Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-05-26
NO TREND TO PRICE
MOVEMENT IN MARKET
Large Short Interest Out
standing Prevents Any
Marked Decline.
T. & W. nurANIxG RECORDS
New England Telephone Company
Bonds offered for Sale Arc Snap
ped Tn Quickly. showing CondI-
tions OF Money Market.
By r. T.. Bnrnum.

chang" floor arc hca-ish However
there was no trend 10 ;oday's price
movement. Tho volume OF business
handled was smaller. Probably hut
for the large short intcrcs, outstnnd-
ing. the stock market would decline.
Those who are short of the market
buy on each dip thus stopping the
decline.
In the good old days. not very long
ago. when the curb market was out
in the middle Of Broad street those
who conErega there TO trade could
and did do almost anything that hap
rened 10 pop Into their heads. 1t was
lawless crowd. But now the curb
market is indoors things have
changed. Today two members were
suspended for thirty days for light
Ing. In the old days members fought
whenever they were so inclined In
fact II was generally considered that
there was no advantage in belonging
10 the curb market II the members
could not fight. In time as their
dues increased. curb market members
'Hndoubtedly will stop fighting
New High Record for Seat.
IT wo members OF the New York
Stock Exchange almost came to
blows on the floor Yesterday. hut held
themselves in check until the hell
rang Mt o'clock and they were out
on the street. Then one handed the
other blow in the eye. after which
they were parted by friends. who
were also returning to their Office.
But that did not cost anything A
stock exchange seat sold today at
$4,000. new high record for the
year. The loss OF that money for
month would mean $500 with other
hHed overhead expenses going on
That Is why New York Stock EN-
change members are not willing to
run tho chance OF being suspended
Tor "A month or more for starting a
fight on the floor. 1t is cheaper. one
OF them remarked today on hearing
OF. the suspensions over on the curb
market, 10 go and pay for seeing n
professional fight.
Some idea Of real conditions in the
money market may he had from the
success 81 'oday's offering of S35.-
100000 thirty-ycar : per cent New
England Telephone Company bonds
10 yield BIB per cent. The books
were opened at 10 o'clock ana i'm
mcdiatcly closed with the Offering
largely oversubscribcd
Protests Against Experiments.
The 9.271 shares of Bankers Trust
stock belonging to the estate OF r. G
S Use were Spld To-Day at public
auction. 4 syndicate of Bankers
Trust officials and directors was
formed 10 make n bid for all stock
offered a; 1910 a share. The first
bid received was s3ll for one share
with the privilege Of taking hfty
khares at the same price. About s.
600 shares We're sold in lots of tf,v
shares. All OF tho stock was sold
with several syndicates bidding with
tho low price 32S l-2 and high. 34l.
From reliable information 1t is
learned that Norfolk and western.
because or the large earnings from
independent coal mines viii show a
surplus for dividends for Anil of ST.
10000 against the $500 o0o ronn-,
ed Tor March. and s577 900 for April.
OF 1921 II is understood that the
record for May is breaking all high
marks and that for the first half o,
the year ending with June. per cent
WI! be earned for the common stool.
President R"a. talking before tn.
Chamber OF Commerce Of Do,,nj,
sal! IL you desire motor sery,r.
ar ships. waterw%Ss ana. good roads
i"r tTansporta 10 p scr vice and sya,
10 compete with The railroads, am
NOV gong 70 quarrel aboU: il, am
gong - protest about eyD.riroon.t-r
~ =
porta'!on and no, requiring thorn m
pay the cost Of tho facilities INC. rsn
and enjoy for n-ont" Mr.. Rea named
no names. but 1t is no, hard 10 guess
INA ne was taking about auiornohiI.
trucks that arc cutting into ,b.
prphtahl" short-haui business n, ,ho
railroads. and ar" not paving ,nci,
wa for N" damage thcy do ~ biyt
ways and which mus, be made up nv
the taxpayer. II took some co,i-aro
ior Nj Rca To 20 to Dcrroi, To saw
ms. MOT" ls going 20 bc heard OF the
same subject ''''
'oni strike Hits itonJ
Delaware * Hudson, a harj c,.i
f."a' reports for April the first month
OF the anthracite strike. when a.,
ten Of coal was mined, gross ~ 90
'i',uoc against S3.7l3.00O a wear MO
WIN an operating deficit Of $l5ObG
against S655.r00 Il year ago
may or may not bc true as som.
wal street people are cIaimina ~,
AUDITORS ot the Canadian Pacific 40
: gong over the books Of tho Nc,v ia.
N"n Tor the rpose OF cs,ablisbfr,.
fe'HsS ioi merger. IT may Toe ac
tep'"H as fact however. that tho
most active ana one Of no ~,
successful spcculators in wan Sra.
if managing q pool in Now Jiayo,
Also that tho price Of New yJ.yon
shares has already advancc1 me
year from l23-. TO 25l-t, tho hi,.t,
est Ie"ci Touched since the great af.
ter war bun market ended in l4Io
IN i'4' New Haven sold at i0,s
Good advice - being given h,
N" American Iron steel ana Ii.a,l
hardware Association at Its anrt,,,l
convention now on al Atlantic C'i,y
IT is generally recognized ~ LI.i-
ness men that the steel trad. k,cn.
posted to the minute on tho ird,,s-
tr!aI situation The keynote ia mo
convention nov hcing held js I'M,
ne tide has definitely turned :n, tha
peter IN regard 10 sales and ynlv,,,.
"f business. tut that labor. pro1uc.
non and raw material costs nIuet
rise, and that IL would be b.,-rr1,o
avoid mutations ana runaway mar.
kets Take your prosperity grad.
= ualiy,' is the advice being I've,
4" That is the foundation on Which 10
successful Cnited states steel cnr-
poration has been built
Freight Cut Pirnses steel n,,
steel men are pleased over IN.
freight rate decision. for to them
it vii! mean more than reduct,on
OF 10 per cent IN production cost. II,
VIII mean reduction OF 10 per cent
in coal. In ore, and many other d.