Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-04-21
CUT IN Refined SUGAR
CAUSES DROP IN STOCK
Profits Are Also Rcapcd on Some
Of tho OIL Shares
Today.
ENDL,fvr crAy<,v Ann rr1r r>,,,,
EXPECT SINCLAIR TO RISE
Wall Street Bclieves Senate Inves-
tigation OF Railroads Will Aid in
Clearing Up A.nrkct-Many Di-
icc.oAs aicctlngs Called.
by IL l.. Dnrnum.


NEW YORK, April 2o.-Sugar
Jay on further cut In the finished
product refined sugar. There was
Also some pront-taking in somo OF
The oilB. The Standard oil stocks,
Tr%Swever. held nrm. SO did Sinclair.
mere has recently been heavy nc-
ny iiNhers on the outlook for the
future; and the fact that during the
pnst three years $235.0ooo0o of new
money has been invested in tho prop
erty, whereas today's prices for the
entire outstanding stock and notes
represents market value OF only
s siSS iioGo'99g The high and low for
,r,eslpectiveiy: for 1920. the figures
was 50 3-i
According to Wall street another
increase In the price OF crude oil viii
Dc announced before the end OF this
T., Wheat Makes Low nccord.
today at IOl Ia. and then recovered
on the favorable government weekly
weather report. July wheat was first
s s,hsdin on March 26 at SIPS. II
On April 80. u directors. meeting OF
sludebaker will be held II. was
tthh n, re, IL, In banking circles today
80 on tho board.
=, General leather directors meet next
dp iiSsnS to IS act Sss on The preferred
Viii be deficit OF s6,0OO.Ooo for Tho
march quarter, $5.00O,00O from writ
ing OF Inventories and $1,000, 900
ION dioin operating losses. II is also I'M
derstood that the large holders or the
preferred shares are now on their
hlnd less clamoring for dividonds.
and mat consequently at the last
M minute there may he readjustment
OF the profit and loss surplus to per
mt The re8uIhr payment
Ehpcct Rniirond Improvement.
wall Street believes that tho Sem
ordered for May 1 viii clear the at
mosphere, In the hearing now Eo-
ing on before the railroad labor
, Toa,h resarding proposed wage re-
charged the money trust. headed by
inc Morgans. with having Kon. on a
ssrike by 'naugurating nation wide,
kn udowns until labor comes TO it's
Mnse reductions and surrcnders it,
rights 10 bargain collectively" This
IS Understood here 10 mean that the
; employees have no case for the de-
S,sion as TO whether or not wages
are 70 be reduced will be based on
,"hether or not tho cost OF living
i nas come Gaa,ro down. and whether or not
wages than other indnsiries. , HiKdsr
sale prices. dccordihs TO the Eoyern.
are e"' nsu nss Just published: which
81 .S per cent below the high in March.
tall prices is an oBen QUESTION. !" re-
che me stuart Warner speedome,er
to-day from per cent to 2. Directors
OF b. 4. Goodrich went into meetin.s
TO act on the dividend around II
o. ci ,ha ., but II was after the close
!Sre announcement was made that.
the dividend on the common stock
T mr. oeen passed. Vice President
pany. and Vice President stanlev -,
the Guaranty Trust were elecie1 AZ
rectors OF Goodrich
Call Money Drops.
Soli money opened ut 6IG and dron
ped to 6. with loans made on the out.
side OF the stock Exchange Mt 6. de-
spite government Withdrawals for
week OF sis,150.000.
;, syndiease. made up OF most OF the
large bankers OF the country, and
headed BY j. j.. Morgan Co. is ex-
pected TO make an Offering next Mon
day OF Sa3o.o0o.00o Northern Pacifp.
ana Great Northern joint 6k per
TO pay off the twenty-year As ma.
turing this July. This Will be the
largest bond Offering since the
nrmistice was signed and Will test the
rthat many holders OF tho outstand-
Ing JOINT As Will take bte GAS in ex-
chhnge. a successful Offering of the
new bonds will greatly help Northern
Pacific and Great Northern
il was learned today that nil of the
s25.0O0.0o0 bonds and all but $1,000
600 OF the new Se5. 900, 600 dcbentures
created by the Goodyear Tire and
Rubber Co. in the proposed financial
reorganization plan have been taken
I,a
underwriting the plan will take this
small unsold portion to hold until a
market can be found. it was also
learned that the company Is now run
cent OF capacity, with splendid pros
poets of cleaning up with it's large
inventories and contracts for material
without loss.
Auto Firms OF Good Footing.
This certainly Is good news Only
(. few short months ago the whole
automobile industry and allied lines
was in ono awful mess. Take n COM
pany like Goodyear There were sew
ownership. hut that would have been
bad for the whole flnahciaI@, and in
dustrial situation. which was then in
"A panic condition. Another possible
way out would have been to slash
prices. But II was quickly decided
that that policy would not have al
lowed the company to dispose OF its
very large inventories without losses
which In the end probably would have
resulted In receivership. not only for
Goodyear. but for many others.
For the god of tho whole situation.
bankers strongly opposed drastic
price cutting by the automobile COM
-panies and allied lines. and that was
good advice. In tires there was n
reduction of only IL per cent In SELL
ing prices. On the present price level
the company can work out OF its
troubles without serious losses and
back TO solid ground. That is much
better than having pulled the roof
down on itself and others. Credit for
this should be given the bankers and
others who worked wifi, thew, IN tho