Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-01-01
Is PER CENT CALL RATE
WALL STREET CLOSES
YEAR WITH BUOY.aNT MART
ehorts AnxlOusiy Seek Cover While
fhtriotn bought. Fearing Tearing
big BOOM ON Friday.
Dy Brondan ,ynlI.

ny brOuunn WniI.
c,s New YORK. Dec. sl.-wau Stree,
crossed the old year with Il buoyant
market both In stocks and in call
money. The call rate went to 25 per
cent, but the market paid little atten-
ton, for shorts were anxious TO get
under cover. and patriots who had sold
stocks for tax loss purposes. were
anxious to get their shares back. fear
sionals argue that market able to
stand the high rates that have pre-
vailed In the past week is not safe
one In which to be short. Time money
went TO per cent.
Everybody was whooping for higher
prices all day. and they came i'll nearly
every issue; American WOODEN was the
leader with an extreme advance of
II II points. while General Motors.
rubber, Texas Crucible. Republic, En-
dicoit Johnson and even Steel moved
INTO new high territory. The rails
were up fractionally.
Expect High Coll Rate.
Money opened at Is per cent and
ruled around % late in the day. An
other high call rate is expected on
Friday, and everybody intends 10 buy
more stocks on Friday In spite OF it.
There never was :. time in Wall street.
when sentiment WAS SO unanimously
there is TO be tremendous bull mar
kct that WIZ break all records;
body stopped to wonder who was sell
ing all the stocks. II may be stated
coniidentiaily that the sellers were the
most important financial interests Of
America. for they are not approaching
the New Year with that spirit OF hi
lartty that seems TO have seized the
market is rising now, and they think
possibly 1t might continue to rise for
few days longer. They admit that
some specialties may continue 10 rise
for weeks. but they are selling stocks
as freely as they can do so without
attracting attention. for they look
upon 1920 as year Of heavy liquida-
Much OF the buying today was 70.
ahc account Of patriots who sold for
tax loss purposes.
Market Technically Weak.
The market enters the New Year
with the technical condition much
Weakened and with certainty o; high
,-il! be interesting 10 see the result
Tor such condition has seldom add
Nanced the market in the past. The
government viii withdraw several
banks in the nrst week OF January.
and all the reserve banks are work
ing together to force higher prices for
funds both for speculative uses and
:or ordinary commercial purposes.
The present advance III the market
represents the discouRting or the sign.
bills and settlements OF the coal and
steel strikes. Any hitch IN regard TO
thc treaty or tho railroad bills VIII
he quickly reflected in the stock mar
kct
L. 5. Rubber moved TO :, new high
record in expectation OF carly an
nouGcemcnt OF extra dividend on the
common stock.
Rubber Tirr stocks Strong.
All the rubber and tire compau
We're strong. also because OF ndvant ~
IL. the price Of the output.
American Tobacco Securities ana Re
tai stores advanced in response to the
report thai the latter had about closed
deal for acquisition of Il chain OF
lctAii stores.
Loft candy sold al Il new high price
Tor the movement. This Is in recoG-
niton OF remarkable sales made dur
wi