Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-01-17
AUTOS LEAD UPWARD
MOVEMENT IN MARKET.
studebaker Shares Touch
Sc IA Before Close of
Session.
with Call Money mt 31-2 Out-of-
Town Bnnkers Call In New York
balances, Figuring 38-s or Better
Can lie Enrned nj Home.
OILS AND RAILS ST
by II. l.. Dnrnllm.

NEW YORK. Jan. 16.--Thero was
n strong opening this morning with
prices higher. Then the market
eaHed on. Around II o'clock. how
ever. under the leadership of tho uu
tomobile shares AN upward move
rails Joined. Studcbnker. which
started to advance about ten days
ago around 80. opened al Saturdays
closing price. 81 1-2. Traders figured
that IL 90 was reached and crossed
the price would go higher. II
touched 861-4 around 1880.
Insiders In Studebakcr are pre-
dieting 1875 for the stock this year.
They Say that mt this time last year
there was 100000 cash In hand.
with 100000 owed the banks: that
1922 began with 100000 cash on
hand and all bank loans paid; that
$40 a share was earned last year
over the 81 dividend paid: that nrm
orders are now on the books for
$4,000 cars: that 1922 Will be n bet
ter year for the company than 1921.
bankers COLL In Money.
with call money hanging around
31-2 per cent the same thing hap
poncd today that has happened be-
fore. Out-of-town banks called in
) 33-4 or better could be earned on
the money at bono. This resulted
In quite n lot OF calling OF loans by
the Wall Street banks. with the call
ratio opening at 3l-2. and at 4
around noon. ~ was predicted that
6 per cent would be touched. and
that possibly the Federal reserve
bank hero might not cut It's rcdis-
count rate Wednesday us had been
expected. However. time money was
easy and the advance In call rates
had no effect on tho stock market
Brokers, that liz number OF the
larger houses. are planning to do
months OF the year Mt least on call
money. They figure that the major
trend OF stock market prices during
the year Will be upward. but with
minor downward movements when
the market becomes ovcrbouEht. One
main reason why the stock market
started To advance late Inst week
Was that the decline brought out no
liquidation. Another reason is cheap
money.
TO ncsume Dividends.
Last week Copper Range resumed
dividends. This week small Ros-
ton company, the New Cornelia, IL
going 10 resume dividends. These
str:tws arc significant.
Erie has contracted with q YounBs-
town company. recently formed. to
rcnt at It's Kent. Ohio. shop.
During tho week ending January
II, the War Finance Corporation
made aus loans for agricultural and
live stock purposes involving $12,-
$4,000
u WAS learned today that the GOV
\ crnment has agreed 10 renew for i've
years At 6 per cent Inherent the s25.-
100000 St. Paul note. falling due
10 al ha ~
cured by deposit % s35,22s.0oo bond
lnow held BY -. jinul In Its treasury.
THUS. II appears from these TWO an
nouncements that the railroads that
can and "a reasonable market for new
securities must look out for them
selves while the government will look
out for others. That is as II should
be.
Mexico Growing Weary.
Thomas W. Lamont. recently back
from Mexico. says that country. az
ter ten years OF revolution. is wearicd
bf strife and anxious for peace. AS
for the outlook in this country, La
mont predicts that there will be in!-
aprovement in general trade by spring
that commodity prices will slowly
creep back to normal levels; that
there VIII DC s.Gda-! unlocking of
farmers loans; that there will be
evening UP of the disparity between
Ifrices of farm products md manu-
featured goods: that ~ autumn
there Will ~ ..I..iS.eI, !lco.-Ty in
business to make us feel that the
sun is again shining.
Wall Street IS afraid shat The new
Frcucn cabinet; is not destined Ii
have "a long or II happy life. and that
INe French people must learn by
hard experience that they are muss-
ing up their own aud othor door.