Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-03-12
COLD IS NOW ON WAY
FROM LONDON MARKETS
Foreign Exchange Advances TO New
RiGh Record, Indicating Banking
Situation Has Changed.
by nl,OADAN Wall.


NEW YORK. March II. = Although
there is the highest authority FOR the
report that gold in large volume is
London no official announcement Of the
fact mas been made. and for that rea-
son Wall Street today expressed doubts
regarding IL. The result was Il wave of
proht-taking that closed some of the
'hGSt active ISSUES net lower. I'ut TINS
selling was not OF the best character.
II came spusmodicaily. and most Of IL
was just at the close.
The action Of foreign exchange in
advancing to a new high record for the
getheT, with the, fact tina, call money
vas plentiful at per cent and ti'ne
money was to be had t. aud s Y per
cent. Indicated that ,'hc King situa :
ton has changed. II j. 1T clear why
Official annonncement oi ,ne gold ship
ncnt is withheld, but shipincnt or this
made secretly. Perhaps tile bankers
want 10 execute some coup in the stock
Motor Stocks Arc Active.
IN the early trading new high prices
for the movement wore recorded in
General Motors, Chandler, Studebaker,
Rcatiins and several inactive issues
fcrred. Business was on a large scale.
The. reaction N the market toward the
ciose was not severe enough TO mean
anything more than huctuation.
Leading borrowers of money said tho
real reason for the Advance in the stoci:
market At this time is not the gold i'm,
90 much as it IS the fact that the
Senate has. asked the Federal Reserve
charged by the banks. For several
weeks tho market for stocks has been
- he mercy OF the call money mark
with interest rates held down, stocks
cannot help but do better. ToTnorrow
being Friday, when stock market loa ne
carry oyer to Monday, the money mar
Kct Will be tested in such way AS
20 give q clear Idea of the immediat e
future Of the market.
VIII Drain Banks
Payment Of the income taxes on
Monday VIII make heavy drain on
m, me, b ian, As The bulk Of the checks
strain may not develop until next
week. for 1t viii be Tuesday or Wed
nqesday and may DC q week later, be
lore the tax checks can reach the
hanks. Therefore, easy money might
easily prevail for a whole week but
the sentimental Influence OF the situa-
poEtant pools are ready TO take an
aggressively hulIish position IL they
get the least encouragement
Automobile stocks were the fca,u-.
on early trading. General Motors was
.x;P2ecteh to perform wonders. and it
ing column. and made good all The ex-
peciations of its friends. Studehakcr
IN, ny s,uiz wsr" strong in expectation OF
announcement that George J. whe,a,,
Va gong away for a month or SO re-
o'ttSc AZ d iiVc-point advance IN a. #.
securities In the morning The stock
dividend that American Tobacco dircr-
TORS arc planning may not he an
bounced officially for several weeks
out 1t is in tho minds OF The mar,se /
makers
Cancel European Plans.
Leading American captains OF in
nuEtry are canoeing plans To do big
business with Europe. II was said
TO-DAY tha' several gigantic corpora
ton schemes had been entirely aban-
doncd.
Imports OF huttcr and other food
kurope, together with large imports
OF manufactured articles now planned
II something Of paradox, The rea-
son IS that vast quantities Of mer-
chandlsc wero accumulated in neu-
trail warehouses OF Euron. ready for
sale to the Germans at the close OF
the war. The Germans are willing to
take the stun. but canno: pay for It,
and the high prices in the United
States make reshipmcnt here profit
able. After the American goods are
ALI imported into An)erica Europe Will
have great quantities. Of her own
products 20 be sold here. Owing to
the disparity. OF exchange rates Amer
lean Importers can make handsome
profits buying on the continent for
shipment to tho United States a trc-
rncndous growth Of imports is, there
fore, in sigh. with constantly dcclin-
Ing export trade.