Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-07-27
EBIG JUMP IN GALL MONEY
SENDS SECURITIES DOWN
3 Bad New York Bank Statement
Held Responsible for Mar
kct's Slump.
wv "A RN OF HIGH Il \ Il l. $
influential Banking Interests Re-
ported to Have Told "Contidcn-
tial" Friends That Interest
Charge May Go Higher.
wv Arm OF HIGH KA TIE $
ny nI,nAnAN NAIL.

NEW YORK, July. e6:-The 'nad
local bank statement OF Saturday.
taken in connection with the very
( fsliEht Improvement in the banking
situation OF the country as whole.
resulted in a call money rate OF 10
per cen; in Wall Street today aud in
was strong because professional Wall
Street believed that the war in Eu-
rope was over again
Trading was on a very slight scale,
I because so many were go!nS TO the
. Satch race Prices remained without
material change until early after
~ noon. when they suddenly crumhlcd
away. Selling Increased rs prices
J. dropped. with tho result that the
+, market closed weak and colscd at
tire bottom prices with losses o; from
Z point 20 as much as 10 in active
issues. There was no particular
drive on the market, but those stocks
that had been most active were Sold
most freely The Weakness WAS IN
< direct proportion 10 recent activity
and strength. Mexican Petroleum.
4 Reading, crucihle, Nauad!Um. Bar
rett and Texas Pacific lost most Sc
I'd Put out More Warnings.
The same banking interests ;hat
warned the street some time ago 10
Zoe on the lookout for 30 per cent
money put on; additional, warnings
today 10 confidential friends.
Two reasons were gwen today for
1Sa a Ins hrSi one Vas ne 9 nn
1icit in reserves with Very little hope
of Improvement, and this ~ zine
when reserves should be strongest
on account OF the crop demand. wniGh
is certain TO come from the Middle
West. The second reason WAS the
heavy falling OF IN our trade balance
in June. This balance showed only
about S7S.oO0.0ou IN favor OF the
United States against 100000. 900 TOR
May. 1t * the opinion o: some Of the
Very highest financial authorities
a. o.
United States within threc or four
oil stocks Sell Freely.
Oil Stpvkss were sold freely. I'm
spite O: the fact tina; several new
wells Of Importance We're reported.
The Texas Company had one anu the
1nNluc!bl. Oi! Company another.
The most severe break came just
ut the end OF the day. and the clos
Ing gong rang IN the mi.st O! Ii.
everything at low records. many
stocks being at new low records for
speculative. because the bankers have
succeeded in ;rishtcninS ali invcs-
tors with the prospect Of higher
money Even cash purchasers are
One OF she most demora!ia.ng
breaks o! the afternoon was tina; OF
United states Steel, which hit u new
low record price for the Year. Judge
people 10 buying Steel, and caused a
good many others 20 cancel selling
orders which had been in the market.
( The break. therefore, caught every
body by surprise.
Good Selling In Motors.
The pess!mistlc feeling in regard 10
tho motor stocks persists. and when
Rubber broke through 30 there was
Il eooI selling OF al motors. Watcher
trac or not the stree; believes shat
the automobile and tire compan ieS
are ALI carrying Hhnornally large
invcnturics Of finished material that
should have been sold TO the public
al more reasonable prices. The pub
IL has an ppiHlon that the au;omJ-
bile compan!es are trying 10 put
something over" on ii. They prob
evidence IS IEH!uS; them.