Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-11-15
DISARMAMENT PLANS
AFFECT STOCK MARKET
Bethlehem Leads Decline III
Steel Shares, With 4.
Point Loss.
MIG INTERESTS IN ORDNANCE
Considerable ProHt-TakinE and Gem
eral Feeling In That ReuctIon VIII
Go No Further-Two Million in
Gold Arrives.
ny II. L.. Barnurn.


NEW YORK. Nov. 14.-DespIte tho
cable news that England would
formally accept. In principle. the
hushes sweeping disarmament plan,
wall Street was Inclined today to
90 skeptical of tho final outcome of
inc disarmament conference.
This frame OF mind was undoubt-
edly brought about by tho action of
tho steel shares. Bethlehem leading,
with decline of over 4 points up
financial district whose views count.
TOT the most we're highly enthusi-
astic over the start made by the
conferences, with plans far moro def
mite and constructive than had been
snticipated. In such quarters the
belief was expressed that In the long
run the steel industry would gain
more than II would lose by tho pro-
posed disarmament plan.
bethlehem Leads Decline.
~ was perfectly natural that
bethlehein should have led the de-
line In the steel shares. Bethlehem
has more money than any other steel
company Invested In shipbuilding and
ordnance plants. IL will be recalled
that bethlehem was selling around
s26 share when Charles NJ schwab
'tarted for Europe carly in 1915. He
returned with his pockets full of
war orders. ana Bethlehem never
lid stop climbing until It touched
800 a share. From sas share in
1918 Stec! common advanced To It's
!igh record OF 1865 All OF tho
Ithcr steel shares followed
Now they are paying the fiddler.
ana IN the Hughes disarmament plan
rs carried out the Immediate effect
On tho steel industry Viii be- un-
favorable. But for the long pull.
steel. like every other Industry. viii
cnciit by world program that
means money saved for general de-
Selcp!ncnt work instead OF money
economically wasted.
Today'S statement from Washing
on showing our foreign trade for
he month OF October came ut M
appropriate time. For the ten
nonths ended with October. 1920, we
clipped on: to the rest Of the world
c.S3l 100000 worth OF goods and
IouSht :i.i3!. 100000 worth. making
otal for.!gn trade o: $ll.522.o1o.60 600.
'or the samc nontha o! this year
We shipped out only $3.50. 100000 and
Dough, only t2.055.o0o.oc0 worth.
making the total only s5.354, 900, OoQ,
sainSt the li.522.G00.t00 year ago.
There Is not business man alive
hat knows just what is going to
'nppcn TO rs or any other country
While the world is returning TO some
hing like pre-war basis.
Considerable Prnilt-TnkIng.
For the month OF, October our i'm
,orts were slS3.Ooo.o ono, against $780,
100000 for September OF this year,
Ind s333,0oo.c00 tor October OF last
ear. with our exports at 1896. 900. 600,
Rainst $4,000. 900 for September and
100000 FOR October OF 1920. That
3 II gain IN the right direction. but
OF much OF Il gain considering that
ccause OF seasonal business October
houid show large increase over
eptembcr. our total foreign trade
or October was S523, 100000. against
.oSi. GG0.000 for October OF last year
There was considerable proht-tak-
ng in the stock market today and the
eneral feeling was the reaction
ould go further. However. in the
est banking quarters the belief was
xpresscd Tint Stoke bought In the
eC!!ac would show profits before the
nd of this year.
Cali money opened today ut y and
ropped to ~. The government has
II 100000 interest to ray out on
uesciy AND Wednesday,, Of which
"a 100000 Will be distributed by the
Federal Reserve Bank here. but It IL
y: trii"y.o that these payments N.!i
isturb tn: market Tor call and t:r!c
honey. Lower rates are looked for.
Shipments of gold aggregatinS ST.
10000 arrived here today. More talk
beins heard in Will Street each
by that our gold holdings, which
ow amount to over 45 per cent of
ne worlds visible supply, are going
bo used IN the immediate future
the basis FOR moderate imitation.
some quarters this imitation viii
e welcomed; In others 1t will not.
ut in any event 1t Is coming unless
iI signs fail
Mexican Petroleum. on the news
Pat n new 100000 barrel we'll had
cen brought in, advanced early In
pc day to III Ia, the highest point
puched since the last big advance,
hen 119 "a was established, after
hich there was decline to 81 1-2.