Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-05-13
HEAVY l!!QU|DATI0Ns FAIL
TO 0AUAT STOCK MARKET
Exchange Shows Well in Faco OF
had News and pig Hear
Selling.
'UsY SESSION AT OPENING
somcntum Is Gained BY Report
Prom Steel Trade, Indicating
That Independents Might Be
nrced to Pass Dividends.
by II. Il. Hnrnan.

NEW YORK, May l2.-In the face
e heavy liquidation. heavy bear SELL
1 and lot of bad news tho
I'tock market. outside of Mexican Pc
oday than at any time since tho de-
:line started last Friday. or six days
tgo. For the FIRST two hours, trad
ng was at the rate Of 1880 shares
1 day. rff
Az a result of the price cuts In tires
reports from the steel trade. indlcat-
ng that the independents might be
creed to pass dividends. the stock
market gained more momentum In
he decline than even the bears ex-
,ccted. However. there were signs
eday that the selling movement had
bout run its course. For example.
flor the declipe today to 1914. the
ow price since the recent high for
he year was made ut o3l-4, tho aamc
yer 100 per cent ID 1914 were buy
ne the stock
Alabama Great Southern directors
1ct today and reduced the semi
nnual dividends on both tho ordin-
~ and preferred shares from 31-2
az cent to 3. Then the directors OF
hi Southern hallway met and failed
% declare tho seniannuai dividend
n the preferred stock. This dividend
not payable until the very end OF
ext month, and II Is possible that
Nc regular payment may be made.
Southern Rails Fail to Improve.
However. II should be kept in mind
uring March TO show the improve
icnt that was reported by companies
other parts Of the country. All OF
re railroads together reported an
icrcase in net income for the month
IMPAIRED with March o: last year Of
" cent This nN2Hn
flows: Those in the West showed
gain Of 1873 per cent: those In the
ast a gain OF 5a1 per cent; those
the South a loss of 81 per cent,
Coming on top Of the automobile
nd tire price cuts, the disturbing
imor< regarding the dividend pros
.cts Of the independent .teei' manu-
.cturers and the foregoing railway
vidend announcements, Chicago dis
= tchcs reported that owing TO great
curta!!ed buying by farmers. the
Manufacturers or agricultural nipple
ents who recently reduced selling
ices .crc about to mako further
ice reductions under the Leadership
International Harvester.
News Not al md.
i;ut the nuws was not all had. An
crease in frcight-car loadIngs ot
railroads OF 1870 cara. or "a
r cent. for the wcea ending April
to Ias,oe7 cars. 'ha largest number
any Nefk sin't ,'hN ~" - ''>''
ecom6er. was reported by the Amer.
an Hallway Association. The !ow
lint for the year was made durinR
@ week ending February ss, a.
S.sc2 ears. For the year. up TO the
al OF April. the car-londings foot IN
.S3so24. against l3.6pt6ss for the
rrrsprudins period ~ asst year ana
0t27b9 for the fret four months
1919.
Arhuckle. American, warner and
,,ionaI, all raised their sel!in6 :
ices on refined sugar today from %
$50 With "a record sugar crop
AL n LARGE hold-ov-r. this check In
r. recent downward price mosempnt'
MI street believes. iS only tenn
rary.
nnceI selling pricr reduct ioMs "
an, - 10 90 per cent by the FIRE
IN. and the Miller tire companies;
A ney chapter in tbs Mexican or
uation story was contributed ,"nn.
the Secretary OF ,ndustr! ~. SIT
ter is invading two weil-kno"n
districts OF his country:
Cnnndx May Float Loan.
70 /, sutisfac, ory interest rate can
arranged, the Canadian snVonu
mt will haat loan mere ot ,ayn,fici.
:, the s1b,ooo.ooo three-year
cent loan coming due august !
:, TO raise additional credits tor
rehan!ise rrrch.aasSess,o am .1 ,oan '"h here
ling due. but the bankers asked
g ", Der cent interest. and 100000
IA was shipped and the rest was
~ out of balances carried here:
FOR the first time since tho Fed
Il reserve banks hogan toNrcaHee
,ir rediscount rates ION prospects
easier money the renewal rate on
loans opened today at per cent.
il advance is due to the heaVy
,ncinS to he done next Monday.