Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-03-04
SHARP PRICE RECOVERY
FEATURES STOCK MARKET
Directors of Utah Copper Company
Reduces Quarterly Dividend
From $3.50 TO 81 Per Share.
RAILROAD SHARES ARE LOW
Gold Continues to Come Into the
Country In Lots OF One and Two
Million Dollars, Which Adds to
COuntry's Supply.
ny II. L. HARNUM.

NEW YORK, March "a sharp
recovery In the low priced railroad
shares during the early part of the
day was the feature of the stock
mark ct. On the movement the fcn-
lures were Kansas city Southern. ST.
Louis Southwestern. Frisco and sew
eral others The movement. however,
was impcdcd IN the later dealings on
reports that Il strike had been or
dered on n Southern road. which has
announced "A wage reduction. the
high priced rails held strong. In the
induFirials the movement was very
Irregular, but fluctuations in general
were more moderate than earlier IN
Directors Of the Utah Copper Com
puny reduced the quarterly dividend
from $3.50 to 5 per share. The atoch
early dealings IT opened at ~ IL
declined To &c "a, recovered to 81
and then on one sale jumped TO
~ IL. followed hy anothcr sale 10
dcnd was announced and II was at
trihuted TO rumors that the regular
tho shorts TO cover. After the an
nounccmcnt. however, IL cascd OFF.
Ray Consolidated directors passed
the quarterly dividend. Three months
ago 20 cents Was paid.
Copper metal sold at IL IS cents
per pound today. new low record
prices quoted NJ Is cents by Some OF
the larger producers, tut very little
metal Is bcIng sold at that price. Tue
real condition OF the copper metal
market IL reflected ia the passing
and reducing OF dividends and the
poor earnings statements.
Steel Company HerortS.
The annual report OF the Midyale
Steel Company. according 10 Wall
street opinion, is one Of the most re-
inarkahle statements Issued mus iar
pared Win s5$o per share in 1919.
Tho striking showing. however, IS
made in the balance sheet. when
shows current assets OF abou, 81 for
each 81 OF current liabilities. Cnsn
on hand alone ~ In excess OF s2',oev,-
600, against S5.sO0,000 the year be-
fore The greater part OF this in
crease lis the result, OF the Anglo
French maturity last October the
company having owned a large hloch
Of these and other bonds. wnich
either maturcd or We're sold.
William T.. Corey. president OF the
Midvalc in his remarks to share
holders, cnphatIcally states that
there must be reduction in wages.
This dc described. as Imperative. lie
that the principal Underlying factor
In the trade depression Is IN" TACT
that the general public bclieyes thnt
there must bc thorough liQuidatIon IN
all commodities. before revival IN
trade can he expected THIS. OF
course, involves further rca dJustncnt
OF labor rates. not only in the steel
business but In all other Industries
ana a frank recognition of this by
both workmcn and employers is i'm
-perativc."
Chandler Motors broke rather
sharply during the early dealings to-
dag on ruInors that the dividend
might be reduced on the capita! STOCK
In spite OF the showing made by the
annual report Issued Il rev days ago.
II this is done 1t VIII be reelection
of the poor business during the cur
rcnt quarter.
Directors of the Atlantic Calf and
West Indies Company will not hold
their postponed dividend meeting
until after. the close. OF me maj ks,.
therefore the stock cannot reflect the
action which may be taken. II !s as
stunned now. however. that me pre-,
farrcd dividend wifi be declared, ana
funds which it needs 10 pay for us
tankcrs. This assumption has caused
the rally In the stock. bu, the move
nont during the early dealings was
Many Idle Freight Cars.
Idle freight cars in the country on
February % toiaicd ALB .l33, accord
ing TO the railway association. This
increase clearly reflects the position
of the business world. but OF IN"
total. l72.G2f were idlea coal cars. aS
against 1884. such an increase be-
ing natural at this time OF tho season.
The United Cigar stores reports
an increase Of 7.2l per cont In sales
in February, as compared with inc
previous year, despite l!l' is'St l!ihS
there was one day less in 1871.
Spectators have taken II buliish no-
si;ion In the tobacco stocks on the
theory that Unemployment generally
means an increase in consumption Of
tobacco.
Il has been rumored in financial
circles that the United Retail stores
has acquired "A large interest II one
Of the leading independent tobacco
companies The name OF the com
pany has been withheld but an OIL
cial announcement Is expected snort
". Gossip has IL that the company
is WcvIDan Bruton.
Gold continues 10 come into IN"
country IN lots o: one and two mil
lion dollars and is adding consider
ably TO the courtry's gold supply. y
total Of S2S50,000 is now on the way
consigned To a local banking house:
This. together with the general
liquidation. is helping tho banking
situation. but the stock market is not
in position to reflect the movement.