Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-07-14
~ ] !. PRICES ARE REACHED
hInALL STREET TRADING
11f!stcd Bubble OF Anglo.Frcnch
Loan Yarn Sends Stocks
Skidding Downward.
iHss MONEY RATES REMAIN
onRcstion OF Freight Declared
HChicf Cause of Scarcity of Bank
stpgs Credit, Which in Turn Waits
on Commerce Commission.
ny nl,oApAN WALL.

|s%NI1W YORK. July 13.-Stocks closed
the midst of mild rally today
Hfter most OF the important issues had
.lShHde new low prices for the move
.,saents. Mexican Petroleum and In
sancible Oil were notable exceptions.
|tsSoth showing strength throughout the
Passion. Reading turned weak in the
Mternoon. causing traders 10 sell all
che railroad shares, but few o. the
.lEow-priced issues remained strong.
Es2rading was aimos; entirely pro-
kGesEonal.
5E it is4evidcnt that there has been
ESIe4ll lent selling of long stocks by
|tTrong interests on the recent rally.
|Snigh money rates are expected by
host of the Street; There are some
f%tptimists who believe that after |er-
ISAtAs government plans are worked
tut the cali rate may fall; 1t Is oil,
Tially announced that the United
+Gtates will receive some $50. 100000
ftm taxes in July. The financing of this
Exum, is complicatinS market situa-
fTfon otherwise delicate.
fs.3 Freight Congestion lIlnmcd.
t%sCongestion OF freight is one oE tho
Iflhief reasons for the scarcity of bank
hing credit and that III turn waits on
kEpmmission. Wall street is Begin
ling TO worry about the Labor Board
fNWard. which may be announced any
l&ays now and which may take up all
fThe increase TO be allowed by the In
fserstnte Commerce Commission thus
IssaSinE the roads very little better off.
sSut, even Shonlu the wage award take
IsIl the increase that Will be some
| &elp because it may enable the roads
IshS get back to normal working con-
fittons so far as labor is concerned.
DT1n regard TO tho congestion OF steel
INroducts at the mills il can be said
IiSn high authority that there is no
ISresent danger of any mill shutting
iS,own.
GEarly today quite rally was
<tarted in the market by report that
NE British government had agreed TO
Rake over the French responsibility
Sor the Anglo-Frcnch loan in return
For an agreement on tho part ~
6Srance to withdraw objection to trad
2SpE5. with Soviet Russia. The report
Iated that this would release $500,
EJo0. 900 OF gold for British account and
That Sl50.00o,000 OF this would be sent
tfSI New York. This report was circu-
hted. among traders for an hour be-
S1re 1T was published in any news
&aper or ticker service.
Morgan Denies Report.
|HtWhen IL appeared J. T. Morgan {
flto. promptly denied 1t: This prompt
fulntion, led the Street to believe that
|she whole yarn was invented for
purposes, and iherc was
k{ree selling Of stocks Immediately. on
aay were made and in no section cs-
Japed. Even Reading and MeNican
&tetrolcum went down. When United
Natees broke through 90 there was
JuTner buying OF stocks, and the
Email rally was under leadership OF
fexican Petroleum. The street had
report that Mexican Petroleum had
brought in its new well, but this is
lot. correct. The we'll has been ce-
Bhentcd am will probably be drilled
En- within ten days or two weeks The
Mas pressure is such as to justify cN-
3Eectation OF 4 guShcr.
~ Capture OF Minsk by the HoisheHistS
HAS considered in Wall Street TO be
Spery serious matter. Money is the
6ief obstacle to Il rising market but
ne<rorcign situation is being watched
arafully by the banking leaders.
here arc signs OF = new dispute be-
wcen Japan and California that may
cmplicate trade relations in the Far