests were anxious 10 get prices
AloNn to a lower level as quickly as
sp0esIble without losing stocks. The
INST acted. as the professionals viewed
s1l. like bull market having healthy
sx1Actfon.
81 Both General Motors and Stutz sold
mo ana the latter At $50. General Mo-
40 and the latter at $50. eneral Mo-
TORS broke 10 points in the afternoon
a4nA showed but little recovery. Trail
s6xo o1lll persist In going short OF both
M ara new General Motors.
Something like 5000, 1000. 900 was paid
St0 the government in taxes on March
lB. Most ct the checks were not GER
S&fAAd and for that reason the payments
sAad no influence on the money market
until actually cAshed by the govern
MAnt. That In why such drain Is
6eing made on the banks Just now.
y uAder leadership OF Standard OIL o!
Nav Jersey which goes on the ex-
change tomorrow. and which started
Ko1ay with . rise Of 10 points. the OF
SHARES we're buoyant In the nrst ho1r
4 Mexican Petroleum. rose more than
POINTS, Pan-AmericAn and Texas Oh
DM. In the break Mexican went down
~ points. Pan-American . and Texas
sis. The fluctuations had no relations
ITO the values, but were due entirely
\ ~ the money market