Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-12-13
COPPER STOCKS LEAD
WALL Street TRADING
Believe Brown Metal Indus.
try Will Do Much Better
During Next Year.
RAIL SHARES Ans STILL HEAVY
Continued Advance In Forcixn Ey-
change Relieved by bankers to Re-
Meet ImDroycmcnt Abroud In For
ciSn 'rrnuc,
Dy u. J.. iinrnum.

By u. l.. i'nrnum.
NEW YORK. Dec. L. - Copper
stocks were strong today. The rails
We're heavy. industrinls and special
i"s were Irregular. There 81 Il grow
Ing belief that The copper industry
has nj last turned thu corner. and
VIII d. much better next year. Then
inniors were again heard that Ana
tohdh was going u take over the
American Erass Company. giving $3.50
In cash aud three shares OF itr own
stock valued at $50. for American
Brnss shares. The stock last named
jumped twenty points today To 3275.
o'hcr copper mergers are being dis
cusscd.
one explanation for the weakness
IN rails Was that thr Investigation
u" start before the Intervtat" Com
.m"rcc Commission on Wednesday, of
TINS week. viii result in lower freight
ana Passenger rates Another was
mat bill VIII shortly BE- introdu ell
ia Congress by the farmers bloc. do
!ng away with the per cent clause
OF the transportation act.
VIII Not Be IIcnrIrh.
if lower freight rates are brought
about as result of the forthcoming
railroad investigation 4, VIII he be-
cause there IL also to be reduction
in wages That will not he bcarish
biil doing away with the G per cen,
clause OF the transportation act. that
clause only runs until March l. and
railway officials have been asked to
Eirc their Views durEr. the forth
coming investigation as To what in
th"ir opinion the railroads should nc
allowed To onrn on their pr 'p"rty
account after March !. In view. ,horc-
fore. OF the scnrch for information.
1t is not likely that Congress would
hiindiy 20 ahead now by taking any
acton In ,hc matter.
7 days most interesting news de-
vclopmcnts was II further sharp nd
Nanc" In sterling and o,h"r FOREIGN
exchange. and the foreign trade
S't'"mcnt for November given ont ut
Washington. Sterling Touched st2i
long before the closing. the highest
level In several years. and new highs
for the movement We're made for cr-
change on Italy. France ana other
countries Marks held firm.
trnrrts improvements.
THIS continued advance IN foreign
exchange IL believed hy bankers here.
To reflect Improvement abroad in for
cien trade. in home currency and the
general economic situation which has
steadily been going on. but Witch
had not been disc united because OF
tn" uncertainties In the German and
lr!sh situation now disappearing
Certainly today's foreign trade re-
port bears out this theory. For tho
month OF November we imported
s2ll.0hI 6An worth OF merchandise
compared with Sl33.o00On0 for octo-
Der. ana the largest for the year
Will our cxports were only $es5.-
Spp.pN against S3i6.0o0 900 for Octo-
Der OF this year. and tG56 52S 600 for
November OF 1920. Thus we seem to
IL" shining less abroad and buying
80.
foreign exchange
For IN" eleven months our Imports
were s2.2I200c,0oO against s5.ol2.i2i.-
0u" fur the same period OF last year
while our exports were $ilsi,2iG,O 900
against 'o!,72e.000.
Today's final government cotton re-
port given out At o'clock indicated
crop OF $40 200 bales At one time
the government estimated crop Of
lcss than 100000 bales. Before to-
days figures were given out the aver
age estimate here In Wall street was
100000. Cotton had 4 bad break on
today's report.
Crude tuhber Takes Jump.
Crude rubber made new high for
the year today, spot selling at u .
cents.
schultz Retail Stores declared n
etock dividend Of Is per cent North
crn securities declared i-per-ccnt
sfmiannual payment and 6 per cent
extra.
September earnings OF sixty-sevcn
telephone companies az reported to
the Intcrst9tc Commerce Commission
show gross OF Si5.Cl3,00o. an increase
OF 3,C71.n00, and net operating in
come OF S?.1GI.000 an increase OF {l.-
COB 600. For the nine months there
WAS an increase OF S39,920.000 in
gross. and Il gain In net operating in
come Of sl94Ii,o00.
Gold imports for November were
S5l.a3G.000. and for the eleven months
$66o.2i2.o00 against 100000 FIR
the same period last year.
\ law prohibiting national banks
from acting as stock brokers may be
passed as result OF tho growing
criticism OF stock exchange houses
against the banks. Stock exchange
houses. sore at the banks for taking
their business away from them, are
rightly pointing out that national
banks with their special privileges
and protection have no right 10 use
their deposits for engaging in stock
exchange underwriting and promo
tion business. However, to stop the
banks from doing this business. which
has recently caused more than one
New York institution to got into very
hot water, is q hard job. If you stop
the banks. the business will be turned
over to their subsidiary companies
already in existence.