Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-03-16
WALL STREET SURPRISED
BY MARKETS STRENGTH
hu"yancy Caused by Federal Reserve
hnpk uncorcring Error Showing
10 Millions More Gold.
UY DltotntS xxssI

NEW YORK, March u - All Wall
"'rect was surprised today at the
strength OF the market. Even those
t M"p io oai,,I Tor higher prices thought
money was expected.
'nt me rate did not go above 8 per
c,ni.. hhu ,ih.r money was actually
Sio,oo0,ooo Of gold would be sh;pned
~ south America failed to disturb the
,nohcy market. The German revolution
mna ignored shorts took fright and
,roNercd wildly in scvora! issues. and
80. lonSs who had been Selling took
'hcir stocks back. \ pleasant mystery
nc, I.,hth to p"rvade inc street, 1t was
JUST tho reverse or tn" usual expert
cncn Of having sonnet. o.; banging
OVER the market. for ~ 1t was
""'lclhlnS holding ny L, market.
Mndc Error on Hir,nt .fdc.
The cnusc of this mysterious BUOY
;ihcy was the fact that in making up
!ast weeks statement tho local Fed
pv,VV" me amount or It's gold hold :
ings. At the bank today il was stated
- CORRECTION had boon sent out iatur-
Day night. hut apparently it did not
rect 1Surcs were published. The pub =
nc went through 'oday's market with :
attentions WAS not called 10 II any
where. Therefore,. the bankers and
thrsc in touch with the money Lenders.
ithd a tremendous advantage in the
stock market Of which they awaited
themselves To the limit
mis- astonishing error may have Tie
Sine effect on Tie stock market to-
morrow a. tho inIportation OF $4,000
900 o! gold would have. Az "a lunder.
~ II crualeh only bS the report OF tho
stock dividend case that came froEI the
supreme Court last week.
GruCibie liz, Market Lender.
Crucibie was loader OF the market
IN The morning. ana the street was
iu!i OF rumors OF stock dividends to
be declared. These dividends ranged
from 20 per cent quarterly TO az much
as 200 per ccat. Directors are ex-
p"cted 20 meet tomorrow TO take a.-
ZION. Friends OF tn. management sa :
that vcrv conservative action VIII he
taken. IL any. Tho stock broke ton
points Just before the close. presuni-
Sress
Shorts in Crucible having been pun
took fright. They. ran that stock UP
more than five points. The advance
Of baldwin. Car and Foundry. Pressed
Steel Car and American Locomotive
can he justified on the theory that the
railroads are now fire." To do their own
buying, and VIII bay heavily OF equip
nen;. The rails themselves were quiet.
This was due NOR. TO The fact tina,
there was settlement in the industrials
,ian 10 any backward movement In
the rails. which seem still TO be in
Money Market BIg Factor.
The mos: important factor in re-
gard TO the rails ~ the money market.
Money was cheaper than expected to-
day. People identified with the banks
Own the rails. There IL evidently
some connection between Tire cheap
money and the campaign In the rails.
Some OF them have moved 50 sharpl.
as 10 preclude the idea that speculative
pools arc advancing them. Nobody but
tho very strongest intcrcrts could do
what has been done
Rubber and the tire stocks Joined
Ia the upward movement.
The advance III TN. price Of gasO-
line and fuel oil has created q situa-
ton IN tho oil stocks 80 buil!sh Az to
I've without precedent
The German situation was looked
upon as buillah argument by. most
bankers on tn. theory that mon
.irchical government would he strong
ANA able 10 do something.
There WAS considerable diSaDpoirt-
meut because the supreme Court did
not hand down i decision In ,he Read
ing Goa! Gaze.