Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-04-14

NEW YORK. April l3-Traiiuy
on tho stock exchange was less nc
live today. bat the total was again
III excess OF the million shares
mark, making the tenth consccutiv"
million share day thus far and Tho
eighteenth sine" tho beginning OF
the year. That there should have
been falling of in activity was to
b" expected because of the holiday
tomorrow. Prices as result Of the
holiday also moved IN an irregular
fashion during the greater part OF
The session. due to evening up OF
accounts. Brokers. however, re-
ported that n good deal Or profit
taking is going on BY people who
are OF the opinion that a reaction
must set in before long. Some
stocks, however, established new
high records for tho year.
oi! shares as a group were cspc-
ciaily active as result OF the ad-
vanccs in gasoline taking place In
various sections OF the country. Sin
clair moved into new high ground
on announcement of the closing of
= deal with tho government for oil
lands in the West. Royal Dutch
also was prominent. while Cosdcn
moved forward on revival OF old
rumors OF Standard oil buying.
Motor Body stock. Attract.
The motor body and accessory
stocks again attracted considerable
attention because OF their strength.
Mullins Body and Martin Parry were
most prominent According To 40
Vices received here. the auto body
companies have more orders than
they can fill Mt present, and as soon
together II is said they will be
operating at 100 per cent capacity.
Directors OF the Sterling Products
Company have declared an initial
dividend OF &C. IL cents share on
the capital stock. Numerous COM
panies during the past few days
have announced either initial or OK
ira dividends or have resumed pay
mcnts after several years OF sus-
the contrary 10 tho situation which
existed At this time last year. and is
looked upon as hopeful sign.
Gail money continues 10 he in
licrtitul supply in this market. and
funds loaned and renewed on the
stock exchange at ! per cent when
tho market opened,
The rise in American Wooden to
y new hich record for tho year Is
based upon a report that the pr"si-
dent ui The company viii announce
al advance in prices within tho very
near future. The comDanyS mills
as already stated. are operating at
loo per cont. with the exception OF
Inc WOODEN mills, which report 81
per cent.
copper stocks continue to hold
firm, and tho strength in these
shares is also causing tirmncss in
other metal stocks, such as nickel.
zinc and lead.
Although the directors Of the local
Federal Reserve Bank took no action
in reducing the rcdiscount rate from
! /. 10 per cent following the
sharp drop in the interest rate on
Treasury certificates OF Indebted
ness, the governors Of the Bank or
England announced n cut OF l-2 OF
! per cent in IN" minimum rat" OF
discount. This action on the part of
tho Bank % England officials was
the chief topic O: discussion in
both banking and stock market cir
Cles. The present rate OF per cent
- the lowest since before the decla-
ing been ( per t.nt on July 80. 1919,
and 10 per cert TWO days later when
England declared war on Germany.
NJ the beginning OF 1914 the rate
was down 10 . per cent. The rcduc-
ton In the rat" gives "A clear illus-
i-atioIt OF world money conditions
D.. and demonstrates that tho reserve
lank viii have TO cut its rate sooner
or later.