Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-06-08
BIG TRADER IN SEREET
Sees LOWER PRICES
Livcrmore Sells Stocks Short
for the Past Few
Days.
weekly Rcvlew Of Conditions In
iron and steel Trade shows
That Prices Continue Ia Gain In
Strength,
CALL MONEY DROPS TO ~
by IL. l.. BnrnuIn.


NEW YORK. June While soft
In spots today's stock market was
dull and trades In general arrived at
the conclusion that tho next price
movement might be either up or
down according TO the news develop
ments. Livenorc. the largest trader
in the street and the most venture
some, has been selling stocks short
for the past few days taking chance
that lower quotations are going 10 be
seen.
From reliable information this sell
ing has been done through houses
handling Investment accounts to
make II look like liquidation.
Discuss Cutting Interest finite.
Call money renewed at 3l2 per
cent today. the lowest since Mag 90.
and then dropped 10 3. Eankers her"
have done their best to keep mDn"y
rates up. but the country's iarg" gold
supply and general trade below nor
NAL. the job has been given up
Clearing house banks held ii meeting
here today To take Joint action in
lowering interest rates on deposits
feeling that easy money was here to
stay for some time. Action VAS post.
poncd FOR week.
An advance OF ten points to 5.T5
cents a pound was announced ia the
selling price OF lead today By the
American Smeltsring Company.
Today's weekl? review III cond!-
lions in the iron and steel trade says
that prices continue 10 gain In
strength as producers are forced to
use larger percentage o! high
priced coal from Kentucky and West
Virginia. Demand continues salts
factory.
Western dispatches reported thai,
we'll OF 100 barrels "A day had turned
up in the new Northern Montana OIL
Field. These developments are tc-
ing closely watched by holders Of
Great Northern and Northern Pacific
VIII Appeal To Congress.
Wall street read with much inter
est the dispatches from Cincinnati
quoting Samuel Gompers. who IS
attending the conference 81 railway
labor leaders on Che wage cuts
Gompcrs says the decision OF the SUI
preEe Court holding labor unions
financially responsible FOR loss sus-
,eiued b. employers during strike
us "a blow at the very foundation
Of organized labor in America lie
says the American Federation ~ next
weeks meeting VIII lay plans TO
appcn! 10 Congress and the people OF
tn. United States thus wag.ng war
against the supreme Court.
Wall Street believes that law and
order demands that responsibility
must go with power and that IL wise
~ advised labor unions VIII iucor-
poratc voluntarily TO shield individ-
uals from personal liability except
where active part liz taken in carry
ing out orders OF tho union which
would restrain commerce. ~ is a
legal principle that the master shall
only be held responsible for actions
Of his servants when committed
within tho direct scope OF his nu-
ihorlty- Othewise tho owner OF an
automobile could be held responsible
FOR damage done by an empiOye when
the driver had taken the car out on
JOY ride without orders. Wall
street does not believe that the much
discussed decision OF the Supreme
Court viii ever be able TO prevent
labor from striking. but IL woes be-
l!evc that where damage results from
broken contract losses can he re-
covered
Leading hanks throughout the
country reporting To the Federal Re-
servo Board shows an increase in
loans and discounts since April 10
OF ST. 100000 II IL believed here,
however. that this increase Is due to
larger loans for speculation. Com
mercial loans show reduction OF
sl0s.7ll 900. whereas. loans secured
by stocks and bonds are up s22T,-
100000. Loans secured by stocks and
bonds OF l06 banks here show an in
crease since April 10 OF Sl5J. 600 600