Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-08-26
UPWARD MOVEMENT
NOTED IN WALL STREET
Prices Open Fraction Lower.
but Rails Boost Market to
Expected Recovery.
INDUSTRIAL SHARES STRONG
halfway steel Springs md General
Electric Roth Declared Their Rcgu-
lar Per Cent Quarterly Dividend
With Good Sales in Market.
By II. l.. Iinrnun.

NEW YORK, Aug. 25.-priccs
opened fraction lower this mornint;
and then under tho leadership Of the
rails an upward movement started.
For the past few days Il recovery on
technical conditions has been ex-
rscted. The market had become
heavily oversold. However. the re-
covcry. which began this morning.
was checked around l2:i5 by a de
veioiIncnt that started every tongue
IN wall street to wagRing
Defer Action ON Dividend.
Most or the banks aud brokers Of
hccs in the financial district have, tao
difrerent news tickers. At a quarter
I" one, one Of thcs. tickers printed
! directors of Mexican Petroleum at a
meeting held today deferred action
on the dividend" For days past Wall
stree; has been receiving kilograms
rom out-of-town officials, Of the COM
pany. In response to inquiries. to the
effect that tho meeting would be held
today. and that tho regular quar-
t"riy dividend would be declared. ON
the foregoing statement printed by
one OF the news tickcrs Mexican Pc
rolcum broke from It's high Of 50 -
80 'H' bhS 10 OF nv 'NIi'1
ticker quoted II g WyIic. vice prcsi-
dent Of Mexican PETROLEUM., as say
ing that the dividend meeting had
been postponed until - first week
in September Then Mexican Pc
trolcum. which had just made new
low record for tho year. jumped back
| on running sales to 81.
Received by Telephone.
Hero is The explanation pa, out
later IN the day by the ticker that
said thu dividend had been deferred.
The statement That the Mexican Pc
, trolcum had deferred ~ dividend
priutcd,on our ticker service was re.
cciycd by telephone purpor,ing 10
como from one OF the r1omiucnt
hnancia houses Of the street. Tho
house has private wire &" Los
| Angeles. where III" meeting Of tn"
directors ar" held and the hous" re-
frrred To had agreed early IN the day
to flash ~ the result OF tn" meeting
a. soon as Ii MAS received. 'onsc-
Gucutiy when the flash came we used
without further invcStirutiOn After
/ ihc publication tho Sew York o'iic" %
the Mexican Petroleum Company an-
nounccd that IA meeting Of the d!rcc-
tors had not been held land would
mo; be held until tho Nrst week in
whom our Information was supposed
TO kav" been received. declared that
the call did not come .rom it's Office.
land IL is therefore evident that we
| have been imposed upon"
For The rest Of the day tongues In
Wall street Kept wargiug over this
whole development. The conclusion
reached was tina, this incident was
far worse than the hreak made :,
yoar or so ago 10y the competing news
ticker over the Supreme Court 10
cision. For n half hour or more
Everybody in Wall street was run
ming around In Cruces trying "a get
nj tho facts In that case there TaS
suit brought by holders OF stock WHO
lost money by selling. 30, the suit
Was thrown OUT of court. The news
ticker admitted that IL had made n
mistake IN trying 10 anticipate IN"
decision by the opening remarks OF
the Judge handing down the decision.
Declare Quarterly Dividend.
Both Railway steel Springs and
General Electric declared their r"su-
lar per cent quarterly dividend to-
Idav Both stocks were strong.
colorado Fuel and Iron Company
published its earnings for the June
nuarrcr today. showing a deficit after
intcros. and depreciation Of Se7%.0op
a.ains, II surplus for the same quar-
ter OF last year of sI,lG2,0on. For thu
| six months there was surplus 81
|seil, 600 against surplus for the
frs, haif OF 1920 OF sl,lG3,0oo.
From tho way railway shares acted
The conclusion was reached in som"
uuarters that the buying OF these
stocks for the account OF England has
again been resumed Tho British
government borrowed shares OF
american railroads from English
holders during the war to be used ah
collateral for loans made here with
INC understanding tha., the stocks
would be paid for al the price taken
Ioycr or else artuaiiy returned.
|lf England is going to return the
stocks which would bc more profit
able from the governments point Of
view the government is shor, of suci,
stocks and mus. go into the open
market here and buy them.
Wall Street hears that rcnnsyl :
yania Will make a very favorable
earnings report for July. owing to
the development OF operating ell
| cheney, the lower cost of wages and
lower prices for materials.
proposed government loan of sl5,-
900 900 for C;rea, Northern has been
approved. This is merely an eNtch-
sion of former government, loan
| made during Federal control
For the week ending August 10,
there was n decrease OF 1886 III the
number OF idle freight cars in the
country. The total was iia.59i
against $1,000 FOR the preceding
week.
General Electric is planning n
series of lay-oGs for employees and
wage cuts that will bring level back
70 prc-war days. During the war the
cnmpanys pay rolls were increased
close 10 100 per cent. Recently the
onicc personnel has been cut 30 per
cent.
wall street was not surprised at
bc statement made by Chairman
cary Of the Steel Corporation that
his company had reduced selling
,rircs of sheet and tin plate from 50
,o :io ton, to meet competition OF
rdeprndcnts. Gary is letting the in
d.ncndcnts take the lead in cutting
wages and selling prices.