Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-06-25
SALE OF STOCKS IS LIGHT
IN WALL Street MARKET
directors OF Corn Products Meet
and Declare Quarterly Divi-
dcnd Of 1 Ii Per Cent.
EXPECT CUT IN STEEL SHARES
Bear Party Again Sells American
tobacco Short - Price Drops
From 115 f-2 to ia 81 Then
Shot Up to I1H 3-4.
Ivy Il. l.. ItnrnIin,.


NEW YORK. June 2i-With tho
past three DAYS NJ intense heat and
nerve strain. resulting from working
way out for ovcr-cXtcndcd cornn.
r"tions and Individual. members of
inc 'Bailing Committee" as IL IL nov
called. began To leave Wall stree,
around noon Friday for the Weekend
This committee ie made up of som.
OF the most powerful bankers In tho
street.
Outside Of continued heavy selling
In United States Rubber. i.cthlch.m
ana Mercantile. Marine preferred. ali
OF which mad" new iow records FOR
the gear, tn" stock market hcld
steady However. the volume of
business handled Was very light.
Early in thu day Wall street be-
gan 10 watch for tho Corn Products
'Nidend Tho directors mot during
inc last norr II was generally ok
p"ct"H mat the regularly quarterly
per cent would he declared. with
The IL of per cent extra omitted
Tn" dividend declared was IL per
cent
Directors OF tho United states
Mortgage Trust Company met today
ana decided to declare 80 per cent
stock dividend out of accumulated
surplus. The regular per cent quar-
terry dividend was declared. \
special meeting Of shareholders VIII
d" held I, approve the 80 per cent
stock dividend
II was learned today that ono OF
the recognized leaders in Wall Street
who before last November was close
TO rresid.n' Harding. has just re.
turned from Washington. after having
talked with the President on the
railway situation The wall street
leader In Iuas.l ion is prominent IN
hoth bankin,: and rai-rcai circles II
is understood that the adm.nistra-
tion is doing what II can 10 have
come sicoOooooo turned over in the
very near future TO III. railroade
This Will bc the unpaid government
guarantee II viii help both the
railroads and general business
Dallas Gu, its rcdiscount rate from
l2 20 s That leaves only Mime
apolis and Chicago with "A IL per
cent rate
%hnc large consumers Of steel arc
now selling in the open market sup
plies OF materials which they have
been unable "a dispose OF in thei. own
business. this Is not bearish for the
long pull OF course IL means that
lover prices are expected. fut IL
also means general cleaning up with
supplies being cuvtailed The steel
industry is now running at only 20
per cent OF capacity With steel
prices cut. building Is certain TO show
further gains Tho whole world is
rapidly rearhine position where
under consumption and liquidation
are bound 10 help business
With money growing easier be-
cause Of smaller domestic and for
cign trade the com panics with loans
maturing this year viii have an
easier time than those who have al
ready been In the money market since
January ! LlEEett e. Myers has
$40. 100000 Ihree-ycar i per cent notes
10 meet December J; Swif, & Com
pany must pay on s25,oOo.0Oo ~
year 6s on August Ia; sears RocbUci5
has sl6.500. 600 as maturing O.tpbor
10 II is likely that these companies
VIII pay on part of these maturing
loans from cash nov held in tho
treasury, and that long-tcrm notes
or bonds will be sold 70 pay OF the
balance. Only very short time ago
the interest rate on long-tcrrl loans
was so high that companies were al
most forced to sell short-tcrm notes
IN the last hour today the leader W
the hear party again began 10 sell
American Tobacco short. The price
dropped from lis IL TO III 81, and
then shot up 10 liS 3-i. This was
understood to mean that Duke and
RYAN ard others, knowing that an in
dividuai who has recently been
forced TO part with his stock had
been helped out. started in to supper:
American Tobacco. taking all thu.
the bear leader offered