The Richmond Virginian. (Richmond, Va.) 1910-1920, 1920-03-21
AUTOMOBILE STOCKS
De hAND ATTENTION
by RRoADAN WALL

New York, March 20.-Auton obna
stocks monopOlized Wall streets at
tentiou today with General Motors in
leadership and STUFF almost equally
ACTIVE. Other stocks were quiet but
considerable interest was taken in the
copper shares because Of the piana
10 finance in America the sales 10 Eu~
rope Rails were all quiet
The movement in General Motors
was popularity supposed to be at the
expense OF a short interest This
however, is "a mistaken notion as the
shorts were broken out of this stock
far below the present level. Right
or wrong. the Uuponts believe that
they have in General Motors prop
rtE of sensational value, They are
planning to extend It's business to
every civilized country in the world.
They believe the demand for auto
mobiles is just well begun. They have
bought and taken out OF the market
nearly half OF the stock of the COM
pany and other interests hold SO
much that the market supply Is limit
ed in spite OF its great apitallzaton.
StuLz acted as If IL We're true that
the General Motors would absorb
that company in the near future.
There are rumors also that Vanadium
Steel may he included. although Va
AADlGHt may pG ADVANCING liz ~ III -
pathy with Stutz for the two COM
panies have "a common ownership.
Fanadium has also been selling too
low for its earnings for its present
dividend basis The reason for ex-
pecting 1t to be taken over by tho
General Motors In that 1t is luoosst-
BILE to build an automobile without
vanandium and this company con-
trolls s5 per cent of the worlds OUT
put Vanadium is looked upon by
Wall street as the greatest unappre-
ciated speculative possibility OF the
automobile era just as Bethlehem
steel was one best selection for the
war period.
Although no official statement
could be obtained regarding financ-
ing of Europc'S purchase Of copper
in this country 1t was said in author
itative quarters that the report Is well
founded. There has been snort tn
terest Of Importance in the copper
stocks for months. This has begun
to cover and can cover at good pronts
even after the recent advance. The
entire copper group was up and
closed strong. Consolidated Gas anC
Brooklyn Union Gas advanced
sharply in expectation of getting au-
thority soon To increase the price Of
their product As both companies
are paying dividends and as there
VIII he no increase in expenses, any
| increase OF price to the public vii
| be added to net earnings
fractions have been accumulated
| the last month by interests ina
claim to know what they are doing
| There Is political atmosphere about
| the buying that is impressive.
| The pool that put Reading up las
week is ready to make il active agalr
| Monday If the supreme court decis-
| ion is in favor of tho company, c@ l.
/ it orders a segregation OF the proper
| ty. Any settlement of the case will
| be bullish. The insiders expect t.
| tell the company to retain it's pres
ent ownership of railroads, coal aus
iron properties.
| The actual bank statement toda,
showed surplus decreased $S7, OILS,
ago, loans decreased s39,265. 900 an,
net demand deposits increased s1s.
$4,000. The average statemen
| showed surplus increased s4.680, eco
loans increased $lss,oo0 and net de
nand deposits increased S107, 720,
! 00n
The federal reserve bank OF Ee'
! York showed reserves OF 2S.S agains
4 deposits and federal reserve not
liabilities combined compared wit
3S.5 a week ago and BIS yea
I ago.
This bank statement marks tn
| turning point in the demand 10
money for tax purposes 1T was re
/ garded in Wall street as unexpected
good. The government will probat
~ draw out considerable money o
i Tuesday from the banks but ther
! are no great drains OF importanc
In the near future.