Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-06-22
MONEY At II PER CENT,
MARKET COMES TO HALT
business Falls or to Minimum MS
Bankers Admit Finance Be.
yond Their Control.
BLAME PUBLIC AUTHORITIES
Vanndium Shows Strength, Also
Marine Shnrcs, but All Stocks
Fall or, Due to Extraordinary
Rates OH Call Funds.
BY IsI,OADAN WALL.

NEW YORK. June 2l.-with n
public demand for coal beyond pre-
cedent coal miners in Ohio are idle.
and their families are suffering for
Iood because there are no railroad
cars available to transport the coal
Win business at minimum volume
IN Wall Street call money loaned as
nigh aa ii per cent today.
In the face OF these two facts. each
inanagemcnt on the part OF public
authorities. the stock market hest
tates II closed today at the low
prices or the day after reaction
a rally In the morning. The reaction
began when money ran up. There
was talk OF more labor trouble with
inc railroads, and bankers admitted
that they had permitted the money
inarHet to get beyond their control
TO such an extent that the IL per cent
rate could not be avoided.
cotton also broke badly, some
options going down as much as 50 a
bnlc That, however. was a favor
able development. for 1T means that
the crop Is progressing we'll.
Nnundtum Active.
Eanadium was the most active
STOCK OF the day and from that fact
the character OF the market may be
GUESSED. Vanadium is a good stock.
but u IS a specErlty not widely dis
tributcI- Tho activity was for tho
purpose OF covering up accumulation
o! the stncs In an ordinary market
with honest call money rates Vann-
dunn would have shot up ten or
hfteen points under the influence OF
ioday's operations. The dullncss In
standard Issues was more marked In
comparison with the activity OF this
speciality.
The chemical stocks. which were 90
sctlvc last week. turned dull n!ao.
me alleged reason was hitch In
9.rrng a Of the new company,
me real reason was the high money
ratc wh":h discouraged trading in
inc stocks. Always when n new com
S.nat!on is bding formed there are
profitable becfuse they furnish cx-
cuscs FOR readtions. The most cclc-
hratei series OF bitches was in con.
nectton With the leasing OF the Great
states Steel Corporation. That
agony was protracted for months.
Judging from what happened today
me chemical COMPUTATION !s going
VINO ar. lucky IN catching turns.
Marine Shnrcs strong.
Marine shnres OF all kinds were
strong today. american Information
prc'errfd was M two points as was
also Atlantic Gulf They lost these
advances when the general lis, re-
d anfSr rAere s seems to be wide
look for the American merchant
marine under the new shipping law.
Gold imports are rurnoret again
As matter OF fact gold In large
Quantities must come this summer
for the account OF the Anglo French
bonds. II cannot all be left for the
last week or TWO.
Sugar seeks were among the most
aggressive when the market wa.
strong In the morning. Cwba cane
and Punt. Allegro being leaders
the latter was rather heavily traded
in
Transcon,inental oil was very
active being one of the few stocks
TO maintain a material advance for
the day Its improved earnings are
from operations OF the mechanical
plant.
,Stromberg and Chicago Pneumatic
tool rose easily in the morning. CO.
lumbia Graphophonc preferred had a
sharp advance. Lackawanna Rail-