Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-09-17
PRICES ON N. Y. 'CHANGE
OPEN SOMEWHAT HIGHER
Eases Off and, Under Leader
ship of Steel, Again
Advances.
TRADING IN steel is HEAVY
Signs or I2nsicr Money This Autumn
Arc Now Unm,istnka able - Further
Agitation for Lower Federal Re
serve Discount Itntrs Seen.
Ky Il. l.. IinrnunI.


NEW YORK. Sept i6.--Prices on
tho stock exchange opened trific
higher this morning. cnscd on, an1
then, under the leadership OF steel
Common. again advanced. Trading
In steel Common at times was very
heavy. carrying the price up to 90 rs.
against last nights closing price Of
T73-s. II appeared that Livcrmore
and these behind him had taken hold
of Steel Common for the purpU.c OF
attracting a public following tina,
was not obtained In getting up the
price of stocks like WOOL. Baldwin,
f.:ndicoL Johnson. Studcbakcr and
Mexican Petroleum
Today's high price for Steel Com
mon compares with SGl-2, the high
for the year. made on May 6. and
with 20 IL. the low. touched on June
20. For 1920. the high was 100 aud
the low WAS &c IA. for 1919, the high
was ll5 . and tho low was 1914.
The high for all time was 1856 SIS.
made In 1917. For 1913. the year be-
forc the war. when the dividend was
per cent the same ts now. the
high was Gel-S and the low was
+97-S.
For the past week. the average
price Of eight principal finished steel
products shows - gain for the mrs,
week this pear. the figures being
iS.Gs, ngnins, 1852 u week ago, $3.50
a month ago. s5.03, tho high for 1920.
and $3.50 for August OF 1913. The
advance for the past week was due
10 higher nail prices. and. since these
Figures were complied. there has been
an advance In the prize. Of sheets.
Signs Of En-irr Money.
Signs ~ easier money this autumn
arc now urratakahlc. and II is safe
to predict hat there Viii be further
agitation for lower Federal reserve
rcdiscount rates, Today's weekly
Federal reserve statement shows q
further gain OF ,2s 900 in gold.
and a further decline in rcdiscounts
OF over $50. 100000. to the lowest hr-
uric since before tho armieticc was
signed The reserve ratio OF 6T.5.
which compares with Gj.2 :: week
ago and 1873 q year ago, is the low
.sst since This time in 1917
can money If down 10 per cent
ON tho outside market. and some over
tho ycar-cnd time money les being Of
ci"rcd as low as 3 81 per cent AZ
This tine last year tim: money "as
quoted at 5 10 Sl-i. with none avail
today. received subscriptions for its
$3.50 600 600 note Offering Of no less
+ than 81 400. o0o. 900. with all OF these
signs OF easier money, the chances
; are the government Will not have TO
F.. L:o Very far with it's War Finance
C,orporaiion In helping the farmer
fhaw out his frozen credits. Idle
Iaouey In the banks viii seek en-
irloymcn,.
Country IL Growing.
The mere fact that Sl.iOp.ooO.o0o
subscriptions can be had FOR 5000
900 900 security Offering shows how
much this country has grown during
tho past few years. Before the war
"a hint of an Offering OF new securi-
ties as large ;is S600.Oo0.Ooo would
have upset our security aud money
markets Today. only few lines
is given in the papers 10 the fact
: that q $500, 0Oo 900 Offering was more
than twice oversubscribed
Using another comparison TO show
the ground that has been covered
only n very few short weeks ago
bankers and business men through
out the country were giving close at
tcntion to the reserve ratio or cach
of the twelve Federal reserve banks
: To-day, no attention is being PAL! u"
Nhe individual statements OF kansas
City and St Louis, now over ~; to
San Francisco. with its 81; to C!eVc-
land, reporting over GS; Philadelphia
over CO; Boston and Chicago. over
70, and New York. over IS. Today
only four out OF the twelve reports
are being watched.
Here Is n comparison OF the four