Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-10-26
SHORT COVERING NOTED
IN WALL Street MARKET
Some Stocks Make New High
Records for Year Dur.
ing Season.
CALL MONEY TAXES Squirt
New York Banker. Arc Figuring on
Loun to China OF From 10 to 20
Million mud Cable Expected From
Pchln Agreeing to Terms.
CALL MONEY TAXES SIP
by IL. J.. IInrnuIn.

NEW YORK. oct. 25.--Thcrc was
considerable short covering in the
stock market today and some ouy!ns
OF lorg stock on the part OF the on
side public Following the advance
which started In August and ran
Into early Scptc,nbcr prices on the
average for four weeks moved with
In narrow margin. This week
there has been Il renewal OF the up
ward movement based on the si1a:
amount o. stocks In the floating
supply and the large outstanding
short Interest. Ar rule. after tho
market h,s had an advance unhcr
such conditions, then stpcSi sim for
weeks and then again started TO ad-
vance, the average Is likely TO work
into higher ground
Some High Hrrords Mndc.
Some few stocks have made new
high records for the year this week.
lsut the list as hole is far bcio~
the high for the year and FAR be-
low the prices ruling at This tim.
last year. Compared with this time
last year ignoring fractions Amcri-
can International Corporation Is
down 40 points. U. S. Industrial Al
cohol 3S. American Linsccd 40. Amcri-
can Beet Sugar 80. American AEri-
cultural Chemical A. American Suna
ira ~. CrucIble 81. Delaware, Lacka-
Call money advanced today to 6
per cent. However. this was Ecner-
ally considered only u temporary
condition. one banker pointed out
that with call money here. per cent
the rate in England is per cent.
and that with our record breaking
supply OF gold this diucr.uc. looked
queer. II was intimntcd that none.
rates like wages OF organized la Dor
should come in for spell OF l!quida-
ton And IL was predicted tina,
much tower rates will be witnessed
here before the end OF this year.
To Cut H~discount Rate.
With the directors o! the Federal
Reserve Bank here holding a meet
inr tomorrow in some quarters tn-
prediction was made today that
there would b. another reduction in
the rcdiscount rate. These predic-
lions were based on tho increase last
week in tho reserve ratio % the New
York Bank from - TO So, with the
average for the system as Il whole
at 20.
Railroad officials here kept in close
touch today with their associates In
Chicago who started conferences to
prepare for tomorrows meeting Of
labor leaders before the railroad
Labor Board. No efforts arc being
made by railway officials here TO hide
their hopes that the men Viii strike.
But II il being admitted that the
chances now for II strike are slim.
The average Wholesale price OF
gasoline in thirty leading cities Is
now eos cents gallon. up i2
cents compared with the low for the
year but 81 cents below the high
for the year. with consumption run
ming mt high record figures. higher
prices arc predicted.
To Put Out Bls Bond Issnc.
On November / Germany VIII put
out one Of the largest bond issues on
record. when $4,000. 100000 marks or
19.05l. GOO, 900 viii lie turned over 20
the rcparations committee.
Central Leather pu; out n very
poor statement OF earnings today for
the September quarter. but the state
inent was favorable compared with
some OF the preceding quarterly re-
ports. For the September quarter
there was an operating loss OF SEAL
900 with q deficit after fixed charges
of 3l.54o.0o0. This compares with n
deficit for the June quarter OF &c.
100000. For the nine months there
was a dehcit after fixed charges OF
sll.755,oo0 against 4 deficit for the
same period of last year OF S9.324 900
and q surplus for the first nine
months OF 1919 OF slO.3Gi. 600. The
PROFIT and loss deficit now amounts TO
s7,5Sl ,0o0. Following today'S report
the cotnpany's shares were strong.
the preferred advancing three points
Gross earnings of the Pennsylvania
Railroad Company proper for Septcm-
her amounting TO sil.743.O00. show A
decrease of no less than sl8,727 GOD
compared with the same period OF last
year, but owing to drastic cuts in
operating expenses and Increased eff
iiciency net operating income amount
ing TO Si,2l5,00O. actually shows an
increase of $4,000. For the nine
months of the year gross earnings
of S374.42S,O00 show decrease OF
S2l.l24.Oo0. but net operating income,
despite this loss in gross. was s2G.-
100000. an increase OF sS4.143OOO
This Increase OF SS4.1i3,0OO means
that there was an operating deficit
year ago.
Bankers here are figuring on n loan
Co China of from sl5.0Oo,000 to 500
100000. A cable from Picking agree
inS TO the terms named is expected
any minute. Proceeds from this loan
will be used largely to take care OF
obligations maturing here next
month.