Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-08-10
RAIL SHARES co STRONG
IN EARLY MARKET TRADING
Drop ON, However, as Zig Srliin,,
Room Develops in Several
Other Stocks.
ANNOUNCE NEW AUTO CUTS
hrokcrs, Representing Banks and
rust Companies, Are Calling ON
stock Exchange Firms, Offering
i1mc Money Freely.
NN II. l.. Ii,,rntIIli

NEW YORK. Aug 9--There WAS
E""d buying or the rails during m.
'"riF trading today. But selling de-
.'opeh IN General Electric, Wool
N"Aican Petroleum. pap-Amcriran
""h a fc" other stocks. The rails
'"A' their early gains ana then the
.t"'hc', as - whole. began to slow
"""h To-day. trading was even
f"l"t"r than yesterday. which was the
SMALLEST days turnover for the year
ono OF the best known stock .x-
'h"hIc firms in the Street IL advising
,ifh'S 10 take profits and get out
"i me market In brief overnight
Nhil street, which had been taking a
.huch brighter view of the outIook.
heeainc pcssiinistlc. This change In
l'"l'nS was brought about by rcw
developments in the frozen credit
Situatipn Some more loose ends In
we situation growing out Of the
n""ho'hS OF foreign trade are being
yea up. bankers who are doing In.
'SlnH arc confident that the wors. or
IN" situation has already been
cleaned IN
thinker E,pinin, si,untiou.
~ rs Ike this" one az the hir
hhhk"rH explained to your corrcspon.
"''t i"hay You start playing golf
Town It fairway that Us new to you us
iht 4 hrassir and you tor the hnlitwD
GU look back Az see that YOU have
n'rn coming down a hin that wa
much sleeper than yow had realized
We business mon al "Nc' the cotin-
wy nave been coming down :. hill
much sleeper than we realized some
w are still! topping the ban. bur
mere Us this consolation In looking
o"rk "c iud that We have covered ::
N"HrMiu. amount OF distance pel-
"h'"y' believe wr are at the bot
'"l" W ia" .png I'M that We had to
- b""iud Ia before !cye! ground
could 10" reached
h'"Hcrs representing tho banks ana
ti"si COMPANIES tina; put on; money
." N"H stree arc calling on stock
'N'h'h&" houses freely Offering time
none for per cent nj thirty. sixty
arg ninety days II has boon many
i"nE day since brokers hav. had
bhlc ln"h"j thus offered to them
~" Not Luck Eur H",t"m.
h'n money ia Wall street was a.
scar" as hens teeth tho country was
nm ~ people holding stocks WHO be-
i'Neh mat there never was going %
Tee any top 10 the market Todmy.
WIN thr possibility Of "A money panic
b"hinh Us and with money growing
easier ;h"rc are peopl" who believe
that there never is going TO he any
bottom 10 the stock market
Mis- Chalmers Published a good
statement today covering The June
quarter. sales billed footed up 81
rlfoUp, against s7SoG 900 for the
March quarter. N., profits. after
Federal taxes amounted TO SG5OOoo
against s77I.00o. Unified orders were
sf.'72.cen. against Sl90Oo0oO
TWO new cuts In automobile prices
We're announced To-Day. Wills. saint.
Clair reduced prices from 5000 /" 500
The Columbia Motor Company cut its
Prices from slH5 TO 5000
wall street hears tha; the idea To
raise needed government income by
putting tax OF $40 on all automo-
hilcs originated with President Hurd-
Ing. II was figured out today that
z the proposed now tax Is Mcorpo-
rated In tho new law q buyer OF
$4,000 new ear In the State of New
YORK viii pay the FIRST year $50 in
Federal tax, SIZES In State registry
foe $. for operators license and the
additional $40 making total Of
'loG.25. For the second year (;
would lie only 81" -. because the tax
on tn" purchase price would be
eliminated.
Wall street believes that the Fed
oral Reserve Bank al Kansas CITY
has acted wisely In deciding In favor
Of more liberal loan policy on oil
paper T, is believed here that he
,Ius" % the falling off in hoth do
nestle and foreign otmand, espcci-
ally the last, there Is a period OF
Liquidation ahead IN the oil industry.
that this situation should be looked
Sduarely in the face, recognized, and
dealt with in II sane constructive way
For the month o, June our gasoline
exports were only 3S.577 900 gallons,
against s2,?36.6o0. the high record
established in July OF 1920. Domcs-
tie consumption for the first five
months If this year tJmnc figures
gre not yet available) was 1.a59,9s5.-