Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-11-23
STOCK MARKET DULL
As HOLIDAY APPROACHES
Professional Traders Try to
Get Prices Down in
Wall Street.
II unHT CALL 10 CUSTOMERS
New Tax NH Prohibits Practice Of
selling ShnreS mt End Of Yenr to
EHtnhiish Losses and Then Itebuy-
Ing.
HURRY GALL TO CUSTOMERS
Dy Il. l.. nnrnunt.

>F'"P h'ih 81 SOlu OHN
or stock Exchange houscs. But in
stead OF reaction there was only dull
ness. with Thursday II holiday. II
""uid not be surprising If dullncss
continued for the rest Of the week.
wall street celebrates more holt
days probably han any other part OF
the country. except where Il lot Of
foreign coal miners are employed.
But the feeling here is tina, there
have been too many holidays this
month. Leaving ont Saturdays,
which arc only h~aif-days. and holt
days therefore. for many there will
only have been nineteen fun work
Ing daya this month.
Hurry Calls Sent Out.
Hurry calls were sent out today
by Wall street Stock Exchange
houses TO customers have have neg
lected to sell stocks or bonds To reg
lister losses for income-taa purposes.
The news tax bill. which has already
been passed by the House. and which
is due to go through the Senate now
any minute. prohibits the practice
which for tina past few years has
been genera or selling stocks at the
end OF the ycar TO establish losses
and Immediately buying back the
same stocks.
A shipment OF 33.250,oo0 gold ar
rived here today from England on
the Cedric.
Another advance has occurred In
the selling price OF copper The De-
cembcr delivery price is now 10 5-s,
with 10 "a named by a number Of
companies for delivery during the
FIRST quarter Of 1929. Actual ealcs
have been reported at the price last
named.
Bethlehem Steel announced today
that on january ls II would pay of
the f1.j00.oo0 Z per cent notes out
standing which are rcdecmable at
that price. The regular date of ma
turity Is July 8. 1922. The right TO
convert there notes into thirty-year
6 per cent bonds expires on January
l6. Lik many other companies flush
with cash. Bethlehem is taking ad-
vantage OF the situation by rcduc-
ing It's fixed charged.
Missouri rnclGc Advances.
Tobacco products is considering an
oncr from bankers here for a loan
10 take UP the Il.GO0.O0O S per cent
scrip dividends outstanding. II the
loan can he negotiated FOR I per cent
Or less the company probably VIII
accept IL.
Missouri Pacific preferred had n
sharp advance today on rumors that
dividends were TO be resumed.
1870 va l=.I Ill SSlb-
iany with the Goulds and was re-
organized by the bankers now in
chargc. II has been gaining ground
steadily. Good judges OF railway
values expect the company TO give
Il good account OF Itself az soon as
general conditions become anything
like normal.
Missouri, Kansas and Texas. which
has been In the hands OF receivers
now for seven years, Is again going
10 be turned back TO the holders OF
the stock. and the contamination
plan for Chicago and Eastern llli-
nois has been declared effective.
During the past decade a numbcr OF
railroads In the Southwest have gone
into the hands Of receivers. most OF
them because insiders were engaged
in reckless promotion schemes. That
period, however, now belongs TO the
past. Under tho new transportation
act Of 1920 no new securities can bc
issued by a railroad without first
getting the consent OF the Inter-
state Commerce Commission. and be-
fore that can be done Il detailed
statement must be furnished to show
wha, Is to be done with the money
TO be raised. From the viewpoint
OF investors in American Railway
securities. and also from the view
point of shippers and travellers. II is
difficult to ovcrcstimatc the import
ance OF this clause ofs,the. how law.
Most OF the troubles of our railroads
can be trace directly to excess capt
talIzation created by inside profit
ccring. But the day for that Is now
over.
Pennsylvania Reports Decrrnse.
All OF the tobacco stocks sold off
during the last hour. Retail stores
were especially weak. The direc-
tors of that company meet around
the first OF next month 10 act on
dividends. and some talk is heard
that dividends may he reduced. To-
bacco earnings are smaller.
PENNSYLVANIA Railroad reports to-
DAY that on November l 1t had 13o.-
3i5 shareholders. This is tho fourth
consecutive monthly decrease re-
ported. On July l the figures were
1~il,l75. This Is not n large decrease
so far, but the change Is very sig
niiicant. after more thar a year OF
increases. 1t means hat liuuida-
ton has stopped and that a%ccuInula-
ton has again started.
standard Oil OF New Jersey and
Standard OIL OF New York both an
nounced today an increase Of a CEN,
II gallon in the selling price of gaso-
line Wholesale.
One of the large copper selling
agencies here reported today that so
far this month sales had amounted
TO 60,000,000 pounds. That is nearly
as much as the total monthly sales
for all companies only n few months
ago. The copper shares are reflect
ing the turn for the better in tho
copper industry. If there Is any,
thing in the theory that the first in
dustry TO undergo liquidation and
adjustment should be the first to
come back. certainly copper is headed
for better days. At any rate. copper
shares are being bought on that
theory. Sugar shares are now being
accumulated on the same theory.
TO Seek Debt Discussion.
Today's Washington dispatches
state that representatives of the
British government at the arms lin
i,ation conference have allowed it
TO become known that they would
not seek n discussion of International
war debt adjustment. This step was
taken after II was learned definitely
that the administration was opposed
to such a discussion, fearing that II
SA Ec1