Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-05-11
BANKING CIRCLES AWAIT
RISE IN MARKET PRICE
Recent Report From Chicago Re
Sarding Wage Decision starts
Rails TuIubling.
STERLING MAKES HIGH MARE,
Steel Shares Weak Following Cor
poration's Statement, Showing.
Many Orders for .ipri! Untitled
Another Gold Shipment Arrives.

MEM YORK. May MISUNDERSTANDING
by pools and Individuals continued to
day with a nu'nhcr OF air holes being
discovered 10y tho professional trad
"rS. who are worNiUE FOR a turn on
the short SIDE of the market. on tho
announcement mat NEGOTIATIONS Wcr"
being conducted for the sale OF an
issue oi short term notes. Kelly
Springfield Tire broke Tour points.
while American Snma;ra. With no APP
parent reason except that the pric"
cent rise. broke nearly seven points
with declines OF a CUli point or moro
transactions, On the dis
patches from chicago that the de
ciSion in the pending WaSe case would
not hc handed down before June Is,
the rails also sold OF.
Speculative Wal! Street never takes
biddlc around. d c~vcrybody
only a few days ago In banking cir
ClcS, however. tho decline in the stock
market WAS called a natural reaction.
which should bc followed within a
few days py another upward price
movement
sterling Makes High Record.
Sterling made 4 new high for the
vcrablr s~";;lcmru; with GERMANY
England Ike this "umt and an
others is suffering from the existing
5 uncertainty over j after war set
Elements. Today'S cables from Lon
49, . - 'a'tAH 'hfH 'sa' = "a AI''a - -
April amounted TO only SSH.2?5.ngu.
compared with tho same month of last
year. a loss of S1E,3SS.0u1. while cN-
ports footing up S.@.S6..OuO We're on
S5i,ia2.0uo. Fart OF this - due. OF
course to shrinhaGc in prices, and part
10 the coal strike.
Steel shares were weak following
the statement Of the United states
filed orders 4; the close OF hpril We're
or i%"."il tons, conIparcd with q
month ago, to 5.Si5."2i. Compared
with the figures at the close Of last
July. when the downward trend
started there has been a shr!uNapc Of
5.2I3.2it tons. or practically loo per
cent. The Steel C~orpOration stttm"nt
caused much comment aS to what Will
happen a, the ncNt dividend meeting
OF the independent companies. Gnl.sS
business picks M in the very near ia
turc.
Gold shipment Arrives.
4 Swedish steamer arrived here this
morning with ~ hoNrs OF gold
aboard. valued at SG.acQ o0o. The Ma
tional CITY Bank got zoo ot the boxes.
This gold was supposed .. have start
ed from Germany 10 i for goods be
Ing purchased here.
Announcement was also made today
that the Olympic had started from
England on Mag 4. with Sl,oOO.OOo
gold aboard, for New York banks.
Nith the Minneapolis r~cdiScount
rate now down from . to i Il per
cent. Dallas Is the only reserve Dank
with "a rate OF ! per cent Wall street
believes that Dallas ~Ili also lower
IT'S rate. MINNEAPOLIS. according to
the statement published last Friday.
had II reserve ratio OF IL against
il.1 for the same dag of last year and
against Bob for the twelve banks as
Il whole at IA. end Of last week. DAl-
Las down To io.l against ia FOR the
c~orrcsponding period OF 1920. These
figured do not leave much room Tor
doubling that the Federal reserve
board has at last Eiycn in To pressure
for action thit would relieve the Sit
uati"u Tor the farmers. Eut there is
also lIt,l" ra.m Tor doubling that the
farmer with uver"NteudoI loans ncrd-
ed n-lp. II needed, help ta&t could be-
given, had not been SINrn the Federal
reserve board, would nave had 10 take
whatever hl.ti., was IIId at rs door
In connection with today's w'tS-
ness In tho AUTOMOBILE" shares MALL
street was il,ud,d with ruulors thai
other price cuts We're 20 b." announced
within the lnm.I.EI s future