Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-12-16
POSSIBLE GERMAN LOAN
STIMULATES MARKET
Copper Shares Affected Nest
by Talk of U. S.
Advance.
MARKS MAKE SLIGHT RISE
jump From .O12S Ia .OI5a-ConHict-
ing Reports Degrading Loan Arc
Mnds by Frominrn bankers.
Mnny Deny NdNiSnbiity.
Isy nrp Mail.

Ivy "nIl.
NEW YORK. Dec. l5.-Morc den-
mite reports relative TO the possibil-
fly OF an international loan 10 Ger
many OF $500. 600 900 dominated and
stimulated tho stock market to high
er levels today. As GERMANY was a
heavy purchaser Of copper metal
from tho United States prior to the
war. shares OF copper companies
naturally assumed prominence. Gains
In that group ranged from 10 =
points. with American Smelling and
Refining showing tho maximum rise
Speculation IN tho coppers was heav-
icr than for any time In months.
Tho copper metal market displayed
Increased strength and some pro-
ducers We're reported to be unwill-
ing TO sell under +3-S cents a
pound. which Is lis over tho current
quotation.
German marks showed animation
rising from .ol2S, the quotation for
;ho previous day. to .ol1o. which
compares with the reccn; low of
'oll2'. Forcirn exchange cXrcrts
reported a heavy increase In spccu-
ls,on In ma'ks French francs also
advanced despite Premier poincare's
statement that France would he ,in-
able 10 pay her debts before getting
rc0aration from Germany and that
France would regret having to in
wade the Euhr basin alone il nec.s-
sary.
Rnnkcrs' Statements DisrcEnrdcd.
Statements NY prominent banker.
that no serious consideration had
ihecn given a German loan failed to
chill speculative enthusiasm in the
foreign exchange and security mar
kcts the belief being that "A German
loan had. At least. been the subject
ct conversations between tn" l.. :
government and bankers Strength
IN foreign exchange usually prcsagrs
European loans az bankers always
accumulate prior to formal an
nouncemcnt the exchange OF the
country to receive the loan Pur-
chase Of exchange after formal pro-
mitigation OF deal would force the
bankers TO pay higher rates to oh
tain the foreign currency If actual
negotiations for a loan were under
way German marks would have un-
doubtodlN had big rise. Amer
leans have been heavy SPECTATORS
~ marks so that a substantial rise
would mean many millions of dol
LAYS To them.
conflicting statements were mad.
hy bankers as to whether a German.
loan could hc boated In the United
States.
consensus of opinion was that I,
could hc done II repara,ion payments
and foreign debts were readjustcd
iftC Investment houses said 1t could
not I've done under present condi-
lions
E>,rn steel Dividend Reported.
Second I'm Importance Of tho mar
kct influences was q revival OF the
report that tho United states steel
Corporation contemplated paying an
extra dividend out OF the proceeds
OF its holdings In Liberty bonds
sharp rise in steel common of NOR,
than points 20 the Highest reached
since November last. when II
touched ll03-t resulted Other
s;eels also shared in the improve
ment Interests close II the corpor-
st!on secuted the idea owing to the
conservative dividend policy pur-
sued by the management, and the
operating deficits being reported
Some o: the biggest operators. how
ever. were reported to bee buying
stee! today. These purchases. how
ever. were believed 10 he covering UP
distribution In other directions.
Withdrawals or s57.o0o.OoO by Tn,
government in this district caused
T!se IN the can money rate from
10 per c-t. whore it closed
Money rates undoubtedly will h.
kept easy pendI.S absorption of the
latest sovernn-cns- loans
The bond market continued strong
National banks are appearing a.
buyers. Heaviness % Liberty bonds
would seem TO lend color 10 Tia,
story OF selling by tho steel cor
7oration hut investigation showed
banks and trust companies as tn.
chief sellers in preparation for big
aNotments Of the latest government
loans.