Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1919-08-01
MONEY At 20 PER CENT
BREAKS STOCK MARKET
forccs Members of New York FIX.
change to Take Steps to
Protect Selves.
ONE IS TO NEGOTIATE LOANS
ihdications Are That Next Week
VIII Sec Some Remarkable
Changes Take Place in Financial
Circlcs-Stccl Still Strong.
ny unOADAN WALL.

NEW york. July 3i.-The outrage
|W,Tip Ger cen, money was repeated IN
esu.ta. 1t broke the stock market and
81 some sold GU, bulls get their
',oeks back and i, Increased the short
interest that Was aI"cady large.
bu, II id one tAlng that may PROV.
.No!Ltonary It caused ,hc mcinbcrs
u the New York Si0ck Exchange TO
,ct 10 protect themselves. They have
ocn permitting Themselves and their
customers 10 be Kicked ubou, SO long
nat they are afraid to act openly. hut
u secret they met anI decided 10 stop
n" outrage They prOpos" TO cetab-
Sh maximum rate above which no
money VIII be borrowed by mriub, ~
~ the exchange. They also propose
O. appoint ON" member to negotiate
~ me loans FOR all members and thus
I:Noid the competitive" bidding that has
proved 20 disastrous.
Mnturiiics to Fail Due.
me par,iculai excuse FOR today's adj
1p",opV.ono Of 'naturire. fall on August
lrst and they had to be provided FOR.
hlllng on loans was INDUCED lin -
some extent by tho firm of !. j. Nor
tan and company, but II is not pro
liable that NOR" than $4,000. 600 wac
,aiicd ~ THAI house.
word flashed about the Street tina,
Mor&an vas calling loans. Everybody
jumps 20 Tho conclusion that Morgan
ma company was determined to ret
su.ne e.! tn" bargains and mmedi-
heIy helped 10 provide them. Tn,r. 4
40 .fdenc that Morgan bought. bu;
horSan's friends were grateful
Market CLOSES Friday Night.
ne market VIII close tomorrow night
,o' 70 r"-opcn until next Monday and
~! c.oS" y such strong technical
'"hn ton tna' unless some q saSter. over
"helihs the world next week should
zee very important and opt m site do :
Hss on ne exchange.
strength of United states steel was
IL IN, ne Of early, trading; It Was 50
~ jl6ns "ith i. The robuccoS and
',,tiirp!cun stocks in part!cuIa: were
ihu'nccd Alany oc these went TO
NJ" nigh prices 70. recent weeks In
me afternoon when money began al
Nancing u Was the decline OF steel
NOR than anything else that started
ono ions in the steel trade are such
I,nat TIC buying very confident,
"cn informed steel men do no, he
"eEe thcrc Is any danger Of a strike
PROSPERITY OF the motor Industry "a.
eh"cicf Ia tn. announcements Ma,
ne n'HM =, company would increase rs
At Woo "A share
Leather Stocks Active.
Leather stocks continued iusurro,.
lemand even while the whole marked
Was w"a" American WOOL was another
.Nery strong feature Tho situation =,
the WOODEN cioth marke, is srowin"
more acute. and owners az clothir. ?
Stores are compelled 20 resort to diplo-
n,,,'.,L - s'""S c'th " lhty nave
enough money 10 pay rhc price
n" sink ns spell IN the riarkc, had
7t"o pcT0d u th- first on. PAN
American refused TO break ana when
siGAt recovery came over the gem
era list that STOCK was At the heat.
N nc adyanetnS column.
~ Welded, But Naitcr all excitement
1ot the day. Z closed With only half a
30. nj loss Mexican Petroleum showed
|a fractional gain al the close OF the
Lday.
Kumor. are In circulation os q very
introduced 20 Wal! street