Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-07-23
WALL STREET RAIL HEADS
OPTIMISTIC OF OUTLOOK
Not Looking for Record
Earnings, but Financial
Strain i Over.
SHAREHOLDERS ARE SMILING
Stock Exchange Commission Houses
Advising Their Clients TO Buy
Rails-No Issue Goes Under Sell
ing Pressure.
By u. J.. Itnrntitn.


NEW YORK. July 22.--Eor tho frs,
Tine IN many long day Wall stree,
railway officials are beginning TO get
optimistic on tho railway outlook.
or course they are not looking for
anything like high record earnings.
10 get the right angie. their prescn,
frame - mind should be compared
with ,ha' existing only 81 very shor,
whil" ago. II haze only been a mat
tof OF wccirs since railway officials
could not sr" anyth ng ahead but
ono financial wreck piled up. on am
other Sow thcy arc beginning 70
500 scar trnck ahead That il
why some 81 ,hom are again learn
ing 10 smile.
Holders Of railway shares who
bought around The recent low prices
were also smiling today. Rails were
etronp. gains OF It point TO ! ~ or
more being shown iu - Louis South
western common and preferred. Union
Pacific. Atchison. ST. Paul preferred.
Heading. ROCK Island. pcrc marquette.
northern Pacific Sew York Central.
Kansas city Southern common aud
preferred. Canadian Pacific Southern
Pacific. The stock last named was
tn" strongest OF all. II has been a
long time since Southern Pacific sold
80 high as today.
'. =. Creeping W.
Ana iu that connection. 1t Viii be
recalled that month ago 81 was
predicted In THIS column that~ when
southern paciHr sold abov" % fl
,,oul TO higher There was lot
~ stock FOR salo at that prize. Since
the - stock Was sold. Southern Pa
Nc has been creeping upward.
dozen or more stock exchange
commission houses representing the
public with wires running "a all Ill
rcc',ous we're advising their clients
80 buy the rails
Trar. was Some short covering in
lhr sugar tharos today on tho prog
ross that is being made In tn" nego-
ca'ious for loan I" Cuba How
r.rr The prediction was made IN
quarters that SO far have been right
on to, sugar situation that a. soon
as the cuban loan was completed
there would be another setback in til"
sugar shares.
For the hrs, time in many long
d.y there was not q single stock
today under selling pressure.
rho Red star liner Ieclaud has lief,
Tho other nd" with S2,i0n.0o0 gold
aboard for Kuhn. Loeb x GO. This
iliNatc banking nrm SO far la, picked
up $Sg,lNb.p00 gold on tho other side.
wnIch IFS generally believed to bc FOR
German account, that b. !or the pur
pose Of establishing German credits
nero. According to- the Federal Re-
torvo nrurcs gold reports for the
nrSr tcn.daSa NJ July footed mp Sl3.-
Iy0.Tg5. making S359.isp 600 50 FAR
t1t- year The Federal Reserve state
Iucuts shows gain in gold holdings
CnIi None, Plentiful.
There was pl,u,v OF call money OF
f,rad ON The stock exchange today
al l-2 per cent Thu rat" on the
outsId, market was . per cci,t ana
lower More tim" money was Of
c.rrd. with the rate Is per cent. FOR
al periods up 20 ninety days.
Bond prices were higher today. win !
the market active There was good
demand for Liberty issues and for
tue foreign governments. some OF
which offer rs Inucn as per cent |
Telephone convertible 80
moved up with tho stock. which made !
= new high record, since the new |
srarrs were offered at par. fractions |
bonds were firm.
Eight OF the principal finished iron |
and steel products are nov averaging |
t.l.Gl against $52G5 a week ago, |
5 s5.03 th" high for 1920 and s35 so |
me August 1913. level Todays |
prices are 80 per cent below the high !
for !120 and ~ above the 1913 level. |
Tho ;9,oOcOn0 ninety day accept
auCc credit just granted 10 Germany |
for the purchase OF grain here was
arranged by a widely scattered bank |
pool including two trust companies.
'hrcc national banks, two private
banking firms and the International
Bank all of New York
enc national bank and one trust com
rany AT Boston, one national bank |
Chicago ana one trust company
at Cleveland. The credits bear the
Joint guarantee Of a number OF Ger
man banks and banking firms De-
tails regarding renewal agreement
were not made public. There are
rec other German credits now be-
ing negotiated here.
Adviccs Are Conflicting.
Conflicting ndvic"s were received
.oday from Washington as to whether
other Federal reserve banks would
follow the example just set by san
Francisco, Boston. Philadelphia and
Now York In lowering their redis-
count rates from per cent To -
some dispatches quoted Treasury Of
'iriais rs predicting that there would
,c more cuts, while. others stated cx-
lctly the opposite. MI OF the other
ri ght banks are now on Il 6 per cent
basis. Whether there will be further
.Uts undoubtedly VIII be settled ac-
'ording 10 the standing OF each indi-
vidual bank Today's weekly state
ncut shows the reserve ratio of the
-ystem as a whole at i2.5 against
Il u Il week ago and i;4 year ago.
st. Louis Southwcstcrn's annual re-
,ort. issued today, shows what the
lcavy movement Of grain and cotton
o the Gulf did for the company. For
he calendar year 1920 no less than
.l2.0I was earned for the common
took against $2.Ii for 1919
Wall Street was greatly Interested
"a today's news from Washington
hat the Senate had requested Sccre-
dry Mellon to use his knowledge OF
.anking and finance In going over
md rpBprtinr the lItnils nf Tho |