Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-12-17
TURNOVER IN RAIL SHARES
AGAIN REACH HIGH MARK
Bond Market IL Less Active,
With Prices Shading OFF
Gradually.
FOREIGN EXCmANGE Is EIRM
National Tube Announces Cut of 81
Ton On rlpes-SuYar Intcrests to
Urge Tax ON Cuban Product BE Re
EstablfsheG,
by Il. l.. Gnrpu,n.

Hy Il. l.. .;nryun.
NEW YORK. Dec. iG.--New high
ground for the week was made In the
stock market today with tho rails
acting very we'll in thu late trading.
u" turnover was again very large.
Inc bond market was less active with
prices shading on soma from yestcr-
day's high The banking syndicate
buying tho sT.3GO.0O0 41-2 per cent
honda OF Buffalo yesterday announced
u public offering today. These bonds.
running to 1922 and 1912. are offered
at pricca ranging from $40 to 405.
MarkB and other foreign exchange
held hrm today despite tho announce
henI made by Germany that Ii could
not pay The amount duo next month
on rcparatlons. This action OF cX-
change WAS believed here To mean
that some definite arrangement will
h" made between Lloyd George and
BRAND a. tho forthcoming conference
Tor postponcmcnt OF the next rrpara-
ton payment. 1t IL believed That
England viii. turn owe. to France
par, OF the last cash payment re-
ccived--ihnt Ia. the billion gold marks
OF s:5n.vn0,00o remaining undis-
tribuucd This will keep France out
Of the Ruhr Valley. In tho Inst set
Element France got coal. but being
Hooded with that commodity. turned
II hack TO Germany at half price.
Germany. however, tclnI credited
with fun value. That experience, as
woll as tho decline In marks which
has dcmoralizcd business In general
will IL IS believed. bring Franco TO
"a realization OF existing conditions
and that hence Germany will be given
n breathing spell In the payment OF
separations. II is believed here that
Germany does not want to pay. but
that she could not pay the amount
fixed even II she wanted TO. and that
Ivy trying To pay II she would do more
harm thar good to the general situa-
ton Gcrmany's announcement thnt
she cannot pay AZ .east gives Lloyd
George and BRAND something TO talk
about.
I, was learned today that repre-
scutat!ycs Of the large sugar inter
csts here will 20 to Washington next
Tuesday To appear before the Senate
Finance Committee TO urge that the
tax ON Cuban sugar loo established.
\ representative OF Industrial alcohol
viii so with the sugar men.
Colbert :. Lovctt. chairman and di-
rector OF the Union Pacific. has been
given permission by the Interstate
Commerce Commission to remain Il
director OF New York Central. Mich
isau Central. Illinois Central and
Georgia Central. Union Pacific,
through its large holdings Of New
York Central. bought In 1906. put
l.ovctt on the New York Central and
allied Michigan Central boards.
Union Pacific boughta large block Of
illinois Central also In 1906, and later
acquired Georgia Central.
Empire is 10 shut down Its shops
at cleveland and other Western
points until after the holidays TO save
money.
interests which recently brought
about the merger OF the Pullman
company and Haskell Barker are now
negotiating for control Of the Lima
Locomotive Company. The STOCK OF
the last-namcd company recently ha d
sharp advance. II IS proposed to
merge Lima with the two other COM
panies named making the only con-
Germ In the country that will turn
out locomotives, passenger and
freight cars.
WLlys- Overland is advertising in
Toledo for additional men. On the
other hand, Ford IS shutting down to-
day TO resume on three-day-a- elk
schedule next week. and then for n
shutdown until after January l. I'm
confirmed rumors were heard today
that cut In Ford prices is comm &
January !.
National Tube. 4 subsidiary ~
United States Steel. announced Il cut
OF 50 ton today on pipes. The av-
erage price OF eight principal steel
and iron products 4; the opening of
business today stood ut s44.7l against
S44.97, week ago, and s4529 n
month ago: SS5.03 for high for 1920
and $3.50 for 1919
Practical. ail tLe halfway earn
ings statements for October are now
IN. Today the Interstate Commerce
Commission reports that the figures
at hand show gross at S535. 900, 900. a
decrease OF Sl06.531. 900 compared with
last year. but net operating income
of sl05.453.000, an increase OF SlS.-
$4,000. For the ten months gross
amounting to s4,672. 600. 900. shows n
decrease of no less than s41o,16S,o00.
but net operating income amounting
10 Si96.0Q0. is up s490.S5o,O00
Freight cars loading for the week
ending December 3. amounting TO
74',iair show an increase of 1857
over the previous week. However.
railway officials are predicting that
forthcoming weekly statements for
the month Will show decreases. Shin.
pers are holding off. it was stated. to
get tho benefit OF the government tax
Which comes off on Janunrv