The Washington herald., 1921-08-30
TMELYWALL STREETTOPICS

day. however. were weak. and new
low records were made by United
Drug. Chandler& and American
Sugar. American Agriculture Chem
ical and Famous Players. which
has been particularly strong re-
Gently. were also weak spots. on
the other hand. U. S. Rubber,
which has suffered considerably Of
late. surprised the shorts. by a
brisk advance. The majority Of
the industrisls were strong and the
rails were fracuGnaI;y higher. The
volume of trading fell on sharply
from that of the past two full
trading days.
Interest in the opening trading
was centered IN 1nterbar5ugh Sc
cutities following the receivership
action against the Interborough
Rapid Transit Companv erolght on
Saturday by the American Brake
Shoe and Foundry Company. after
the close of the stock exchange.
The stock OF the Interborough Con-
solidated Corporation. which is the
holding company for Interborough
Rapid Transit Company, and which
is now IN the hands Of the receiver
and Manhattan Railway Company,
was weak on the opening sales, the
common losing u at 2h and the
preferred IL at III. Manhattan
Guaranteed, which is the stock of
Manhattan Railway Company
guaranteed by Interborough Con-
solidated. broke sharply, showing
a loss of 81 points on the FIRST sale
at 20 and then declining to ASA. 1.
r. T. per cent bonds also broke
s& on the opening sale on the curb.
In well-info-mcl quarters in the
Street the opinion was expressed
that a receivership for Interborough
WAS unlikely. The claim OF Ameri-
can Brake Shoe and Foundry Com
pany is only for s51.074 and IL is
understood that lnterborough can
meet its current obligations IL it is
able to get an extension OF its Z
per cent notes falling due the first
of next month. On August 5 the
transit commission authorized the
extension of these notes, totaling
S3S,l44.400. for one year, at s per
cent. and the company requested
holders TO deposit the notes, begin
ming August Is. for change under
the proposed extension. 1t is said
that about so per cent Of the issue
has already been deposited and the
opinion is expressed in some quar-
tiers that the recent court action
with the subsequent decline in value
of the company's securities will
cause the remainder of the note
holders TO come into the fold.
Considerable pressure was eX-
erted on the motor shares at the
outset. An unfavorable news item
was the announcemt mt of a further
cut in prices by the Oldsmobile
company. ii Ecing the Scc'Td r,F.Cc-
tiOn of this company for the year.
and is but another confirmation OF
the automobile price cutting war
predicted for the late summer and
fall.
1t was a favorite saying OF Addi-
son CommaCk. AZ olu-t'me lear
leader. that early Information and
a good bank account would ruin
any man. This seems to have been
the case with some of those who
have been active in United States
Rubber. The bear traders expected
the stock to continue downward to-
day. but instead OF declining. was in
brisk demand, moving up after a
small fractional loss at the opening
Rubber opened down Il, at as. but
quickly recovered to 43Iz.
American Sugar Refining Com
pany stock sold at the lowest price
since 1891. getting down to SO.
Other sugar issues, especially Cuba
Cane. were also weak.
The oil shares were bouysnt on
the strength of advices that the
commission of oil men, which left
recently for Mexico to confer with
President ObreGon regarding the
/ proposed taxes on Oil. had arrived in
/ the Southern capital
General Electric advanced az
| points in the morning trading. fol-
lowing the announcement of a new
plan Of payment OF stock dividends.
/ The nrT ar In.; .;,''I"lJ involves tae
/ substitution for the present method
a dividend of per cent, yable
annually in shares 81 SIC par value
| not participating in future stock
dividends. but entitled to fixed cash
dividends at the rate of per cent
per annum. II is not expected that
/ the change Will he made effective
until next year. A very favorable
statement as to the condition of the
company's business was also given
out by the chairman of the board.
/ The statement showed orders re-
ceived for the first thirty-t -thre Q
weeks Of 1921 totaled slS0.G4O. 500
and that profits for the year
promise to provide for the cash and
stock dividend requirements. The
/ chairman stated further that nc
! financing on the part of the COM
pany will be necessary for some
years and that cash on hand is in
excess of S4C.0OO.O .OOO. General Elec-
triC reached a high this morning OF
/ 1908. which is over IL points above
the low of the past week High for
the year is 1881. reached May IL
| The stock loaned at 4 premium, and
il is thought that a rather large
short interest was nipped as a re-
suit of the advance