Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-02-16
STERLING EXCHANGE HAS
FURTHER RISE IN MARKET
Trading Is More Active and Cen
crnl List Shows Broad
ness.
MEXICAN PROPERTIES FIRM
Bond Houses Report Further Soft
ness in Market for New Issues.
Recent Offerings Arc Declared 10
BE Going Slowly.
IL, n,,nApAN WI.

NEW YORK. Feb. l5-A further
rise IN the ,nriGe OF sterling eN'hanS"
ment, together with n good supply of
call none? all day at per cent. i'm
parted a stronger undcrtonc to tn.
stock market today. Trading was
more active, and the general list
showed nor" ~hroadncSS. the so-callcd
standard shares participating TO "A
larger "S;"nt la the days business.
Issues in which there has been u
large short interest showcd the larg-
est gains, This was particularly True
OF General Electric and Atlantic. Gulf
ana West Indies.
Announcement Of the contents OF
the Reading plan as exclusively pre-
dicted in this column late last week
served as "a depressing influence on
those shares and resulted in suhstan-
iial losses with new low records for
this movement.
uncertainty which exists regarding
the status OF soruc issues found re-
Election IN new bottom prices for Con-
t!ucntal Candy. Texas and Pacific Coal
more.
Use licndinr rlnn H. Excuse.
Following tn" opening of business.
professionals used the disappointing
Reading plan rs an excuse for at
tempting To ra IL the general list.
They We're fairly successful before
noon. hut in the afternoon Offerings
Were readily absorbed. and the mar
kct turned strong.
Th. contents Of the Baldwin l.o-
street early in the day. The show
ing is. disappointing compared with
what had been anticipated. and for
hat reason Baldwin failed to par
t!cintc in the strength.
practically every commission aud
wire house in the financial district
had a different idca as to the probable
value OF the new Reading coal stocf
ana :he rights" TO subscribe to the
new shares. They We're practically
unanimous, However; i'm analysing the
plan as b"tiiSh ON Reading common.
. Persons who predicted late last
week that the Reading plan would be
fled early his week said Yesterday
that the l."high Valley and the Lee
high Coal ana Navigation plans were
practically ready for formal an
nounccment. The plan OF the latter.
however, is expected to to very ia
Norahlr from the viewpoint of the
shareholders. l.chigh Coal and Navi-
CATION earnings published yesterday
FOR last year showed Il surplus after
dividends OF $l.7ll.l37. compared with
Reading bonds were strong early
in the day. subsequently sold off.
SuEnr shares firm.
Additional advance in the price of
rennc,i sugar by refining companies
served 10 cause iirinness in the sugar
shares. which are believed to have
passed through the worst.
Bond houses reported further soft
ness in the market for new issues.
Most recent offerings are declared TO
be going S.oMiS hccauS now issues
have been too plentiful and have rlut-
ted the market. Liberty bonds Were
as" slightly lower. Because of the
large amcdnt OF undicestcd securities.
new offerings which are now "on the
hrc. are Expected TO be held in abcy-
hnce until the market has been given
a chance TO absorb the major por-
ZION OF the floating supply of recent
issues. Prominent Investment bank
rrs ar" aStoniSh"d AT the large vol
uinc Of new securities which have
prtn absorbed within The last six
weeks ana are surprised :hlt the
market did moi show S%oItncSs before
now.
securities of Mexican properties
wci" hrm, and in some instances hish.
owing to tho return OF William a.
:MlcNuoo, former. Secretary OF the
treasury, from MEXICO and his on
tiin!st!c utt-ranccs on conditions
there.