Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-09-22
SELLING DUE To CALLING
OF LOANS by N. Y. BANKS
Call Money Goes From i to 6
Per Cent During
Day.
Si.l: nIG GOVERNMENT LOAN
IrIicNc Mellon VIII Float - ONO. 0tO,-
doo Issue to Meet obi iKntions
Amounting to Over S2.OOO,OOO. 900
before End of Yrnr.
SEE nIG GOVERNMENT LOAN
lily Il. l.. Durnum.
. Writer! for the United News,

Written for the United News
NEW YORK. Sept. 2l.-Considcr-
able ground was lost In the stock
market today, heav!ness developing
~ times into real weakness. There
,was som. short selling, bu; the best
Information is that 80 far the out
standing short interest Is small
ihcre are two ways Of s!zinE up
~" outstanding short interest. ona
Through tho demand for stocks il.
IN" loan crowd. the other to ask in
d'Nidnai houses where they stand
y marit't that has had tn. advance
Witnessed this year liz In q wcai,
technical condition when it begins
To- go stale or decline without :,
large Outstanding short Interest
Due To 'FRONT.' Taking.
From the best Information RI, ..,t
declines lave been due TO pront tax
INK ny Individuals aud pools ana 70
'"!!ihS by large houses working :ur
- ii7"' which had attracted a follow.
ing TOO large for working capital
'"Ft OF 'oday's selling was also
que 10 the calling OF loans by banks
''f" Tor their own account and for
'N' account Of out-of- town banks
Can Money renewed II; il-2 per cent,
advanced TO then 10 SIC around
~" middle Of the day, gou!g to 6 IN
tn' last hour. There was also some
tsntcnlnE of time rates
Predict New Federal Ionn
WIN tIc bonus hill out OF tho way
S"rrci2ry Mellon cdu now 20 ahead
WIN MS '"fund!ns ~ maturing gov
eminent obligations which amount to
F2''V".Vor.op before Tho end ot this
Year. The feeling here today was
mat - government loan ui some 81
"c.ovoOo0 10 run ten years or long
60 bearing : per cent !ntcrcs, would
TO Vf.r.n probably next month.
Is lot casy to get a !!ne on
"hht big trader ~ doing In the
F'"r" market unless he vo!untnruv
n"elar.s hi6 position 10 ask big
''"ieT Where he stands Is 70 invite
h"inH to!r something that is not true
or "isc - got Il suuU. Houses through
WING" u" trades are ia tnc dark be-
aus" on" house MAJ toe buyirr.
While another IA selling. Jus, nov
'N"iybonE iH irving to guess where
4.lEc''u"r" stands IA tn. hiock mar
hct aud L.vermor" himself "a uot
taxing. He wen, 10 EuTop, the
last ~ August bHllish for a long
pun. but declaring that patience.
might hc required To- get prou,.
men Will" he was EDu. prices
h'ar,sH 10 advance and kept on adj.
Nanrimg. LivrrWcrc cut shor, his
~ ''''''4''r 'bN NAsiNsS after f.g
i4rnrd early This month the stocl,
market nit ~ top The beg, guess
"t wall stree; today b. tina, this n.g
i'hd"r is snort OF sructs and I'm.
'''"r'S hiN sales on each rails.
New Exchange R-udy Sonn.
~" big ucw building on tho corner
~ Wall and New streets. which TN.
',l'eR Exchange Aas been erecting
'r 'Ao past couple Of years TO 90,
i'.'r"ascd facilities. is now about
ready and Wall street A.ar. mn,
''h'uEdny. September 30. VIII u. de.
'.Ar"d a stock Exchange holiday to
permit Reimbursement OF telephone
and otAcr wirco and trading gryurs.
fiSur"s Of railway equipment com
H4h show recent recovery in
ih"i: business \ business having
such Md" Illustrations has unusual
speculative interest. bu; lacks In
N'stheHt interest except In sp.cial
'HScS such as American car and
Foundry, where surplus earnings
from good gears are set aside for
payment OF future dividends For
'eNeTa! years this company. Will.
earning more than its dividend. has
h'd It fund Sufficient to pay The reg
n!ar dividends for three years ahead
y Nnch eases "a stock should he CON
rid"rcd hy investors on its actual
income return.