Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-06-01
p|CK Announces GUT
| OF Is TO z PER CENT
''"m0hilc and Oil Shares Sell
h"wcr-Stcrl Steady After
Irregular Opening.
|RADING UNUSUALLY QUIET
|o'crnncnt Figures Show That
Gasoline In Hand ut Rcnncrics at
lose OF April Was 10000, 900
Gallons.

NtW YORK. May ~ Wall street
'Hrn"h 10 work today after it's
'i' hniidny. Sunburnci and tired
70 with tho attendance on The stock
N'0tnSc noOr and in Offices of
-"H"rS small Following an ir-
Y Var opening steel shares we're
"'uy with the automobile and oil
"'"s lower. Trading was unusu-
lly puic,
over the holiday the Buick Motor
.NhnE announced price reductions
rom J" 20 - per cent. making tn"
General Motor subsidiary to
W. admit that business u, the old
i'" level was not satiSfactory. To
A. Chalmers followed SUI, with
IN I4r nr!c" reductions These an
lvu'rcmcmts plus expectations that
i'''" Arrow you'd pass ITS pro-
|fi'l dividend today and that Chand-
would cat It's dividend on June 6
ON 10 per cent To way rcSnBn-
p.' ipi IN" weakness IN the auto
i"hiie shares III" Pierce Arrow
fert"rs started their meeting at
o'clock. hut IL vas nu, Learned
'l late in the DAY tina, action had
e"i 'dHen The per cent quarterly
'NiHori was passed
NIi'moiil IL" az w.N az oil shares
1 '''' 'l''i'' ~ lfI" ia M"
4 on First II was learned that srA-
|onch. c"nservn,ivcly.- managed oAIa.
1"htt Producing and Refining Com
an mad passed quarterly d,y.deuGs
u Doth = preferred and common
hh r's Later N the dag rr.sldont
|"i vain 'nuouucch that this action
al been made necessary because
|l"t' lad r"rn AN operating d"iIci,
E'hNN"" Tor IN" first quarter ut th,.
4 ehr and that there was now a sur
Jus d"hcit ~ f2Gp.Gon ~. sand
|Acr" had been S"ycr" reduction in
~" v"ium" of business without u
'uop"reionatc decline IN operating
os,S
Then. too government figures w.r"
punished today showing thai tia.
gasoline In hand a, rc;incries at III.
lose OF Nrrii was $4,000 0nr uuilouS.
IN incr"asc OF I2.0uo.h00 gallons for
h" month to q ucw nigh record
Figures were also published showing
nat during Npril u'w daily hiEh
tE"rtgc Vas made In domestic pro-
Fucton OF crude oil 1000. 600 tar-
2c!s being added TO stocks hriuging
he total w to 1885 600 barrels
". T. .. Harding, governor Of tho
Federal Reserve BOARD. who has been
raN"linS In the West and South to
fake Nrst hand study of conditions
|eported from Birmingham.
certainly no longer IS there any
| ecd for apprehension as to general
nnnc!al trouble. IL my Judgment
/ nd think study uf the figures Viii
Emergency az 1920 has definitely
|nssci The storm has passed over"
T WAS because Of fear II wha, might
|al}rcn ;" them IN the approaching
torn that bankers. business men and
tru'crs IN general hogan last year
> STOW down. thus creating tho cN-
tyng reaction IN trade. Governor
Ihrding was one OF the nrst 10 Issue
EARNINGS Of the coming storm. Ana
Lrr that reason his statement now.
| ftar visiting bankers farmers and
business men IN IN. South and West,
at the financial emergency Is def
aito'y over. rs rcasaUriup.
| bankers who opened their book :
tst Wednesday for "uhscrIption TO
49, Sl00.UGo.00O new French bonds.
nnouuccd today thar tho bonds had
cen practically al, sold. However.
A. huuts are >tiil op"n.
| t'or t.r month which closes new
narc,rp 10y railroads and industrial
|rmpan."s amounted to $4,000. 600.
galus' $4,000 G0n FOR Aprn. Of this
ear. ana S2i5.ooo.0co for MAY ~ last
car. For ugo TIA" months ncw Ananc-
Ilr ot thcs. compnni.s aggregated
2a3 .oO0o against sl,533.0oo. 600
,r III" corresponding period OF 1920.
.fowcy"r bankers hero say ina, many
{cGutiations FOR nov loans arc on and
iat new financing Will Increase as
prn aS money COTS easier. as IL is
xpcctcd 10 d" az This years new H.
IayinE OF maturing obligations. Like
l" government. many corporations
ave large boating debt which is