Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-12-16
j. s. BONDS MAKE NEW
HIGH RECORD IN MARKET
Victory Issues Reach Best
Mark Since Issue and Lib
crly 3 Sd Best for Year.
sIIiHi: PRICES ARE STRONG
Poois Working for IIIRhcr Prices
Stnrt {" Hun In shorts. Which
Predicts Upward Movement IL Rc-
sumcf.
SHARE PRICES ARE STRONG
-, u. l.. Bnrn,,r,,.

record FOR All time wae maGc .n.Iay
Tor ;hc Victory 81 bonds and for
me victory 5 3-Is. ana the Fourth
Liberty iI-is made II new high
iSot While dull AT times during lnc
carly trading. held strong and late
in the dag developed activity wiki
prices advancing. While protcssion-
al raiders were WORKING for lower
prices during the past week II be-
came evident that thorc were no
stocks Tor sale. The sudden upturu
in Mexican Petroleum day before
yesterday indicated that the shorts
could easily be run 10 cover. Late
today the pools working for higher
prices started to- run In the shorts,
and predictions were common that
The upward price movement WAC {"
bc resumed.
MnGr HIr loud Sale.
Today. most interesting news de-
rclupmert was the sale OF s7.523 900
bonds at premium to IA Buffalo.
y. Y. banking syndicate. and the
sale OF {j5,00o.000 Ncw York City
IL per cent stock at 1880. or on
i.35 per cent basis, to "a banding
tyndicat" mad" up OF j. j. Morgan
& co. IN" Chase Securities ca, tho
First National Guy Bank. the Ma
'ional cay Bank. the Guaranty Trust
90. the Bankers Trust Co. Brown
Brothers ana Harris Forbes & Co.
u war understood that the bonds
las, named would ~. offered To the
public hy this syndicate around lo5
or on close "a 4 per cent basis.
This IL Il better price than the city
received back IN 1917. when bond
prices wor. considered high. At .hHt
Tina banking syndicate purchased
$4,000. mo Clty il2 per cent stock
at jOoG5, and sold IL to the public
az lol 81, or on AZ per cent
basis.
The expected reduction In the dis-
court rat. II the Federal Reserve
Eark her. did not come late y.sfcr-
day as had h-cn widely predicted
In banking uircler However,. - Is
believed that the cnt VIII com. short
~ after the bIrn Of The New Year.
and that with easter money bond
prices VIII continue 10 advance.
stock E,rhnnRc Seat SrilS.
y stock Exchange scat SOLD today
Tor $4,000. The last sale 81 week
aro was tr5,ooo. which WINS an ad-
yarc" 81 3l5OGo from the !o~ uf the
Year made three weeks before that,
ana within 5000 q: tho high for this
yea- mad" before the violent lipu!da-
ton started. As has been pointed
out in this column the rr!cc at which
stock Exchange seats Sell reflects
X
This years high prlc. OF 500. 900
mad" carly in the year compares
with $4,000, the high for last year.
which was the high FOR all time. The
high for 1919 was si1n,onO. Th"
Nigh prior to 1919 vas $4,000 made
in the great bull market ~ 1905
iut in l5li,. when the stock f.N
chang" waS closed. the prize" drop
pod To- t3i0co. IN lNi7. when We
a. - rod l, he. nrts
down 10 $4,000
Information was received here
today frOm Mexico 10 the effect that
Mexican OF companies country were
TO h" allowed to pay the new oil
lax IN bonds which are selling "a,
very large discount. This explains
the recent strength in Mexican Oil
stucEs
The daily average production Of oil
IL this country during the week end
ing December 10 was 1861 ,Oo0 bar
I"!s. new high record. according
10 the American Petroleum Institute
Tn" previous high was for the week
ending June II. 1921. with the figures
at i,3ii.o0c barrels.
Studcbnkrr Advances.
In quarters Well informed i, was
stated today that The advance in
Stude baker was due 10 buying by
The sensational advance last spring
Interests that were not connected
"tth the recent upward movement
The automobile show begins her.
January Z. and for years the market
for automobile shares has been
strong just before and during this
annual event
Rumors were widely circulated in
The financial district today that two
40 M
one TO include American Smelling
kcnnccot. Utah. Braden Chile. the
other To take In Anaconda. Inspira-
ton, Magma, Calumet and Arizona
From Washington information 1t
appears that Secretary Hughes is
having mis- hands full Keeping dis
cussion OF foreign war debts out Of
the arms conference.
American Can Active.
American Can common was Very
active today on rumors that divi-
bends would he started in The YER,
rear future. This company. formed
back in 1901. has outstanding $4l,-
100000 or Z per cent cumulative IRE.
ferred stock and IN equal amount nf
common Dividends on the preferred
began IN 1903 AT the rate of i per
cent and continued at that rate unti,.
1913, when "a Il quarter was de-
cared. together with something for
the back dividends. Tie regular
rate on the preferred shares has
since been paid, together with all
back dividends. placing hhc common
stock in position to get dividends.
For the five years from 1915 hack
ar average Of per cent was earned
for the common stock; for 1916 the
surplus AFTER payment Of preferred
dividends was equal to l..3 rcr cent
tor the common; for 1917 IL was cuua:
TO 2l.?; for 1918 il was 10; for 1919
II was 5." for 1920 1t was a.. 1t
is learned from trustworthy sources
that'the statement for This year end
ing December II will show n divi-
dand shrinkaGe in gross, but with
net holding UP. II is also understood
that the management is planning for
a very big year n.Nt year because
shelves and warehouses nave been
depleted of canned goods. The prc-
fcrred stock has passed into the class
Of stocks closely held by investors.
l:ut. from what can be learned from
reliable sources. there is no chance
oi dividends for the common stock
in the near future. Dividends could
IL paid. Besides the curren, corr