Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-11-05
PRICES IN MARKET CO
TO NEW HIGH RECORD
Gains Fail to Hold When
Traders Take Profits Over
Weekend.
REDUCE FIGURES ON TIN PLATE
keiiy-sprinEfieId Announces Reduce
lion Ia Tires Hanging From 10 to
20 Per Cent, whici, Authorities De-
clare forecasts Downward Trend,
ilS 10. L.. Dnrn,,,n.

NEW YORK. Nov. 4.--Pricc., opened
higher this morning, some Hpecialtics
going to new high records for the
year. But the gains dlJ no; hold.
many traders taking profits over the
week-cnd. expecting tomorrow to ba
quiet in view OF the iarge attendance
expected at tho Observation-Disclosures
football game.
Mexican Petroleum continued Its
, gyratlons. opening al l07. advancing
10 los Ia and then dropping In the
last hour two points below the open-
Ing. There was Il biz short Interest
In that stock which rcfusas 10 cover
Today -si35O was demanded M n
premium for The use OF 100 shares
Of the s,0rb overnight Whom I0s
Ia WAS reached on the advance n
iDt of stock came out.
Cut Tin Pintc Prlces.
T"hay'S most Interesting news de-
rciopmcnt was the announcement that
n subsidiary OF the United States
Steel Corporation han cut the price
OF tin plate 10 fi.75 hundred
pounds OF $40 ton under the last
official price named. Tho average
price OF eight principal Iron and steel
products up 10 the opening o! bus
mess tnndy was Si5.os. n new low
record for the year. This COMPARES
with Si6,s5 n week ago. sis2G. 4
month ago. fs5 or last yoar's high,
Illo the high war time price and
$1,000 for 1913. Thus there has been
reduction OF &c per cent from the
nigh of last year with presen, price
nearly % per cent above the 1919
level II would seem that steel PRICES
compared with those In man. other
lines should begin to attract buyers
II Is likely. however. that before the
end comes there will he one grand
cut In selling prices
Keniy- Springfield Tire announced
price cuts today ranging from 10 to
20 per cent Despite dcuiais to tho
contrary !, looks like n general
downward movement In tire prices
was under way.
ported today at IL Ii cents. This
following the comparatively large
sales for October was generally con-
sldered favorable for the copper
shares.
S s. Krcsge reported October sales
today az &J,isJ,0Ao. All increase ovor
Lao, year Of s65I0o0 For the ten
months sales were Si0,+26,Ooo. an IN
creas. O.! 20 .O3 900
shaw Hirh-r Rcscrvc Ratio.
All OF thp Federal reserve hanks
now show reserve ratio NJ 40 per
cent or higher. Richmond is now
42,s against i5.s week ago and ii.3
year ago; Atlanta shows ~
against il.i week ago and 40t n
year ago: Minneapolis is II against
S34 and 40, respectively. Dnllnce Is
'10.J against 39.I and 35.S. New York
heads the list with Ssh against S23 u
week ago and 1856 "a year ago.
Secretary Mellon states that total
subscriptions for the I2ue.00o.o00 4l-2
ana 49, Treasury certificates
mounted up 10 SSll,0C4,000. This
means that there is q great volume
II idle money in the country seeking
tho safes; kind Of an Investment Be
You'd question there Is q much larger
amount ,hat VIII 80 In less attractive
investments. That Is shown by the
short Time required to sell such. Is
sues as tina; offered yesterday by tn
government uf Chile with an incoH
return Of per cent running twenty
FIVE years. Tuday's detailed statement
Of the returns Of lS3 OF the .20l rail
roads in Class ] shows gross OF SG42.-
een.oOD. u decrease OF 1915 per cent
compared Wit! last year. Eut there
was decrease OF 26,2 per cent in
operating expenses, converting the
iuE5 Of lp.5 ner cont In gross into
sI9,noo,0oo nat operating income or
an increase OF 1875 per cent.
Railroads owe Hil; SUM.
or the So9o,o0o,000 revolving fund
creaiad c.a Inc tra.apa.;ution act
81 fcoiuary, 1920. The railroads have
borrowed s2j7,ii4,000 and paid back
only :2i 10000. accor1lu. Ia todny's
information icoin washington. These
Washington adviccs state that IL will
only Oe a matter OF Il short time UNI
I'll this onc-way revolving fund is eX-
hausted and until the administration
VIII be forced TO apply TO Congress
for another appropriation. That is
one way OF looking At il il the rail-
roads are I" continue To hang to the
apron STRINGS OF the Taxpayers of the
country. Bnt- the foregoing figures
covering earnings and expenses for
September show that there is n better
way out Tor the railroads. Investors
and bankers know 1t. and despite the
poverty talk Of the railroads, mana
gers are not alarmed over the rail-
way outlook. On the other hand,
their confidence is shown by the fact
that good railroad bonds. except in
very small lots. are not TO he had in
the open market for anything like
the prices being quoted. AS for the
new issues being brought out, an
offering OF $685., 900 Southern Rail
way first and refunding SIS on $50
per cent income return basis was
made at the opening Of business this
morning. but before the clock fin
iShed striking 10 the subscription
books were closed with the bonds all
sold IT has only been matter of
Few months since railroads with
credit like Northern Pacific and Great
Northern were paying over per cent
for new money.