Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-07-19
QU|ETNESS CONTINUES IN
WALL STREET MARKET
A'iantic Gulf, General Electric and
Westinghouse Were Only Active
issues During Day.
COPPER PRICES sLuMr
Lower Rates for Call Money Arc.
frchictcd During Week by New
lork BankcrS-5 IL Per Gent
Charged on Loans in Market.
u. IL. l.. i,arnuIn.

".W YORK, July lS.-Outsidc OF
iI"ntic Gull. General Electric ana
tS!'hEhonse "a" market was very
Hul"t today. The stock hrs, named
closed around % and SOLD down
around II shortly after noon when il
Was learned that the court had re-
fused To release certain funds which
are tie! up and discontinue the IN
'S, ,Sdti"n started some months ago
I. Henry G. Mount
General Electric mad" another new
'"" record fur the year Oh renewed
minors tina; IN" extra stock dividend
"til be passed. Tn" company has
b"'n psying In addition 10 tn. per
cont quarterly cash dividend AN eN.
"a dividend OF per cont ~ stock
t".ee " year. WESTINGHOUSE declined
~ sympathy with General Electric
business Unsatisfactory.
rom reliable" ins!d" sources 1t waS
learned today that TN" business Of
hoih General Electric and wcs.ing-
house ~ not very satisfactory Both
"f these companies wcre running on
fu!l time long after IN. general trade
began 20 fall on The new orders now
coming In. however are light.
Republic Iron and Steel IS due to-
ISSUE its earnings statement for the
Juno quarter late tomorrow. ]; Wa
reported today that the statement VIII
Fhow dehcit OF approximately 81
100000. that *. ABOUT the same as was
reported by Ltclsawanna last week
u "aS also learned that III" iudc
lenfcnts and the steel corporation arc
out fighting for business OF any kind
cutting priccs below the low Levels
famed last week. Competition 81 the
steel trade is nov kecncr than FOR
any time in wears
out Of 20 per cent In wages was
announced today by tho Standard
steel Works on" of the small !nde-
10 ID @ 4 s. l.
cut announced by this company sine.
The arm!stico. For a Hfty-hour week
inc company Is now paying common
labor il3jo. 'Thc cut from tho high
Is So per cent.
Rate on Loans Vnr,.
som" money cam" into Wall street
from NE outside To-Day and loaned At
"a per cont Will. tho rate on the
stock exchange VA. $ lower rates
Tor Cali money are pTcd!ctch ~ banh
crS her" this week.
Copper prices were shaded "a quar-
tor Of cent today by large dealers
The present price is ia cents for
nearby delivery and Ia FOR mmed!-
a'c delivery.
Hubhcr was up cent today above
last weeks hiEh price. Tho present
rrirc az l6l c"nts compare. with IA.
the low FOR all time reached fc.T
months ago.
much interested in the plans III ". {.
burant for Introducing his new car
tho inst 81 next month. From what
Nyas heard today Duraut has succeed
"a ~ getting som" Of the best of Gen
,ral Motors selling agents
rrce dent Harding had confer
.uco today with Chairman Clark. of
TIA. lutersta'" Commerce Commission.
on the question of lower freight rates.
clark Is on record - opposing any
general reduction in rates at this
tifns PRESIDENT iiarling believes
mat h!sh freight rates are holding
huck general trade.
Work on New Plan.
As a result Of conferences that are
being held between Secretary Hoover.
representing President Harding. and
Well known railway officials ana
bankers. a ncw plan IL being worked
out for financing the railroads. It
Is nov proposed to form It new com.
pany Ike the war Finance Corpora
ton and have the railroads turn over
4 this new company all Of the rail-
road paper held against the advances
made by the government during Fed
cral control for equipment and i'm
provcmcnts and bcttcrmcnts The
nov corporation Win then issue de-
benturcs. which Will be sold by in
voetmcnt bankers To the public. thus
raising money TO be advanced to the
railroads without asking Congress
for any more appropriations. The
government advanced the railroads
something like 100000. 600 for new
equipment and now holds paper OF
the carriers for that amount Then
m addition. another $4,000 900 was
advanced 10y the government during
Federal control for additions and bet
termcnts. This. plus the $3.50. coo. 600
advanced to the carriers from the re-
volving fund created by Congress in
the new transportation act. makes
Sl300,00O,Oo0 against which deben-
lures might be issued
Directors OF the Holly Sugar Com
pany, OF Denver announce that the
Per cent cumulative dividend on the
preferred shares. which has been paid
regularly since 1916. has been passed
President Carlton. I'm "a statement, en-
pressed the belief that the beet sugar
industry viii be helped by the new
tariff. and that in the meantime the
Wise policy is to use surplus to re-
ducing bank loans. While much de-
ponds in the sugar situation on the
tGtcomc of the efforts now being
made by Cuba 10 sell sugar in Flu
rope. the general feeling here is that
with the increased seasonal demand
now at hand, decided Improvement
may be looked for.
Coal Industry slows Down
Production of soft coal for the first
IGi working days of this year. given
out today. reflects the slowing down
in industry. The figures are 2O4 OOO,-
600 tons. against 1000, O00 for the
same period OF last year 225 900. 900
for 1919, with 297,00O,O0O for 1918 and
2S5.000.000 for 1917.
Chevrolet Motors announces cuts
in selling prices ranging from SOL
car to $40. This Is the second
cut within two months.
\ reduction of 1926 cars to 3G9.525
is reported in the idle frcig hit car
surplus for the week ending July s.
= This surplus is gradually disappear
ing. 1t was over $4,000 early this
April.
London cables giving Sauerbecks
index number of wholesale prices at
the close of June show that denation
In England continues. but at a slow
ata IN ha