Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-05-03
MARKET BEHAVES WELL. in
FACE OF ADVERSE NEWS
Days Developments Include z Per
:, Cent Renewal Rate on
:. Call Money.
MORE AUTO TIRE PRICE CUTS
Expected Recovery in General
Trade Predicted by Federal Re-
serve Board Fails to Matcrlalizc.
~ Prices Open Firm.
MORE AUTO TIRE PRICE CUTs
IBy Unlted News.l

IL.
tlthe days news. which included a I
per cent renewal on call money. more
cuts In automobile Tire prices and the
BoafI n, Wa.h hin s'f iha, IKE ex
tpectcd recovery In general trade had
mot materiallzed. the STOCK market
But In the first hour there was an
Sother bear raid on Mexican pc
'troleum. breathing the price OF that
some OF tho automobile shares, under
to decline. However. there was good
.buylnH throughout the day by COM
ttnisrlon houscs. representing the pub
lie, and MI Of the stool, thrown on the
market was well taken.
., shrcwd judges, OF the stock mar
akct though, they detected today
signs. OF selling by large Wall Street
banking intcrests. This selling was
supposed. to be stock carried since
Stt,e early part Of the year, when
Prices were declining and buying oc-
CURED for the protection OF the mar
ket az whole. Banking interests.
sell. Some OF the large stock cX-
change firms were advising their cua-
toners who had PROFITS Ia get out
and buy back on weak spots.
Deny Statement Credited To Hoover.
- Washington dispatches published
IN Wall street today quoted the De-
pHrtment OF Commerce rs dcnyinr.
that Secretary Hoover had said his
statement that the Mexican oil fields
were short-iived was based on oiicIai
information obtained By government
officials. 1t was admitted, however.
that MIR. Hoover had ,nlkel with
newspaper men and had pointed out
its published reports indicated that
the life OF the Mexican oil fields was
limited. ON these dispatches. Mcxi-
can petroleum recovered sharply from
lis 10 ii9 81. or above the opening
y price. which was q half poiu; above
saturday, closing.
some body made Il ''hresIs" in quoting
government officials sayinn tina,
m. Mexican oil fields were short
iivod, but that the fac, remains tina.
Secretary Hoover and other govern
mcnt officials are OF the belief that
the government Ind better look else
where than Mexico for it's future oil
Good News From Chicago.
One Interesting piece Of news came
from chiengp n dispntei,"r quoting
1 sales In recent weeks had held steady
With some signs OF betterinent. No
nHures scrc given. Blu; on the other
hand ngurcs were received .som
Sears nocbuck, another lnrge mail
order honse For AprN that com,
pany's sales amounting TO ;is.3I5.ooo
with sales for tho four months of the
year AT $4,000, 900. a decrease of siO.-
oos.o0n compared with the period or
but the- 9Hems. ofx,he day, that
caused the most discussion In the
financial district WAS the report OF
conditions up TO the end OF April.
This statement said that complete
I business recovery is proving 10 be
~, slower than was predicted by many
3obHcrvcrs ut the close OF 1920: that
1.-The expectations Of many that the
tSpring. or 1921 would see economic
completed have not mater laiixed: that
the point upon which the business
situation has now ptyoted is prices;
that tho fall In Wholesale prices
times prrcipitatc appeurs 10 be in tho
process Of arrest; thai the failure OF
revival business: that existing
hiEh rctail prices are not warranted
by wholesale prices; that high trans
! por.ation prices high wages and the
high cost OF Sccl and coal are also
making recovery in general trade
slow.
REIMBURSEMENT 10 he Fn.tcr.
There are good reasons for btlicv-
ing that from now on reimbursement
| In retail prices is going to be faster.
| That belief Is based partly on the
large number of unemployed through
out the country and partly on in
IsicreasinG signs Of easier money. With
easier money, there is going to he
freer marketing OF hIsh-prictd In
Yentorics.
Secretary Mellon6 recommendation
urging repeal OF excess profits tax
| and modification OF income tax was
naturally to Wall Streets liking.
Wall street fuvors the proposed HAT
tax levy on corporations.
Pierce Arrow opened today at 80 ! =,
against Saturday closing of 80 IA and
last weeks low price OF 81. Tho low
| price for the ycap was 1884. and to-
days opening was the high. Pierce
Arrow is being taken in hand 10y the
same interests that put Studcbake
'Ssup from - 5-S TO % IA There is n
large short interest in Pierce Arrow
just as there was in Studcbnkcr, and
likewise the floating supply of Pierce
arrow is small and has been made to
look even emailcr than 1t really is
IS'c Freight Cars Decrease.
! T:day's statement from tho Amerj-
can Hallway Association shows a
weekly decrease In the idle freight
cars surplus OF 1912 cars to Asa, G67
This Ia the second weekly decrease
reported. ana compares with 5O7427
2 tho idle car surplus OF April s. which
was q high record for all time In
creased demand for coal cars ac-
counts for the reduction in the sur
plus q: idle cars.
Including the s2ao, 900. 600 Great
Northern Pacific bond offering, last
months new railrond and Industrial
company capital Issues footed up only
s39h,ooo,o 900. This compares with
s13S 100000 for March. s29s.o0O. 900 for
February. aud s257. 100000 for Ian
unry. Besides tho large Offering of
Hill road bonds last month. tho only
other railway issue was $4,000
notes.
Tire Prices Decline.
cut OF 90 per cent in the selling
price of tires was announcc1 today
by the Mason Tire and Rubber Com
pany. and according to Akron. Ohio.
advices, all OF tho other tire manu-
facturers are expected to follow last
weeks lead of Goodrich In cutting tire
prices 20 per cent thus bringing the
prices Gown to n prewar basis. The
dispatches from the West stated that
the Goodrich cut came as surprise
and was understood to be n bid for
business
II w. II. Woodin president Of tho
American Car and Foundry Company.
has just returned from an extended
strip abroad. 1t was stated in Wall
street when he started for tho other
side that he had gone after foreign
orders. Today no says that outside
OF certain passenger cars wa cannot
SOL railway equipment to European
! countries not in need of long term
credit because Germany and Bolgium
with ;cheaperg labor, are. bidding un-
II n r =, -