Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-06-24
STREET SEEKS TO FIND
OUT WHO WAS CAUGHT
Liberty Bonds Again on Boom,
Setting Several New
Records.
BROKERS GET auEsrIoNNAunE
exchange Governors Conduct Inquiry
into Financial StandinR of Mem
bers With View 10 Protection Of
InSrattng Public.

troleum. trading today Was much
lighter. However. Mexican petroleum
and Pan-Amcrican continued 20
bounce about. The stock nrst named.
which closed at 1s3 l-2. opened at 1874.
cropped 10 17G. and rnon recoyorod
most OF tho loss. Pan>Amer!cnn
"pened up a fraction 10 77I-4. adj
Nanced 10 81 "a. and then dropped 10
80 80 The rest OF the mark ct
opened strong, and then aoid on ON
HE advance In cal! money rates.
Call Money GOES Higher.
can money renewed at 2 per cent
advanced TO 3l-2. and then 10 6. Yes
'erday great many loans were
called. There IS plenty %. money de-
spit. tho month-end financing pre-
parations now being made. Thirty
h"y loans were mad. today at 9 "a
Win sixty and nlneiy-day money AZ
ana six months accommodation
80 Ia. The demand Tor time money
""H not larHe. Commercial paper was
ifc"!y offered al I. Some o. the
ranks here which have been .cfus-
ING 10 lend money on odd lot stock
Exchange collateral arc again max
nancy is piltng up There i more
rouhlc and "a higher overhead" IN
handling loans based on odd lot col
lateral hnh tho banks -urn up their
nose al such business when there -
good demand for money.
Liberties arc HooniInx.
some ncw high records were made
'ocay for Liberty ISSUES The res.
az tho bond market was strong and
active. rejecting easy money. How
ever. 81 is no secret that the market
'oT new issues is no; as good as 3,
was. Thc banks with plenty OF
money 10 lend arc pretty well loaded
up with such securities
with tho Stock E1ch,ng. firms
turning In their reports showing tho
amount OF long and short Mexican
petroleum carried for customers. nat
uraiiy everybody wanted 10 know
VINO IL was that had rcen caught In
me highly successful raid on the
bears IN this stock. ne nam. Of on.
we!l-known trade was frequently
mentioned in this gossip However.
there are good reasons for believing
That this trader Knows 700 much 10
hay" been caught heavily short or
Mexican.
That the stock has been oract!caily
cornered for months through In.
large holdings OF American -
no secret; la the be.t Informed
quarters here ,he trader in ouestlo,
- credited with having too much
stock market knowledge and In
tuition % have gone short OF this
stock and stayed short. lie has a
record for running quickly as soon
as the market begins To 60 against
him. AZ far as could be learned to-
day tho lnrge short Intores, In Mexi
can petroleum Is maze up of large
and small traders here and else
where.
Would Cut Stock From List.
Unless those short OF Mexican pc
'ro!eum and the insiders having the
stock to lend quickly reach an agree
'ncnt the next step OF the exchange
probably Will be to strike tho stock
OF the list nv was done In the case
Of Stutz.
II is understood Acre that Ford
and the Leland, fell out because the
Aelands leaned over backward In
holding out for perfection. and there
by held up production. Ford held
that production should he brouYh, up
10 Nf'y cars day and thirty was
tho best the Lelands could do. II Is
understood that Ford gave the Lee
lands check for $500 600 to cover
their investment. and bonus which
brought the total up to sio00.0o0.
The Lelands have been her. this
week trying TO interest capital in
Seek Check on Financial Condition
Members Of the Stock Exchange
arc today receiving copies OF the
much discussed QUESTIONABLE which
has been prepared and sent out hv
officials Of tho exchange for the pur-
pose OF checking the financial CON
dition Of members. One object of
the investigation Is 10 eliminate
firms which arc doing business with
out sufficient capital, and thus pro-
irct the public. However. there are
other important points raised In the
campaign OF house cleaning"
Today's Washington dispatches saw
that. high government officials dis
count the talk Of a railroad strike.
pointing out that the odds arc over.
whelmingly against a strike. despite
what union leaders have publicly de-
clared was the attitude OF tho work;
crs. This is also the vlewpo!nt OF
railroad officials in general here. the
argument being advanced that the
public will be against the strike. be-
cause wages are being cut 10 allow
reduction in freight rates. which
VIII lower tho cost OF living and
stimulate business.
Byram Predicts Strike.
president Byram. OF the St raul.
VINO is mere on business. Is the first
rahroed man TO predict strike.
some OF the men will 60 out" he
says, but we cannot tell how many
VII! obey the orders of the union
leaders. No one can tell lust how
me situation will shane. as there is
no precedent to guide us in the pres
fht controversy. heretofore when
'he railroads and their men dis
agreed we could look to arbitration
incubation Or government assistance
Hnt In the present instance the com
panies are not involved. The Pail
rohd Labor Board. which IS an rm-
biased government body. has ordernd
the cut IN pay. Therefore. The mon
IN refusing to accept the on, 49,
opposing the government. The rail.
roads accented the decision NJ H.
Labor Board TO increase wages anS
the men should now accent tho az
cision to reduce them"
For the first quarter OF thia yo,r
ended March 81. tho Interstate Cor,
merce Commission reports TODAY M
class railroads OF the con,tr,
moved 4i6.2as.So9 tons Of fr.ioht ~
STN nRc o nnnno