Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-04-07
tie 0NCALL MONEY [
DROPS TO LOW POINT
sends to Lowest Renewal Mark
In More Than a
Year.
OCK MARKET is STEADY
ttomobilo Shares Play Leading
Part I'm Activities - Studcbakcr
Makes Rapid Risc-Big Gold
Shipment From Sweden Arrives.
By IL l.. Itnrnunn.


Shipment From Sweden Arrives.
By IL. l.. Itnrnum.
NEW YORK, April 6-with call
'ney opening at 5l-2 per cent tho
vest renewal rate In more than
year with q drop to per cent by
on. the lowest rate touched on the
'ck exchange since November Of
~, the stock market gave n good
count Of itself today under the
,dership OF the automobile shares.
i1ebakcr. which opened SIS higher
% IL. advanced TO 10 before the
oil the hret hour on short cover
& lot OF stop loss orders were
ached AT IS carrying the price
sc Ia the high level for tho year.
IL made on March %. Last week.
Gay II was learned TINT ". -.
rant had acquired large interest
inc company, the price was down
stoch, Make strong Play.
IL MAS Learned today that the In
'esis that are handling the stoci,
'rk". end of Studcbaker for the
rpose OF running In shorts. besides
hing Hnd controlling very large
.j1rlty OF the outstandlhg stock.
Q heavy borrowers. Tails borrow
hclps to make the. stock scarce.
roday'n new low level for the
ar OF per cent for call loans
mpares With 3. the high Tor 1921.
ide in February. For 1929 the
-. between 80 ana 2. The figure
u named Was made early in, No.
mbcr. Thnt same week there was
advance 10 20. The high OF 30 for
year was made during the week
ding November -. Every since
A.. al.
call loans were made off the stock
change floor today at ii2 per
Gold Shipments on wa, Over.
Gold shipments amounting 10 s3.
1850 arrived from sweden today on
c Carlshom. An additional $1,000
from the same country supposed
he gold from Germany. lis on the
~ over.
Mex, 10 the further reduction in
g rates on cali loans and the adj
ional gold received from abroad.
lcnr'ent was the passing OF the
dvaic dividend. ". l.. Corey.
airman OF the boa.d stated after
directors meeting that durih;
nn"ry and February the dividend
Il not been earned. that IN" ac-
UNITS for March would not Dc audit
until April Is. but that thc figures
hand Indicated that there had been
Improvement. These earnings and
9 uncertainty ut the future prompt
the dividend action. The company
Iuced rs quarterly dividend from
to 30 cents three months ago. Pay
snts a, all rate OF s. per annurn
gan in April OF 1919.
steel ON Downward Path.
Tnday's weekly review OF cond!-
my In the steel trade by In. IRON
g reports u further contraction in
- 80. f.... Ii
. ide downward. No confirmation
n uid be had IL Was stated OF the
ports that the steel corporation
~ about TO cut WAGES aud prices.
3owevcr. IL was ahd2d. develop
lcnts In the trade indicate that a
e present month Further In
ovcmcnt wGr reported in the de-
anhs OF automobile manufacturers
i builders. But these 1t was
lted. are cddies and the main cur
MT is UNCHANGED pending trreishi,
as pointed cut that Iron production
r March was of !. per cent com
red with February, to the low I
euro since 1914.
Smelling Shareholders Meet
Today's annual meeting Of the
interesting as Wall Street had an
,ipatcd, The crowd that appeared
hen the meeting vas opened at the
mpany'H headquarters. at Jersey
Is. made i; necessary TO adjourn To
e nearby ST. Peters Hail. 1t de-
lopcd early that the GuSgcnhcims
ID majority OF the proxies. Carl
i!ers the dspoaed official and di-
,ctur who has been lighting the
ugEenhciins. began soon 10 make
cubic. His lawyers proposed that
E meeting be adjourned un;ll cctn-
II Ia. l.
cted Ia give the Investigation COM
ttec headed by Henry Evans. any
al all Information desired. This
'oposai was blocked. However.
Hers succeeded in making his
larges that the Guggcnhcims who
5cre only small stockholders, were
sinE the company to promote their
tercs,s In allied corporations in
hich they had large holdings. Fol-
wing suuabbie between lawyers
Ter the proposal to postpone the
getting until October, the meeting
&c adjourned meeting the high pres
ire steam roller workered smoothly
I'd the old directors were reelected.
yut Henry Evans made 1t plain that
was going To carry on thorough
Investigation to protect his own In
d In Mcrchantilc Marine and Cuba
inc sugar.
Sinrt Daily Conferences.
Daily conferences are being held
Wall Street between important
linking and stock exchange officials
q, determine what course should be
|.ilowed in the matter of regulating
IAN money rates. Acting on the adj
&C OF prominent bankers here and
lac Federal Deserve Board ut Wash
eton, the stock Exchange in the
itimn of 1918. when the credi,
tuation started to get acute. began
hold tight rein on call money
ittes. There were times when hut
1,r this regulation the renewal rate
ould have been much higher. Every.
|ody is willing to admit that. Bn,
L.cently there has been much crit
| ism from traders in the stock
arket because rates for call money
| /, the Stock Exchange have been
higher than those on loans made
|-ivatcly between bankers and brok-
with tho Federal reserve banks
FoldinE S2.2i6.000.Go0 gold at the be-
inning OF this week, an increase OF
|,57 .0Co, 900 since the end of last year
nd a gain Of s29G,00o.00 against q
aar ago, with more gold arriving
| aily, with the big national banks
| I'd trust companies paying off their
|dcbtedness 10 the Federal reserve
Hanks, and with money flowing In
ere from the interior because OF
ado inactivity, the question has
Iaturally arisen rs to whether regu-
] tion of money rates by the Stock
xchangc should end. The factor
list named has brought the matter ur
Tor discussion between important
|ankcrs and Stock Exchange Of