Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-08-20
RAILWAY SHARES ADVANCE
IN WALL STREET MARKET
Action Caused by Anticipat-
ing Favorable Repor, on AID
ministration Financing Bill.
INDUS TRIALs SELL orr
Heaviest business Noted In United
Retail stores. American I.ocono-
tive. United Stntcs Rubber, wext-
ihghOuxe md Others

Ing favorable action by Congress
next week on the administration rail
road financing bill. railway shares
advanced today even while indus
trials were selling on some to n new
low price for the year. The heaviest
II ling was In United Retail Stores.
mcrican Locomotive. United states
Rihter. Westinghouse. Cuba Cane.
international Harvester. America
Car and Foundry Pullman. Union
Bag and Paper Studsbak"r The
stock last named sold down to 81 3-S
before noon compared with ycstcr-
days high OF - IA. with 7s 7.8 "a
week ago ana with % IA. the high
for tho year. established last April
The railway equipment shares were
or on the nows that Germany had
consolidated number OF railway
equipment companies. making the
largest concern Of tho kind In the
world 1t Is believed that Germany
VIII thus go out after foreign trade
In competition with our companies
Receive so Cnses OF Gold.
One OF the Interesting news de-
UNeiopmcnts Of the day was the an
nsunccm"nt that J i. Morgan & Co
had received eighty cases of German
gold from the Rcichsbank. amounting
to " 500. 600. in connection with rcpa-
ration. payments The Equitable
Trust Company was also notified that
II was 10 get thirty-onc cases OF gold
This trust company. the Guaranty.
Speycr q Co. and liallghrtcn & Co
SO far have been handling the rcpa-
rations financing. The entrance Of
the Morgan nrm into the tranpac-
tons. In addition TO the large amount
Of gold received, caused some sur
prise here.
Up to the close NJ business today
526 names had Lecn secured TO the
stock exchange petition asking that
Saturday. September J. be declared
holiday.
Money on call renewed today AT
l-2 per cent. against 6 per cent. the
rate that has been prevailing for
some time. There was some money
offered by outside Institutions Mt 3
per cent.
Worthington Pump directors meet
next week TO act on dividends. 1t
vas widely reported today that the
regular preferred dividend would be
declared. tut that payments on tn.
common would be passed.
For the third week straight run
ming the average selling price OF
HiYht principal steel and iron finished
products remains at sis.s3. compared
Rith Sjl 81 month ago. after "a long
period OF declining prices. The high
: price for last year was $500. and
the price for August OF 1913 was
6t55t0. This means that present
prices are about a. per cent below
the high for last year but stiil IS per
,ont above 1913.
Paying No Dividends.
seven sugar companies are now
paying no dividends and two have
-educed payments. This means AN
annual loss TO holders OF these shares
u s22.35s.o 900.
Chescbreugh Manufacturing Com
pany. which before the dissolution OF
Standard Oil In 1911. was part OF the
STANDARD OIL Trust, has passed the
IL per cent quarterly dividend on
It's common stock
r.. De witt Cuyler. who besides be-
ing chairman OF the association OF
ra llway executives, is an active di-
rector in Pennsylvania and Atchison.
iays that as n result Of their war time
Federal control experience the earn
ngs power of the railroads was prac-
icaliy destroyed. He points to the
lecline in net earnings OF from 1884,
00o0.00 In 1917 to sG2,O0G.0OO for
l920. But he then adds: However.
my belief is that the railroads have
turned the corner but he also be-
ievcs that there is hard work ahead
o make further reductions in opcrat-
ng expenses.
wall Street iIns surpri.c.
Wall street has quite Il surprise
ahead il one section Of the tax re-
vision bill now being drawn can go
through tho Senate unchanged. AS
the bill now stands It provides that
no deduction shall be allowed for
my loss claimed to have been sus-
aimed in any sale or other disposition
,f shares OF stock or securities made
after the passage OF the revenue act
81 1921, where II appears that about
hi same date OF such or other dis
osltion the taxpayer has acquired
identical property in the same or
substantially the same amount as the
property sold or disposed Of" n
passed this undoubtedly will restrict
he enormous sales Of securities that
nave been made at the close of each
year for the purpose OF establishing
osses to be deducted from income tax.
rhese sales have greatly depressed
,rices OF course even If this bill Is
passed holders Of stock or bonds
knowing n loss can switch to some
,thcr security, but such transaction
d, as attractive as the policy that
40. hccn followed.
l. was widely rumorcd today that
hcxt Monday j. p. Morgan & Co.
gould issue a statement giving in
fuI the exact standing OF the mcr-
camille bank OF America. This state
nent will show that the company has
neon placed in n strong financial
position.
Bank Closes branches.
1t was learned that the National
,ity Bank has closed It's branches at
Barranquilla. Bagota. Medellin and
Columbia. \ few months ago the two
SPANISH branches were turned over TO
he international Banking Corpora
ion, n subsidiary OF the National City.
rhc National City has f'fty-two
branches and subbranches.
The loan OF $5.000,000 just advanced
py the War Finance Corporations to
he Citizens and Southern Bank OF
savannah to finance exports OF cotton.
ottonseed cake. peanut cake and
ihcr commodities Is very different
transaction from the one proposed in
he pending railway bill. The COM
nodities involved will be used az tho
sis for the collateral behind the