Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-08-27
SEVERAL SHARES HEAVY
IN WALL Street MARKET
II Many Stocks, Especially
General Electric, Substantial
Rccovcrics Occurred.
'XrEcr nusY wEEt-nNn
'int Cut of $3.50 Mndc by Mercer Au-
t"m"biic Company ON All Models
10 Become Effective ImiucdI-
utcly.
ny u. l.. linrnun, /.

ny u. l.. linrnum.
NEW YORK. Aug. 26.-Unitcd
Plates Rubber, Pierce Arrow. United
Y'rug and few other shares were
leavy today. but in many shares. cs-
I'eciaily General Electric and Ameri-
IAN Locomotive, substantial rccov-
if% occurred. This recovery on tech
zeal conditions would probably have
occurred yesterday. but for the dis
hrhance caused ~ putting out the
hlsc report sling the suspension
Il dividends on Mexican Petroleum
Wall street is still talking abon:
hat incident The committee on
business conduct or the stock ex-
hangc has notified nil OF the mem
flcrs OF the exchange to make "A full
written report on the purchases anh
|'alcs Of Mexican Petroleum on hu-
gust "a and %. The notice sent out
|,s how many share2 were you long
l,nd for whom" 'TIow many shares
fscre you short and for whom
Proper 10 Make Probe.
1t is proper for the stock exchange
10 make this investigation. But the
finances are that the names of those
Fesponsibic for the false telephone
message sent TO the news ticker
(which printed the statement that the
dividend on Mexican Petroleum had.
been passed will never be discovered.
fVall Street can think OF only one
nan mean enough 10 have played
yesterdays trick the Wolf OF Wal
6treet." and he is now in jail.
When large traders are going short
bf the stock mo<tet such tranBac-
Lions can he concealed: the stock used
10 make short sales can be borrowed
t.
|same large traders cover their out
standing shori sales such transac-
tions can he checked un by tho re-
Fturn of borrowed stocks I, wa.
learned today that the largest
kradcr in tho stock market. one who
has recently been short OF General
Electric, Studcha<.r. American Loco
motives and nu-nbcr OF other shares
has tust returned lot Of borrowed
kstocks. whether he IL through with
The short eide for good remains TO Ice
k.ecn.
In banking circles close 10 the
ma n aEcrncnt o! United states Rubber
u was stated today tha, next weeks
report Of that company for the FIRST
half of this year viii show a deficit
after dividends are pail Of approNi-
|rateiy s7.Ooo.OO0. The company only
cCcntly passed its per cent dividend.
VIII Have Good Wrch-i9nd.
Today's recovery ~ the stock mar
,ct Is going to make Wall street nave
!, much better weekend. In som"
quarters. 1t was feared from tho way
liquidation was moving. that the
market -ight again get out ~ hand
fTohay's recovery removed all such
ears.
II IS now scncrai!y understood that
l.H l. ~ Sg..lt ~ az ln "a
for the account OF Interests tied up
II unnark:t0hlc ventures and for 'h"
purpose u raising cash TO help out
|tllicd interests. Everything postlhlc
was done 10 conceal IN" sources OF
he selling. But given enough pieces
wall stree, can put together enough
" most any puzzi" 10 maze Hooa
guess. as-;o the meaning or the pc
ure as "A whole.
j. was learned today that the d.
rcctors OF the Foreign Credit Cor
poratIon have formally approved the
and that profit OF some
$4,000 will be shown over and ahov"
the pnid-in capital Of S5.0o0,o0o and
the 100000 surplus.
subscriptions amounting To $4,000
GOO have already been received. IL
s understood. for tlo.ooo,00o credit
TO he granted TO the Cuba cane Com
pany.
Gold Shipments In Transit.
Kuhn. Loeb Il co. were notified to-
day that shipment OF gold FOR tho
firm, amounting 10 $4,000. was on
the Olympic. and another of s165.0o0
on the Empress of India. Both ship
ments are from India. When this
gold arrives. IL Will make &loi,ooo'o 600
received by that private banking
house since the hrst OF this year.
Several OF the firms partners are
now abroad, wall street believes, IN
establishing connections with pow
crful German ciients.
Gross earnings OF the raliroad'
n whole Tor the month or June pup
lished today by the interstate com
merce commission IN us maj sthtc
nent lot tnat nonth. Sho" st"i'o"o'
600. against sa3l'ooo'ooo TOT inc same
period OF .aSt year Nee opcrat,ns
Income arno"hlt" 70 soi.o4 w.
f Sainst last year nohcit %, fi"'-aV'-
oNu. an increase OF Soo'Sn l'"oo.
Io"aSs hS' OF STOCKS iehuihs At
q premium II me longest lot any
time during .he oehr ma Nc. i
llst ihe'""'s su', shares az
E'ec,.Ic' VIZ, o,,,,
CaroiIhh Cnti,. VIZ t 81 ',nu
preier'eu n,.
i.eh"' NM -. az" ,..,,,;
Amr.'c" r,, .,"' "a;,,,,' ~ r. I,,aox
VI -,