Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-08-16
RAILS OPEN UNCHANGED,
BUT IMPROVE At CLOSE
lndustrials, Down From IL TO
l Point al Opening, Sell
Lower, Then Stcadies.
TRADERS ARE DISAPPOINTED
Sell Stocks Early In Day TO Cover
short Comm tie
ne"cd Liquidation. hut Hope. Are
Frustrated.

NEW YORK. Aug. 15.-Rails opened
today without much change. remain
cd inactive until around l o'clock. and
then began to improve. Industrials
were down from a half point to a
point or more Mt the opening. sold
lower and then marked time. It
looked like traders who were short OF
the market sold stocks earl; in the
day In anticipation OF renewed
liquidation. and were disappointed.
Much Time Itequircd.
II was learned today that thirty
seven large stock exchange houses
have signed a petition asking that
the renewal rate on loaned stocks be
printed on the ticker. There is such
large short interest outstanding
that great deal Of time is required
each day to get the renewal rate on
individual stocks. One member OF an
Important stock exchange house was
prompted by this petition to look
over his own books to see for him
self where his customers stood. He
said he was greatly surprised at what
he thus learned from his own books
and from talking with other firms
That there iI n very large outstand-
ing short interest In the stock mar
kct there can be no doubt. The stock
exchange member In question said
ne found some people short OF stocks
at the r sem los prices. who were
long OF me same stocks 80 to co
points higher. He believes nrmiy
mat the market liz greatly oversold.
u. y. Rubb-r Wenk.
United States Rubh.r ,vn, ,po ,f
the weak ind/trial stocks today.
some OF the selling was said to he IN
anticipation OF liquidation by the
estate OF Colonel Colt. chairman Of
the board. who has just died.
Others claimed that United States
Rubber was one-man company. and
would miss Colonel Colt Just how
much stock Colt held is not known.
Nor Is II known whether this stock
Will come on the market II is known,
however. that while United States
Rubber might ut one time have been
called one company, that con-
dition has not existed for some time
past The Kuhn. Loeb & Co. in
;erests several years ago took
Charles g. Seger away from Union
Pacific and made him president of
United States Rubber. Segar. who
was developed by T.. II. Hartman. has
business. lie was vice-pr@ident of
Union Pacific when he resigned to 20
with United states Rubber. and for
several years past his influence in
that company has been growing.
United States Rubber. which sold
as high as 1t3 Ia last year, and at
~ IA early this year, made n new low
record for the year today ut 46 IA
because the coming report for the
ba1 nj oh
were written of FOR Inventories. At
the close o! last year inventories
stood at Sl23.0O0.00o. and bills and
notes payable AT s50.o0o.Oc0. II is
understood. however. that during the
first half OF this year the company
has cleaned house. Like many
others. United States Rubber was
caught overloaded with raw ma
terials.
Rush Fruit Shipments.
Southern Pacific Is speeding up on
lts shipments of fruits and vege-
tables. cutting off nearly day and
"a half from the schedule time to Chi
cago. This means big saving in
money.
Youngstown dispatches state tina,
steel and iron manufacturers and rail
way officials have agreed on u 30 per
cent cut In freight rates TO tidcwatcr
TO overcome foreign competition.
For the first time In nearly a month
the weekly average OF eight prin-
cipal iron and steel prices does not
show decline. The average Is now
1853, the same as Il week ago, and
compares with 52.65 "a month ago.
$500 the high for 1920, and $3.50 in
August OF 1913. This means tina;
prices are now ~ per cent below the
high for 1920. and 3s per cent above
1913.
President Vouclain. of the Baldwin
Locomotive Company. has just re-
turned from Mexico with orders for
sixty-five locomotives for the Mexican
government. Baldwin has arranged
two credits for the Mexican govern
ment to pay for the equipment pur-
chased. The transaction involved
$4,000 900. Baldwin and other equip
ment companies are getting more or
ders from our railroads for equip
mcnt repair work Lchigh Valley
has just award 81 contracts for re-
pair work on 5000 freight cars. Cen
trail OF Georgia is repairing 200 box
cars in it's own shops. Atlantic Coast
Line Is repairing $50 box cars. Pitts
burgh and West Virginia is repairing
200 hopper cars. Illinois Central is
asking for prices on repair work on
from 100 to 400 locomotives