Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-06-27
EXCHANGE GOVERNORS
SAY IS NO CORNER
Stock Crosses 200 Line at
Noon, Soaring Over
2l4 by Closing.
Decision OF Market Heads Ia I'm
favorabiy Commented ON and Com
pared With Ruling I'm StutA Motor
tnsc,
ny II. l.. Uarnum.

NEW YORK. June 2S.-Recciving
n clean bill OF health from the com
mittee OF the stock Exchange. which
has been Investigating thc recent
action OF Mexican petroleum. amount
ing to !ceuss to go as FAR az Il
lkcd. the pool operating in Mexican
petroleum celebrated today with an
advance during the nrst At,een
minutes OF eleven points. But .ha,
was only starter. Closing at
lal IL. and opening a. 1871 short
L. inter noon 200 wax crossed with
:t Ia reached during the next
half hour. That made an advance OF.
"cvcnty-onc points Ia a little over
week
w.n-inforincd wall stree, knows
tho makeup OF IN. pool operating
ia Mexican petroleum. Ana as a re-
suit OF The report brought la by Tho
committee Of the STOCK Exchange
Investigating Mexican petroleum. the
conclusion was reached throughout
wall street that the right people can
80" anything provided no governors
az the exchange are caught short OF
stock as vas the case In Stutz
shortly before that stock was s,rIck
Ell OF the list following an invcsti-
cation II - believed here that Tho
snort intcrcnt In Mexican petroleum
was made up % widely scattered
comparatively small out-of-town
traders
Makes had Impression.
i'rI"ny stated. tn. decision Of the
stock Exchange governors that no
"orncr existed in Mexican petroleum
made bad inprcsatun in Wall stree;
There IL no question but that mo
het!on OF a s;ocn such az Mexican he.
iroieuin hurts the stock market ana
wall street In general. Poor tudE-
'nent was uscd b. the pool made UP
"l hhnkins Interests IN deciding TO
stag the recent ac,ioh In Mexican
petroleum following tho recon; dis
ciosnreH ~ tho s,-'i merger !nvcs,i-
CATION az PROFITS made b. Wal!
stree, bankers All that kind u
t'un hrlrGs nearer the day when the
sock market VIII be regulated By
law something not altogether to b.
desired. FOR The bcs, ln;crcs;s O.
all parties concerned
Louisville" ana Na.hylll. has bean
coming To- ilfe slowly during ,h, pas,
ic" dH.. rowing rumorR 90: q STOCK
d'Hiior- II" closIn. rriy" was
- last Friday, nuG MS 2 sacur-
DAY To-day early e. was lgi SOM.
DINER rails wer" Strun. on .ho Of.
hc-al confirmation o.; rumurs that
plans were under way FOR til. merger
az Buralo, Rochester and Pittsburgh,
nec!mc and LAX. Err. and tho
Toledo. -. Louis and Western
y. a W. SiiII Making fIny.
Norfolk and Western continues TO
max" hay while tn" sun is shining
by mixing he most OF thg activity
OF the nouunipn sntt-Con! mines To-
DAYS Statement, tor May shows IS
$4,000 gross m increase compared
win las, ."nr II :2,3sIcoo with net
operating Income II t3,4l2.nOO. an
%
months gross Of '3i.53s.0OO ls IN
st3a7oco. with net o! sl0.i7O.o0o IN
S7,OIi 600
Cai! money opened a, pcr cent 20.
day and by , O'Clock was M roiI.l
afterwards advancing To 5i-2 There
was some withdrawals OF deposits by
out-of-iOwn banks Last week Tha.
IL the only change in the money
situation.
The Federal Reserve Board. q,
Washington. reports an incrcas, I'm
wholesale commodity prices for tho
month % May % nine points. or 6
per cent on the average Last MAY
INC figures wtr" ii5 There was
drop 10 i42 by tho close Of June fol.
lowed by recovery IN September to
li' ana ihcn another drop in De-
cember To li2. Since last AprIi th.re
has been steady rise to 1853 AZ ,ho
close OF May.
on Held for Advance
Todny's Pittsburgh adylccs say
thai oil producers in tina, district are
holding for another price advance
Premiums OF from Is to .s c.u,s a
barrel arc being paid. IL WAS stated
"Hcr the open market price OF s3.a0
Similar a@vic"s were received h,r-
before me lat advance OF - cents in
the price o! Penns yIvania crude.
l.ackawhnnR. the road of authro
ciie, is paying FOR the strike. To-
ha%s statement OF earnings for the
'HEe months OF tho year up To the end
OF MAY. show s3c.3Sl.0OO gross
decrease of si332.O0O with nct
operating income a; si.3I4.0OO. AN
Increase Of sl0i7,000 This state
mcnt includes two months OF the
hiFlkc when absolutely no anthra-
cite was mined. For May gross was
S6.5l60o0. decrease or si.77S.000
with net operating income only
s422,o00. decrease compared with
the same month of laaf ,-oar