Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-04-27
PROF|T-TAK|NG OCCURS
IN OIL AND MOTOR SHARES
sugar Stocks We're Weak on Fur
thor Price Reductions in the
Finished Product.
COPPER AND STEEL. STEADY
Wall Street Eagerly Awaits Touny's
Dividend Meeting of the Penn
sylvnnia Dircctors-ScycraI Slip
ncntS Of Gold Arc Received.
COPPER AND s'fEfh STEADY
by II. L., Ibnrnl,tn,

NEW oiSh, ADrli Sb.--l'fOUt TAX
ing occurred today in the oil and
motor shares. The sugar stocks we're
weak on further price reductions In
the finished product Coppcrs and
stccls were steady and strong. Buy
ing by comm iSsion houses represent
Ing the public broadencd out. Taken
as II whole. tn" undcrtone of the mar
ket was strong and some of the best
houses advised their customers to buy
on weak spots on the belief that be-
fore the end OF the week price, would
be higher.
PROFIT taking WAS based on the the
ory that the good news Of the past
few days was out. bankers, how
ever. are OF the belief that the prom
Ising outlook FOR Il settlement with
Germany has not begun 10 be dis
counted. In that connection, it "a*
declared that IL would be harh TO
cSagEcrutc the Importance of set
u"mcnt of the German indemnity
which VIII mean "A further recovery
In foreign exchange, a wet BLANKET
for lIolshcvism In Europc. the open
ing up OF foreign markets. improve
mcnt IN The financial position Of the
allies and Increase in our exports.
More Gold Received.
Some small shipments OF gold were
received today. More is expected this
week
wall street liz eagerly awaiting to-
norrow's dividend meeting Of the
Pcnns yIvauja directors. one story was
circulated TO the effect that the reg
ular IL per cont quarterly payment
would be dcclarcd in scrip For wccH@
past, however. the ticker has been
sayint; that tho rate would be reduced.
and the ticker seldom goes wrong
The decline from last years high
OF - and this years top OF 81 81
Is declared by tape readers to mean
that the annual dividend rate Will be
reduced from per cent 10 OF per
haps 2. II these predictions mate
.NN ~. n
mcnt holders OF railway securities.
despite the fact that "a possible re-
auction has been widely advertised
Tn" conclusion will not down that
II PcnuSylvanin's dividend ia reduced
IL Will be for the purpose OF making
everybody ait np and take notice OF
the existing conditions calling for a
drastic reduction in operating cost,
which is made mp largely Of wages.
ccntrnI Leather Sh"ws Deficit.
Central Leather published its much
discussed quarterly earnings up 10
the close Ot March. There wus a de-
felt for tn" thr"e months OF s",yjl.UG
against turplus for the same period
OF last year %! 100000 year
ago N this kline The company had "a
profit and loss surplus OF $1,000. O0U
on December 81, 1920 the profit and
loss surplus waS down 10 si.1j'.pd0.
OWES L. the losscs taken on invcu-
torlce on March 81, 1927. tho ac-
cumulatcd surplus was down 10 S223.-
600 The meeting 10 declare prefer
rod dividends does not occur until
May ~. ana the dividend. If declared.
liz not payable until July. Much can
happen between now and the end OF
June. The consensus ot opinion here
~ that the preferred dividend Shout!
he passed. but the s6nerai feeling IS
that II VIII hc paid. Otherwise the
pront and loss surplus would have
been wiped out
steel Directors Meet.
Directors Of the United states
steel Corporation held their Iuarter-
Is meeting Immediately after the
close of the stock Exchange hour
today and reported net earnings OF
$4,000 compared with si3.s1 900
for the December quarter and Si2,
oso.oOO for the three months ended
March 81, last year. This was $4,000
600 more than Wall Street expected.
The most interesting phase Of to-
days statement was the report by
months. January showing Sli,3s'.0O0
not. February $i0.lJ7,000. and March
s7.1il,OOu. 1t was on April l3 MAT
prices were reduced; therefor" the
lower prices do not show ia t0Gay's
statement.
There were people in Wall street
,ohny VINO ne!'.E"h tl,y N ~ IN. S raar
IL is safe TO predict. however. that
the one for the current quarter VIII
show smaller earnings.
Todays siatmcnt shows that Si.hO
was earned for the s50s, 100000 COM
mon stock or 30 cents more than the
quarterly dividend requirements
IIi,. inan Approved.
Learning last night that the Inter
state Commerce Comm sSion had just
approved the s23O,Go0,000 Great Nor
thcrn- Northern Pacific joint - per
cent, iiftccn-y year collateral trust CON
Ncrtibic boni issue, proposed to pay
off the S2l5,000,C0J joint Is, issued
twenty years ago to acquire control
OF Burlington maturing this July. the
Morgan people sent out letters to
syndicate members, and although the
public offering viii not bc made form
ally until Thursday the country-w ide
distribution campaign really began
today. The Offering Is expected TO lie
II big success. The new bonds were
listed today on the Stock Exchange
which means that Il market Will he
created at once for the issue. The
initial transaction was N %.
So far this week our gold imports
amount UP to Si5.000000 making $50
100000 for this month. and s240.O0O.-
600 for the year, bringing our gold
holdings back close To the S3,035.CTT.-
goo established in July of 1873. after
which there was loss running high
year. our gold holdings footed up
s3.00l.4s7.0o0 and since then IL has
been coming in food. Every
banker in Wall Street is talking
about our heavy gold imports and
what they mean, and every banker
has different theory. one declaring
that the mere fact that Europe can
now spare the gold financial and in
dustrial reflects Improvement. where
as the next Will argue that the situn-
shipments here are absolutely ncccs-
sary to make needed purchases On
one point, however, opinion is agreed
we are headed for easier money.