Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-01-12
POOL SHARES SHOW BIC
GAINS IN WALL STREET.
Heavy Trading in Bonds, With
U. S. Issues Leading, Fca-
lures in Market.
FROZEN CUEDITs TIiAwING
Easier Money aud Expectations of
Lower Hrdiscount Hntc In New
YORK lchind Active Trading In Sc
cur1tirs.
FROZEN CREDITS TuAwI,
ny II. T.. IiRrnuni.

NEW YORK, Jan. ia snow
storm turned into slcet around noon
accompanied by heavy winds put
ting Western wires out of commits
sion All of this week the heaviest
selling has been from the West. To-
day trading on the stock Exchange
was light, hut prices held firm many
pool shares showing substantial adj
vanccs. The real feature az the day
was heavy trading In bonds. especial
~ the government issues. practically
al of which made new high records
for the year. some for AL time There.
has been considerable switching from
'he LES into these paying a high
or interest Eaie To-day tho Fourth
~ made Il new high record. $lG.2O|
above tho low despite OF fact that
there are sf.5to.ooo.OOU or these bonds
outstanding. the largest war issue.
Time Money Abundant.
Easier money aud expectations OF
lower rediScount ratio here with
reductions for all OF the other banks
were behind todny's active trading
In bonds. Call Money renewed at
IL per cent and Time Money was
abundant ~ IS-i for all period Sc
cured by mixed railroad and indus
trial collateral and 4I-2 for all rail-
collateral. Frozen credits are thaw-
Ing IN Atlanta, Dallas. Minneapolis.
Kansas City. bankers here report. II
WAS pointed out that for the post TWO
weeks there has been no !nterrcservc|
borrowing between Federal reserv.
Tanks. which means a strengthened
banking position. The market for
bills OF hcccptanccs, 1t was stated,
was much easier with some dealers
offering bills as low ms 33-4 per cent,
the lowest in four years. There is
also good demand from out OF town
banks for bank acccptanccs
I.ackawanna steel was To have ts-
sued It's quarterly report for De-
ccmbcr today. which would have
completed the statement for the year,
but IL was decided. so Wall street
heard. to withhold the report until
later. probably next month.
Today's Iron Age says that with
Notwithstanding still going on little
was expected in the trade for the
FIRST half of January and hence there
has been no disappointment over the
Inactivity Of tho past ten days OPP
STATIONS we're reported as slightly he
low the average for December, the
steel corporation dropping to from
80 to 81 per cent OF capacity against
80 last month, with the independents
down TO %. against last months 81.
Standard OH Of New Jersey. fol-
lowing yesterdays cut OF ] cent IN
prices OF gasoline and kerosene for
export. announced today n cut of
per cent In tank-wagon prices for It's
entire territory. Prices for gasoline
now range from 10 1-2 cents In South
iHf"i!na To - in Eew Jersey. with
kerosese from IL cents In South car
ol!na 10 "a cnnts In Roanoke.
II was rurnored here today that
the LOCKWOOD Investigating commit
tee which has been looking into the
building trade monopoly with the re-
suit that several men have been sent
10 jail and important decisions have
been handed down by the Supreme
Court against price associations. IL
about TO look Into telephone prices.
These reports made Wall Street recall
the predictions that were made when
the American Telephone Company last
year unexpectedly Increased It's diyi-
dcnd from to 3. II was believed by
many then that the American. by its
dividend action was flirting with
trouble. merely to help along its H.
nancing.
Place. Freight Car Order.
Yesterday the Union Pacific placed
a large order for freight cars. and