Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-07-01
.WALL Street SENTIMENT .
is DECIDEDLY OPTIMISTIC
Confidence I'm Financial District
Prevails That Upward Trend
Is About Due.
TO TREAT RAILROADS BETTER
Transportation Companies, in Addi-
ton to Receiving Money From
Government. Will Soon Get
Necessary Support From Banks.
Dy Il. L.. Bnrn,,In.

NEW YORK, June 30-Outside OF
! the Mexican oil stocks that were
down from 3 to 4 appoints. and AmerI-
can sugar. which broke 3 points from
no apparent reason the stock market
acted very we'll today, especially the
rails.
Sentiment throughout the financial
district was decidedly more cheerful
and speculative confidence displayed
unmistakablc signs OF revival. II is
possible that there may be some de-
cline tomorrow on profit taking by
those traders who bought at last
weeks low prices ana do not care to
hold their position over the holiday.
However. the general feeling was that
next week will witness an upwprI
price movement.
Today's break OF 3 I-2 points Ia
Atlantic Gulf. 6 in Pan-American and
Asphalt. and IL in Mexican Petroleum.
compared with iaHt nights closing.
were duo to tho overnight news that
the new tariff bill, included q tax Of
30 cents "a barrel on fuel oil and IS
on crude. Later in, the day the
belief was generally expressed that
ships and factories using oil would
not hermit this tax to stand. In fact
tho belief was generally expressed
that the bill would be modified in
many particulars before IL was finally
passed.
dill VIII Prevent Dumping.
In this connection il wa. noin,
out that the bill as drawn would nrc-
vent dumping by foreign countries i'm
this market; but Il wss added TINT
tnc proposed high tariffs would causc
retaliation by other countries and
mus interfere seriously with our for
elSn trade. II was pointed out tina,
me bill as 1t stands was only 10 per
CENT lower on the average than tho
paync -Aldricii act OF 1909. and That
since That time our relations with the
rest Of the world had undergone :,
radical change.
According 10 rumors heard I'm ba nix
ing circles here. plans are being pro.
rosed whereby the railroads in adj
alton TO having their Indebtedness TO
Inc government funded and collect
ing the amount due them on guar
antced net income viii get better
treatment from the ba nks which VIII
enable the railroads TO pay of their
debts TO Industrial companies ana
thus help along trade in general.
Owes Sii3.020.OOO of Bills.
For example one large Eastern
line is said TO have s65.0 600 bills
government. This Sos. 10000 liz owed
Sfor coal. rails. ties, material and sup
pi'cs of all kinds. If the 100000. 900
can be collected at once from the
Suydfnnfrlit. Synanys Industrial COM
Danies will benefit, II lis undurst God
that the railroads now owe $500 O0O,-
600 to various Industrial companies
AS for the additional banking ac-
cOInmodation to he obtained by the
carriers, the Federal reserve act does
not permit the use OF railway bonds
K or stocks for rediscounting by Wall
Statct bankers. However. il IL be-
lievcd that "a way out can bc found.
Quarterly dividends of per cent
on the preferred stock were passed
today by the Duiuth-Superior Trac-
ton Company. No dividends have
been paid on the" common shares
since October. 1918.
Decline In icnr. s45 I,00O.OO0.
Net demand deposits OF the six
largest financial institutions now
compare with the peak OF this year
and the figures for this time last
year as follows: National City. s4S2.-
100000 fs504 100000 and sG32O0O.cO0 !;
600 and s53s. 00o,O00): First National.
$685.. 100000. tsi60.o0o.0oo and sl6e.-
100000; National Bank OF Commerce,
S:2S.000. 600 (s2iS.000.00 and s2G3.-
100000; Chase National, $21S.00O 900
tt227.00O,00 900 and $500. 900 .OO0); Bank
crs' Trust, s213,000.0O0 (s2Oo,00O. 900
and s253,00O. 0o0). For the institu-
tions as whole included in the clear