Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-02-09
STRENGTH IN FOREIGN
I EXCHANGE RATES SHOWN
Easier Call Money Prompts Short
Covering in Stock
Market.
SHORTS FIND SUPPLY SCARCE
Force Them to Bid for Stock and
Cause Gains Ranging From Ono
to Two Points In Active Issues.
Price Changes Unimportant.
ny nRoADAN WALL.

NEW YORK. Fob. Strength in
foreign exchange ana easier call
money rates prompted short cover
ing in the stock market today When
shorts began purchasing lack the
shares they had SOLD cyLfound sup
plies scarce. This forced them TO
ranging from one 20 tive points in the
most active issues. business was
quiet during the early part OF the
session, and price changes were un-
important. Improvement in the in
quiry did not appear until about the
beginning OF the fourth hour of the
session. The demand continued up
TO the close, final prices being around
Because of contraction in the in
Quiry for money on call. the rate
declined from TO per cent. where
IL closed. Loans We're mndc outside
per cent. The United States Eav-
eminent will withdraw s22. 500 600
from tho bank and trust companies
in the Second Federal Reserve Dis
trict tomorrow. owing to the steady
decline in the volume OF cash on
hand in the United states Treasury,
prominent local bankers would not
be surprised If the Treasury Depart
ment announced an Offering OF Unit
ed states certificates OF Indebtedness
within the next week.
Sterling exchange rose more tnan
4 cents Banks reported but little
business. and attributed the strength
10 the light supply OF bills being Of
fered in the market as result or
the contraction in exports.
REPORTS that unfavorable develop
men;s would be announced in the
immediate future in connection with
Continental Candy had a depressing
another new :ow record. This is one
of the comnanie, with which Allan
\. Ryan has had an interest. His
turnover in the issue was unusually
heavy
More optimistic talk was heard re-
garding the buying of General AS
phalt and people returning from
South America state that the new
ing minority shareholders in the
Mexican and Southern American oil
fields. The invitation of the Next
can government 10 American bankers
bonded Indebtedness had n strength
cninE influence on Mexican govern
ment securities. ii also helped the
upward movement in Mexican Pc
troleum. which amounted 10 four and
onc-half points.
Some disappointment was felt in
the financial district over the failure
OF the Reading Company to announce
It's segregation plan. This found re-
Election in Il market contraction in
the dealings in the first and second
preferred shares.
The cutting OF prices by the Mid
vale Steel is accepted as indicating
the beginning OF the establishment
of an open market for that com
modify, as has been predicted for
weeks. Expectation OF lower prices
for steel products is responsible for
the contraction in speculation In the
steel shares.
Persistent rumors that tho A;chi-
son will acquire the Kansas City.
Mexico and Orient on the basis OF
share for share continued to stimu-
late buying OF the latter stock and
caused a rise of more than three
points in the ISSUE. to within 4 very
short distance of its previous high
record. Kansas City. MEXICO and
Orient stock has steadily advanced
while other transportation shares
have declined