Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-12-23
PRICES CONTINUE To SELL
OFF IN GOTHAM MARKET
Reaction Under Present Con.
dilion Is Expected by OBJ
servers of Exchange.
FIFE AND TUBE LISTS Cur
steel Trnde I'm General Is Marking
lime with Downward Trend of
snlrs In Wall Street Stocks-Corn
Products Are strong.
rII'E AND TUBE LISTS cur
by Il. l.. Bnrnum.

NEW YORK. Dec. 22.-From the
way the stock market acted today
1t would not he surprising. to close
observers who have no interest in the
market and whose judgment, there
i"re. liz better than those who do
speculate. IL prices continued for Il
spell 10 sell or. Between August -
and December Is, there was an adj
vance Of II l-2 points In the average
or nifty representative stocks re-
action under ouch conditions should
be expected and II IL runs az much
as 10 points on the average from the
hiEh II would only be considered
natural set back I'm a bull mnrkct.
Today prices opened or, went lower,
rallied. Then trading grew very dun.
hft"r which there was another de-
cline. The market was active on the
declines and very dull on the re-
coveries.
Locomotive Features.
American Locomotive was the fea-
tur" Of the market. that stock touch
Ing !"2 "a early in the day, making
n n"w high for tho year. only n
very Few days ago President Woodin.
%: the American Car and Foundry
Company. Who Sc very conservative.
went on r.>orh with the prediction
that 1922 would be a big year for the
tho number Of bad-ordcr cars owned
by the railroads together with those
III service. ana pointed out that IT
would only bc a question Of time until
III" carriers would be forced into the
equipment market. Following this
prediction. the Jersey Central and the
Union Pacific did come into tho mar
Ect and since then n number Of rail-
roads have applied 10 the Interstate
m .gl ~ ~ -
{" lskua securities partly Tor tho pur-
pose 81 buying new rolling stock.
Corn Products Strong.
Corn products was also strong.
George -. Buchanan. known on tho
stock exchange floor as "Buck"
Buchanan. rs "A specialists In corn pro-
ducts. lie has Il widely. known rcpu-
tation for making strange bets ana
winning them. For Instance he had
a. many as "a dozen dinner bets that
cora products would cross steel com
mon. lie won Then he had a num-
her OF bets that corn products. when
* vas selling around eight. wonih
cross par. These he also won. For
some time n" has been making bets
that corn products, would again sell
~ par. ana at 1915 before h.s birth
day which Is in January or February.
southern puCific gave out IT'S earn
ings statement today for November.
the first -. the large railroads TO
publish their returns for that month.
Gross amounting to t2i,93g.0O0 WAS
on S.7lj,OOO and net operating in
come OF S2.Gio.c0o was down only
;2i..000. For the eleven months
gross OF S2t9.272.h 00 shows n decrease
az 1891. 900, white net operating in
come OF S37,tie,ooO is larger by tis,
$4,000. For the eleven months Of
las, year tho figures Included I2.236.-
900 back mail pay. The figures Cor
this November are less favorable
,!iar those tor Octohcr, but the month
last named is usually the best OF the
year FOR most railroads.
CORRECTION IN Issued.
II was reported In this column yes
to-day that receivers had hcen APP
pointed for the Aluminium Manufac-
turing Co. There Is D. such com
pany. 1t was the Aluminium Ware
Manufacturing Co. OF Elmira. " Y.
for which receivers were appointed
This correction is made because yes
tcrdays dispatch caused some people
TO ask II Aluminium manufactures Of
cieye land. Ohio. was the one meant.
1t was not.
In view OF tho recent cut in pipe
and tube prices ana the more recent
announcement that the steel trade in
general was marking time with tho
price trend downward, Wall Street
was not surprised at tOdays news
that the american steel and Wire
Co, q subsidiary OF the United States
Steel Corporation. had cut prices on
wire rods. plain nails and wire nails.
Rods were cut from $40 Il ton to $3s,
plain nails from $500 a hundred TO
wa. wire nails from $3.50 to s250.
OH men here are not disturbed over
the dispatches from the West stating
that water had been found in one o:
the big wells In the New Mexia
ficidS in Texas. They say this is
only due 10 having bored too deep
and that oil can he again located
nearby.
Subscription hooks for n public Of
fering OF sl2.752.O00 Louisville aud