Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-06-09
Weakness IN MEXICAN
ISSUES IS THE FEATURE
Believe Progress Is Not Being
Made in Present Finan.
cial Conference.
RICTIANGE sRATS I'oU sALII
Some F~drrHl Reserve Hanks Am
AEttntinE Tor 1.owcr HcdiScount
Ratcs-Intcrior Hanks Hope New
York VIII Take Firat step.
5 RxoHANun sRAps For SAIL.
ny II. l.. nnrp,In.

NEW YORK, June SIP to noon
today tho Stock Market was aSa!n
soft as II has been IN spots all weeh.
but then prices began TO recover.
making II look like the regular week
end procedure OF the past month or
more would be repeated. For the
period named there has been com
parativsly strong market on Thurs
day, Friday and Saturday, followed
By many out-of-town buying orders
on Monday morning. and then weak
ness until Thursday, when the re-
ccvery begins. This kind of mar
kei has all OF the earmarks OF dis
tribution. During the carly selling
today's low prices were not as low
as those of yesterday
Weakness In Mexican issues was
the feature OF the bond market.
Those issues which have been sell
Ing of couple OF points during the
past few days broke wide open to-
DAY. losing from TWO 20 four points
closely connected with the confer
ence now going on here with OIL
ciHls OF Mexico and English and
French banks for the purpose Of
agreeing on plan for rerinuing
The back interest on MeXIco's ex,er-
nal debt arc not talktn for publ
cation. However. since no favorable
he"s has heen Forthcoming as a re-
suit o. the conference the conclu-
sion was drawn by speculative
holders OF the bonds that the hoped
for progress is no; being made. Their.
are good reasons FOR believing that
this conclusion Is tho right one 10
be drawn,
har r. Two
belief was expressed today that 1T
tie or no Roadway would be made
by the bankers at Paris. who offered
10 draw up plan whereby German
bonds could he sold until France
changes her present attitude on the
German reparations payments This
banker. who is one OF the best known
international hnRnciers in this cour-
Try was asked how many chances
out Of n hundred there were in his
opinion that German loan could
," sold IN this country within 4 year
and II as many as 100000. 600 bonds
could be sold. His reply was that
there we're thirty and possibly Nifty
chances out OF 100. hut that as many
as $5n0.on0,0o0 bonds could not he
sold here. This banker has every
reason FOR taking the most hopeful
outlook Of the proposed German in
te-nationnl loan.
Chatham and Phcn!x National Is
negotiating for control ~ the Union
Exchange Rank. Tn. ono first named
has capital OF SlO5oO. 600. profits Of
$1,000, 600, deposits OF SIi9.G2l. OoO
tho last one named has Il capital Of
$1,000 600 profits OF SIos3Ooc. sc.
posts Of slsO3ao 900.
Time money for thirty days loans
dropped Ia 1 per cent today. Call
money opened AT 2l-i the loves
renewal rate since Aprii II. 1915. and
then declined 20 ; per cent
Plans for buildings valued al SIS
2e.ooo were filed in the Borough 81
Manhattan during MAY. according 10
'oddy's statement against Sl337S
for April and Si5.o5a,O 600 for March
For TIA" I'VE months the figures w.r.,
$685. coo, against si227l. 200 for me
same period OF last year. The fall
inc oF since March IS due partly TO
IN" fac, that there was n seasonal
rGsh In the carly spring and partly
10 tn" rapid pric" increases for ma
'er!al and labor '''Thc nfNllr has h-.u
unwilling 10 tt1lo& The advances
Three stock eNchanr" seats w-r"
posted FOR sale today. with buyers
found at $4,000 for two. and 800. 600
tor the nthcr il Is understood tina,
within Tho near future very large
stock Exchange house IS going out
Of business
Some Of tho Federal reserve hanks
ar" aGl,a''ng 'or lower rediscouur
rates Wall street heard today
through Washington wires. THIS
movement is IN response to demands
from general trade for lower iui.ros,
rates. Interior hanks are hoping TN,
New York Will TAX. the FIRST step I'm
reducing rates, but II was stated tha,
unless New York does take the lead
soon, other banks Will
Northern Pacific directors have Dc
clared quarterly dividend Of ia
per cent IN" same as three months
ago. when The rate was cut from "a
per cent. where II had been Tor
seventeen wears.
J. 2. Morgan & Co have jus, paid
S!h,ooo for lease on Spring Lake
Camp IN Somerset county. Me wh.r.
the FIRMS $50 employees may 20 for a
thrc" weeks vacation at the FIRM.
expense
There was an increase OF 2ss.a2s
tons in the Nav steel lnrot output
Of thirty companies turning ont
s7l-2 per cent OF tho coun,ry's total
!ngot production for 1921 according
10 figure. given out To-Day by tn.
American Iron n Steel Institute. This
increase is over April For ADrll
there was an increase over March
o' sia5 tons, and IN March over
FEBRUARY there was gain OF s25,T2g
tons. The steel ingot ontpu, az t.csc
companies .or MAY was 2.Tlllsl tons.
against only l,o4T,slo for tho same
period % las; year The May ou,pu,
was the largest for any month since
October o, 1920. when the figures
were a,0i6.es2. May production Of
pig iron, Agures also watched by
business men IN general ss an .ndi-
cation Of trade conditions. was at
the rate OF 74+oa tons a day. agains,
5000 for April. s5.s75 for March.
5s.2l4 for February. 5000 for Janu-
airy, 5s,3st for May OF las; year and
T.sss. the low for las, July.