Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-09-24
MARKET PRICES FALL
AF TER OPENING HIGH
Rails Are Well Bought From
Opening TO Close Of
Session.
Ah~rnEn RISE ~ LEAD NOTED
shipment OF si.00D.DD In G",d Ar
ri,en From France ard Another Lot
with Sninr Nniouni IL it"portcd in
Transit.

NEW YORK, Sept 2H-Nli stoot8
were strong AT the OPENING. Bat
during the early trading Uc,hIch.m.
S,Idcbaker. IN. Independent St.ol
shares and some others cam. an tho
market br"nking prices. i.rier i'm
tie day. however. ~" market as :,
Who'll" acted very wclI From tho
opening to Ia" close The rails were
w"li hDUght. II BE- nDvv evident that.
many hay" reached IN, crntlu-ip.i
that TIA" trend OF rails from uow ON
VIII u" upward I.iy"rnlur. and those
VIII" were behind him lu til, recent
advance stood ASIDE looking on IN
dsmuch as ia" selling thHt d.scDur-
aged i'"rrnore cam" from large
banking interests. II rs likely ,hu,
the Iarg. banking interests, after
having Just stopped the rise hy heavy
selling Of stock would now start an
ether upward movement. The fool
INK in wall street Is growing. how
'sv"r. that, with perhaps deceptive re-
a"tionH ~" trend Of The market rs
now dennitriy upward
Hcturns From Conference.
John ! Mitchell, according 10 CHI
"irp dispatches. returned home from
IA" quarterly conference Of the Fed
"rul I;cccryc Advisory Council at
Washington Feeling that there had
boon a definite tr.nd for tn. bct,cr
i' tie general situation. III" con
4'usus ot op.niOn at Wnshiuptuu IL
t4,id was that "srmrthin,s nust b.
dpue toward .Ht,ud.ul; oroIl, To- Eu-
r"Do, .>rcriI!l: Germany" He also
raid that tt.r. was much feeling
through tho country against the pro
posed tariff ~ rtuuot aifori al
this ,Itnc" d. snid, 10 erect g high
tniiG wall" The toriff schedule
would be taken up - Congress. d."
added as soon as III" tax Log station
was out 81 tn" way
Early nest month tho raukcre huld
th'!r annual convention AZ los Nu-
s.l's, and /, Is safe uow to predict
that the subject urpormoat Tor dis
rus.ion wil! be tho great need Tor
advancing GREATS in EuTppe 10 slim
ulutc our for, l.u lrAt, Il b. also
,ufc 10 predict that it, IN Sam" con-
H'stion there viii T., sry-r- criticism
II the propOsch high ,niin.
Idle None, FITTING u.
ToiaTs weekly ret"raI RESERVE
bank stntcncu, shows plainly that
lu many parts ri The country llGGlda-
tinn Of frozen croai,s las gone "a
long way. II also Shows tina, be
cnuso pf tr;,dc' dcpr"s on idlr money
Is pi!inF mp. !; tux riling up NJ
idlc funds continues ia Time our in
Ncstois VIII turn 10 foreign S"Curi-
ties. They diI sn r"iuc,enuy al,
Ars' Ia 1915 But by thus establish
ing credits tor foreign buyers Of our
goods w turned starunt!on of gen
oral trade into the greatest prosper
Ity ever experienced
fumVrs wcr. heard In banking cir
cl,s here today % plan TO make
loan OF $500 0uO GOLD - England
charging l-2 {" per cent inter
est Tor he purpose Of stnbiiiaing for
cign exchange and thereby helping
our foreign trade II - true that
our record breaking gold supply may
later ON make trouble unless wisely
handled But it Is hardly likely that
wc VIII lend the amount named !"
England at lower Interest rates than
oar own people are nov paying. our
Job ahead is TO lhaw out frozen
credits and then take NJ any slack
~ making we'll secured l"sns 10 for
cirners through bonds purchased at
tho open market rate, In, proceeds
10 BE- spent in this country.
Announce IiSc In Irmd.
American Smcitcrs announced to-
day another advance in the price Of
lead, this time from 4.65 to 40.
American Sumaira published it's
annual report today for tn. year
ended July 81 Gross prohts w"r"
ago Total net income after payment
of taxes interest and depreciation
was 100000 against $2,Jsl 600.
t.. s. Food Products made new
low record today in the abscncc Of
any news regarding the Si,j0o, 900
bank loans that have been due since
September IL.
y shipment OF 100000 gold ar
rived here today from France ana il
10 ,,f
siO00.000 was on the .Adriatic.
White, Weld * Co. announced hat
all Of the & per cent S5.i79.0o0 rail
way equipment notes purchased
from the government at par had
lccn sold
Watch Federal RESERVE Closely.
Until this week interest in tn"
weekly statement OF the Federal re-
serve system conferred In the indj-
vidual rports OF such banks lie, Kich-
mond, Atlanta and Minneapolis. which
still indicated 81 low reserve ratio.
The reports of these individual
banks with low reserve ratios are
still being watched closely for signs
that frozen credits are being thawcd
out But, since the New York and
Boston banks cut their rcdiscount
rates 10 , per cent. todays state
ucnt makes interesting the reports
OF those individual banks with high
reserve ratios. What banks Will fol-
low the lead of New York and Eos
ton? That is the question asked ON
All sides in banking circles here to-
day.
Here is what the twelve individual
bank statements show In their re-
serve ratios for thlS week, compared
with a week and Il year ago:
Week Year
To-day. Ago. Ago.
Roston 7Il 72.S al
New York ..... Sill I1.7 $50
Philadelphia 80. 6T2 GO W.
Cleveland G75 GS.S iS.3