Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-11-01
MUCH PR0F|T-TAKING IS !
NOTED IN WALL Street.
Many Traders Disappointed
in Their Hopes for Higher
Prices.
COAL Pn0DucTION
CONTINUED Moderate increases In
Husiness Activity in Various d.
rections IL Seen by Federal re
serve Bank.
BY II. L.. Hnrnu,n.

81 NEW YORK. Oct. 3I-Many ex-
pected higher prices on the stock cx-
change today, but instead. there was
considerable profit taking. Mexican
l Ietrolcum was particularly soft.
yIhht stock. selling at i07 ut the oDcn-
ing, declined to 1903 5-S shortly after
noon on reports that lgnacio Maron,
special commissioner of the Mexican
reasury Department. now here, had
expressed the belief that the pro-
posed higher export tax on Mexican
petroleum was to protect home con
sumption against exhaustion Of sup
ply In the Mexican petroleum fields
dhe 10 salt water. In the bcst-in-
formed quarters here. the feeling ~.
ana Tor months has been. that in the
aionS run IL will be found that there
WAS basis for the original story that
fsait water liz showing In the Mexican
oil nclds. II these predictions mate
srialire. 1t will he anything but bear
Sargnment on the stocks of our home
foll companies.
Fircstone Cuts PrIccs,
Another news development OF the
: day having an unfavornbie Influence
on the stock market was the an
abouncemcnt that tho Firestonc Tire
end Rubber Company had cut the
$price OF tires to dealers 90 per cent.
tihc dealer to do as he pleased about
I tphslhs the cut along to tho con-
sumcr. This news came OUT after
Goodrich and others had denied thnt
se{hcrc was to be any cut In tire prices.
hnd renewed rumors that a general
sfut In tire prices was coming.
Studc baker put out It's earnings for
9the September quarter. and tho state
ment wax as favorable as had been
predicted. But Studebaker. whlct
nad been Hciling nj II. dropped 10 80.
For the September quarter. net
profits were S3.2G3.000. or BIS FOR the
common stock. against the t42I0.0Oo.
or 6.S3 earned for the June quarter
and 22s6.ooo or 3.5 for the Scptcm-
hcr, 1870. quarter. Compared with
January ]. the company's profit and
loss surrlus increased from s3S22.-
BOO To Sl5.33s.o0O, cash on hand from
Si,22G.odO to tc.332,O0o. while inven-
tory dropped from S2s.O7r, geo 10 ,2J.-
$4,000. In the meantime. total quick
assets Increased from Sil $4,000 10
Hl,igl.0Oo while current liabilities
dropped from Ii6.337,O00 To sIllGl.-
goo. The number o, cars sold during
tho September quarter was cIGSG
against 27,S:3 FOR the same period Of
last year.
Union Pacific is holding It's own in
tho matter Of net operating income
despite Il loss In gross. Todays state
mcnt for September for the systcm
showed gross OF s20.O3l.0 900 aralns,
f2l.si2.ooO for the same period OF
las; year with net operating income
OF se.5l3,oo0 against S5.53i Geo. For
the nine months gross was $780,
~f+.eo0 against &is0.Gss.ooo. with net
operating income s22.G25000 against
S27.32G.000
Union oil directors will call
special meeting of shareholders in The
near future. according toiay's Cos
Sip, TO act on the proposed merger
with tho American end OF Royal
Dutch II was also widely reported
that negotiations were progressing
Tor conbinution of Haskell. marker
aud Pullman. and that conferences
were being held In connection with
tho proposed merger OF number OF
independent steel plants.
There was an Increase OF 100000
tons In the production of soft cunl.
for the week ending October 90. 10
l0.9eJ,oO0 tonE, close TO normal. This
Increase Was due. OF course. to tho
railroad str!ks care. While produce
ton for weeks past has been on the
Increase. output for the iirst 2iJ work
Ing days OF the year is still $4,000
900 tons below 1920.
Continued moderate Increases in
business activity III various directions
Is seen by the Federal reserve bank
here. according TO It's regular month
~ review OF general conditions. The
Improvement is noted In an increa.~.
of the number OF employees Of mills
and factories. In Increased building,
In increased production of iron and
steel, in increased volume of traftc
being handled by the, railroads. In
continued REIMBURSEMENT OF commodity
prices with the average, despite the
many reductions. about whore IL was
last May. in the downward movement
OF interest rates, the level being now
back to that of 1919 and 1915.