Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-11-16
WALL Street RECEIVERS
FROM PLANS OF HUGHES
Market Not as Frightened as
Pretended by Disarma-
ment Meet.
AUTO INDUSTRY HERE, TO STAY
Governor OF Federal Reserve Bank
OF Chicago Sees Sharper Competi-
tion During 1922-BuildinE In
oreaRes 70 Per Cent.
Hy IL, l.. Durnum-

NEW YORK. Nov. 16.-On the sur
face it appcnred that speculative
Wall Street recovered today from its
Fright over what the proposed dis
armament program would do for the
fteol companies, the stool shares re-
covering some OF yesterdays losses
hnd holding steady. Many judges
yere OF the opinion that speculative
wall Street was not as frightened
Yesterday az II pretended. but was
merely taking ADVANTAGE OF q techni-
al condition, and that after itB set
bnok, which was overdue. the mar
get is in a stronger position to re-
ume tho advance
NEXT to tho developments at the
Washington disarmament conference,
no mont Interesting news dovelop-
nent today was the quick sale OF new
ecurities. The offering of $4,000. 900
wenty-Ave-year s per cent bonds OF
Brazil on an $40 per cent basis was
Pversubscribcd several times over.
md subscriptions mounting up to
$3.50. 100000 were Sreceived for the
5o.ooo.ooo New York Telephone 6s.
FOR weeka past or since the Treas-
iry Department received autscrip-
Ions aggre Bltin1 3Sl1 100000 for it's
rcring OF 5000. 100000 certificates.
igns have been Increasing that an
normous amount of idle capital wnS
b the country awaiting investment.
Money Opened Freely.
Despite the fact that the govern
tent made heavy Withdrawals from
lhc banks here to meet interest pay
tents on Liberty bonds. call money
pened freely today at per cent and
kn.. a n 4,
= was impossible to raise any con-
lderablc amount OF call money at
ny rate.
oday that II had jointed other tire
manufacturers by cutting prices from
D 10 30 per cent
JameR d. McDousal. governor OF
he Federal Reserve Bank of Chicago.
as quoted here today ms saying that
he automobile Industry was hero to
lay. He sees prospects OF sharper
bmpetition among automobile manu-
lecturers during 1922. with sur
wal OF the companies that are we'll
htrenched.
building increases Is Per Cent.
Contracts for new buildings lie,
urlng October in twcnty-sever
ortheaatcrn States aggregated i222,
$4,000, an increahe Of "a per cent
yer the Same month of last year, bu,
decrease OF 10 per cent contracted
18th September OF this year. accord.
hs to today's report. or this total a
or cent was residential construction
rom October on this class of new
uiiding. which has been in the lead
iould fall OF because OF cold weath.
However. the work alread,
farted Will be In such shape that
will continue through the winter.
Northern Pacific officials estimate
rat the forthcoming statement OF
,rnings for October will be the bes,
pr tho year For July net operating
fcoma was $4,000. For August II
as fl.9S3.00 For September. So
$1,000. To take care OF fixed charge.
nd dividend requirements calls for
onthiy net operating income OF 81
5000 Thus IL may seem tina, for
ic past two months Northern PacIrc
as been earning more than'its7 pei
INT dividend. IL Is being predicted
o In Wall Street that before the end
this year Northern Pacific and
rcat Northern are going to get an
Etra dividend from tho Burlington
ock owned, Officials Of the Htll
ads say that general business In the
orthwcst Is improving and that they
% particularly Rratified with the
,provement In lumber shipments
ese Increase shipments refiectine
creased activity In many different
hes of trade.