Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-03-18
STOCK MARKET SHOWS
SLIGHT PRICE ADVANCE
Firm Opening Represents Continu.
alton of Rally Which Set in
Three Days Ago.
CALL MONEY MAKES DROP
Foreign Trade Figures for Zebra
airy Show Sharp Falling OF in
Exports rs Compared With Ianu-
AIRY. With Slight Increase in Inn
ports.
~ Il. l.. nAI,NI.M.

VI
NEW YORK, March 11.-Tho stock
market al the opening was firm there
being a slight advance in prizes over
strength represented continuation
OF the rail-" which set in two days
ago and which was mos, pronounced
IN the lat" trading on yesterday when
The local c:tll-moncN rate dropped To
& per cent near the close. Today,
however. when the c:Ii-money rate
was posted AT per cont nj the open
ing some fresh scilin; came into tho
market which caused a slight reac-
lion. AMI for Il time there was con
siderable ;rrcEuarity as some stocks
resisted the move. while others de-
features of the morning was tho re-
ncwed decline in Atlantic Gulf and
West Indies. which broke To a new
low record for the year.
In the afternoon irrcEularity con-
tinmcd. tho oils and motors being
strong, while numerous other issues
declined. New Haven was the veal,
sister in the rail group on receiver
in official circles. Another weak tca-
ture was Nanadium. which broke
sharply on rumcrs that tho dividend
will be- cut or passed next week.
Ecp,oClc declined in sympathy with
Nanaiium
Foreign Trade I. short.
The foreign trade figure for Feb
ruary shows a sharp falling off in
exports as compared with January.
Hut a slight increase in imports.
The affairs o: CASTOR. Williams &;
Wicmorc have finally wound up In
receivership for the company. The
history of this company Is similar 10
that Of MANY others which made huge
Profits during the war years. only to
no caught with enormous assets on
hard which could not be liludatcd
ut anything like their costs as u re-
suit Of the collapse in the cNchanS"
markets and the fall in prices. Tn.
Liabilities are placed at about SG.00o,
Go1, and the book value Of the assets
at about s5.Ooh.Oon to $4,000. 600 the
GuartntN Trust Company is one OF
the largest creditors. |; having ad-
vlncrd IN. company some S3.o0o.0oo.
but this il secured by warehouse re-
now selling at less than 81 a share.
IN unusual amount OF interest cen
tors on the money situation at the
present time In view % the improve
beginning OF the year. the large gold
imports ct is estimated that 100000
nnn will he received this wcck) and
the predictions that there viii he
reduction in Federal discount rates
before very long Call money mas
neon slightly easier during III" past
few days. tho rate getting down 10
per cent shortly before the close
this was responsible for part Of TIN"
selling which came into the market
shortly after tho first hour. a. u lower
rate had hccn generally expected. II
Is also predicted from London that
Il maj not lie long before there is
also "a reduction in the Bank OF Eng
land rate which Is now ! per cent.
Tobacco Companies Prosperous.
The Annual report OF the American
Tobacco Company for the year. 1920,
as issued today is another illustration
OF the prosperity. which til" tobacc"
Inc ,,,3r
most other industrial companies we're
having difficulty as II result of the
decline in prices and curta:lmcu' Of
buying. Aside from the tobacco
colnpan- $ .Ncr" was one other group
which cniCS unprecedented pros
pc"!ty. and mat was the oil group.
: These two classes OF corporations
mnde unprecedented profits In most
cases. The report II IN" American
Tobacco Company shows surplus at
ter fixed charccs Federal taxes Of
sI5.lji.iIi. which after payment of
preferred dividends was equal /"
$l3.3S a share on the sSa.5t2.O00 o:
class common and common stock As
compared with earnings Of sl3,913,0oO
sio.2te,0co OF common stock outstand-
ing At the close Of 1919,
II is reported that american oil
producing concerns with property In
Mexico are opposed to tho nov adj :
ininistration t'.GoSIiI!nc the new
Mexican rovrrEfacnt until act - OF
the Constitution az that country
ceases to threaten coniiSCation. ana
rs long as the Mexican Federal zone
laws remain i'm effect. Representa-
tive* Of the oil companies held "a
meeting in galveston. Ten. 10 dis
cuss the Mexican situation.
y director Of tho Atlantic Gulf and
West indies told IN" HvStcrd:,s that
as FAR as the company was concerned
they had no knowledge OF the for
nation OF any stockholders protective
committee, Although lie did not adj
mit ihat there Mas not a possibility
"a the formation of such u commit
toe, stated that numerous stocilhoIL-
"rS nave called at the Offices aud have
h""n given 81 fair idea oC TIN. cnndl-
ton OF affairs. which Offsets the in
S!nuhtson That they aye not getting
N" proper amount OF publicity I:it
~ inns Information we're given out
pnhliciy Those stockholders who are
uhah!c I" get 10 the compauy's Of
nc" would lac able 10 get such in
formation. They do not see il this
way no" ever. and arc keeping 81