Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-08-30
NEW LOW RECORDS MADE
IN WALL Street MARKET
After Showing Weakness in
Opening, Sales Recover With
Good Turnovers.
BELIEVE BEARS LOSING OUT
Price Cuts OF From, $40 TO H255 An
nounccd on OitlsmObilcs Made by
Suhsidlnry Company OF General
Motors,
by Il. l.. Daruun,.

by Il. l.. Barnum.
NEW YORK. Aug. 29--Tonay's
STOCK market opened Arm. sold Off.
making new low records for the year
in Chandler, American Sugar and "a
lew other shares, and showing n To-
point break in Manhattan Elevated.
and then recovered. Those in Wal,
Street, whose opinions count for the
most, expect the recovery to go ahead
until around the middle Of the week
on short covering. and then sell or
on proht-thking. especially IL Satur-
day Is declared "A holiday. While
lower prices arc expected for indus
trial share. on dividend reductions
and other unfavorable news, tho belief
is growing that the great bear mar
ket IL on it's last legs.
Much Gold Arrives.
Gold arrived here over sunday from
many different parts'of the world The
exact amount will not be known un-
I'll the Federal Reserve hoard makes
its fortnightiy report.
Price cuts OF fh,m $40 to s255 were
announced today on Oldsmobilcs
made by subsidiary OF General Mo-
tors. This company on July an
, nounced price cuts o. from 5000 to
$500
United States Rubber reported "A de-
felt before dividends OF sas75.0o0 for
the first half OF this year This means
deficit after dividends q. over 80
100000
\ number OF very fnvoraDl" railway
earnt rs statements for July w"r"
rubllsbc today. Chesapeake and
Ohio t,howcd net operating income
this July or ll,55i coo against "a de-
felt year ago o: $4,000. Sew
Haven reported net operating income
Of 39i4.n00 nEain,> n deficit Of s37GT,-
900: Baltimore ana ohio showed So
$4,000 against n deficit ~ ttatS. 900.
Atchison reported rross.of !l9.15t.oOo.
decrease Of il.f70.ooo: operating OK
penscs smaller by s3sGlo 600. and net
operating income OF ts.o?s.0 900. an in
crease Of S2.0is.000. An official OF the
company stated we have cut down
our maintenance cXpenscs To tho low
est possible point without inflictinE
permanent damage upon the prom
erty and presently we have To catch
up" All railway oNlotals seem TO be
making that same speech today. TN
doubtcdly maintenance allowances
havo been cut down. But 1t Is also
worth remembering tina; $1,000. 900
will buy az much labor and materials
today as sl.a00.600 this time last
year
All monthly high records for wheat
exports will be broken this August.
according To official figures giving the
clcaranccs so far as i5,lJ0.0o0 bushels
against iS.O33,o0O the previous month
~ high made In October OF 1920.
There nrc two acceptable cNplana-
tons for these hc;i'y shipments.
First. farmers with troublesome bank
loans are afraid TO again get their
fingers burned by holding FOR higher
prices. Next. as result - crop
failures I'm other countries shrewd
foreigners are buying now on the bc-
lief that grain prices Will go higher
instead OF lower. To attempt to
manipulate the grain trade contrary
to the law OF supply and demand Is
like standing on the beach without
knowing how to swim ana dcfyinE the
tide
Holding conferences. it was dc
clarcd by one banker today, viii not
make people with money give out
work II IL is believed that such work
can he done later at lower cost.
In this connection, IL was pointed out
that today's dispatches from Pitts
burgh state that buying OF stcc! had
fallen OF since the price cuts of last
week, potential buyers holding OF
for, still lower prices. Tha, same
principle applies to labor.
Taken by Surprise.
Wall Street was completely taken
by surprise in the over Sunday an
nounccmcnt that an application had
been made for a receiver for Inter
borough Rapid Transit. the company
operating ali OF New York's surface.
elevated and subway traction lines.
This company has outstanding S3S,-
100000 pcr cent notes maturing on
September /. Recently an OFFER was
made by the company to pay per
cent interest on these notes for the
privilege OF extending them for a
year. But the holders of the notes.
largely institutions have been slow
to respond; hence the application for
receiver. But the court will not
act on the application for twenty
days. and Wall Street is inclined to
believe that there will he no re-
ownership II the holders of the notes
now get busy and agree TO the one
year extension. with the interest rate
raised from per cent to S. 1t was
recalled today that ]. y. Morgan e. Co.
headed tho syndicate In September
of 1913 that floatcd the s3S. oOmQ00
marlborough Rapid Transit notes at
9S12.
Eighty-thrcc Is High for Yenr.
The high for this year for these
notes was 49, The closing Saturday
was 761 Early today the price
was GO. The notes are secured by
deposit Of $50. 100000 OF the company's
first and rcfunding per cent bonds.
The 1920 high for these bonds-thcrc
are s161 .504,00 OF them outstanding
was 5S Ia, The closing Saturday
was Sd is. Early today the price
was so. Besides being badly involved
in fight with Tammany Hall over
scent fare, which is required by
charter. the company is tied up with
a ninety-ninc-ycar lease of the Man
haitian Elevated, based on Z per
cent guaranteed dividend. which is
not being earned marlborough
Rapid Transit would like we'll enough
TO break this ninety-nine-ycar lease,
hut during the early days OF the ar
rangemcnt some S50.O00.000 was put
into Manhattan bctterments, and if
the lease Is broken this $50, 200, 900