Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-04-13
:AVY SELLING OF steel.
'CURs IN STOCK MARKET
neral Feeling Is That Laclsa-
wanna VIII Cut Dividend From
q to 3 Per Cent.
'NfPANY IS IN BAD SHAPE
tied States Corporation VIII An
nouncc Reduction in Prices OF
Products on April 22-Goodycar
Rubber Soon to Rcorganizc.
By Il. l.. Iinrnum.

lBy United NcwB.l
JEW YORK, April 12.-Hcayy sell
or steel shares occurred during
early trading today on rumors
dividend reductions and price cut
=. lcpubiic which started to do
&c yesterday around Ga "a dropped
ore noon today to co 7-S on reports
the dividend was TO be cut from
o per cent. Ia the case of that
npany. these rumors are n little
mature. The stock does not sell
dividend until April 90. and the
idend declared only last month IL
payable untfI May. which means
t the next payment Is not due until
gust.
Lnckuvnnnn Steel Heavy.
'ackawanna steel was heavy on re-
u mat the quarterly statement Of
hlnRs TO be Issued within the next
Gays VIII show only u small sur
before dividends. The general
BIO cut from o 10 3 per cent. The
many. II is believed. liz in the
rst shape for business of any oil
independents.
, II, g sheineid directors NEE, on
ri 20 to act on the dividend. That
elk EroHe four points today on re-
'ts that the 6 per cent dividend
u!d be passed.
me very interesting development
ny in connection with tho action
me steel shares had TO do with Il
~ from quarters usually we'll IN
med that the United States Steel
! 'porRtif u would or or around Aprii
Announce reduction in selling
repeated to an important steel
poration official and from the way
acted there is something In II.
May Affect Shnrc Priccs.
cut in steel prices By the steel
pora,ion might affect the price az
compnny's shares for time. But
h action by the management would
IN that they beloved new business
In sight. AMI hence reduction IN
ling prices should be a favorable
;umen, on the stock. That. how
r, does not apply to the stocks OF
independents. II the steel cor
alton makes a drastic cut In reii-
price 4, VIII not help the shares
| the Independents.
hortiy before noon In anticipation.
President llard!nE's mcsPare TO
iEreSs would lave a favorable in
.nce on financial affairs ana on
ierhl busincss conditions tho stock
rkct Logan To recover The moss
had IN II al OF tn. constructive
omine ndanons expected by Wall
Get, NoNcrthc!GSS. rs Hoon HS II
AN to appear on the news :ickcrs
nd unlike many other Presidents
>sages 10 Congress. there WAS not
sord OF IL known In Wall Street a
ond bcfore--prices began TO sell off.
the last fifteen minutes, on news
| 4 the Brltish railroad strike had
PA postponed the market began to
ancc sharply. closing at or near
best prices OF the day.
Goodyear VIII HcorRanixc.
~ was learned today that before
end OF the week the rcorgnniza-
plan OF Goodyear Tire and Rub
VIII he announced and that i'm
. lia;ciy afterwards public offer
1 hing syndicatcs OF the $50. 00D.0 900
Ids and dcbcrturcs TO be created
Ter the rctnaaeing plans. Proceeds
M the sale % the bonds viii be
d 10 pay off the secured hank loans
| the money 20 be raised from the
I centuries Will be used 10 pay on
Ter creditors and raise working
4 itnl. ~
When it is recalled that applica-
for a receiver WIS actNllly made
/ this company legs than six months
}. that the application was refused
that the company Is being al
ici TO get back OH it's feet and
ri over. II can he seen that prog
s Is being made In BRINGING about
| dJuStmcnt IN this country. To do
I job right without pulling the roof
yn takes time. energy, intelligence
patience.