Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-08-11
WALL STREET MARKET
HAS MIXED PROGRAM
short Selling OF Shares Continues
for Time, Then Real Liqui-
dation Begins.
SUGAR HAS HEAVY SALES
Rails Fell or From ~ to 1 Point.
Steel Holds Firm Oh Whit Ap.
pears to BE Support-Rcport Iron
Industry ColorIcss.
SUGAR HAS HEAVY SALES
by II. J.. IInrnum.

sold Off from half point to a point
Cruciblc. Bethlehem T. Republic de-
clincd point. Baldwin Harvester
and Corn Products were down I-2
points; General Electric. Sears Roe
tuck. International Paper. .: Stude-
baker was down over 3 i-2. but 81
OF that was in the dividend that just
came on: Mexican petroleum was
down points. steel held firm on
what appeared TO be support. Sugar
made new low record declining ,
POINTS on the announcement that the
dividend had been passed.
Heavy Trading In Sugnr.
There was very heavy trading in
sugar on the decline Wall street
believed that the dividend would be
reduced at the worst. In state
in.nt given out after the meeting.
f-c..dent Batst stated that since the
Crisis arose in the sugar idustry a
year ago. Ills company had been with
out adequate earnings from tho re-
| ilnin. o! sugar. lie said that income
from Investments had also declined:
that loses had to DC taken by writ
'hf do"n Inventories. and In conncc-
! non with broken contracts that
! Improvement III the situation tho di-
rectors had decided that u conRcrya-
i've policy should be adopted In Tho
matter oi declaring dividends. The
regular dividend viii hc paid on the
preferred shares This is the first
tlme 10 the history OF the company
mat diNidcn6s have been passed
steel Production SHIRT
Around noon the STEEL corporation
published IFS untitled order atutcmcn,
rs "f July 81. The figures were
| 'sdOOcp tons compared with 5,li7.-
nVp at the cnd of juno and with IL
$4,000 a; Ia" end az July last year.
which was the high point for 1920.
l The decline from this jane was only
$4,000 tons. whereas Wall street had
estimated loss OF from 500. 900 TO
! i0c,OCp tons.
Na3ay's Iron Age weekly rcpor; on
conditions IN the iron and steel in
ausiry was coiorlcss. 1t was stated
~ half hearted way that Improve
ment had taken place during the past
'''" weeks. The general feeling here
Is that steel Industry has hit Ia.
cotton and that there viii be i'm
| p.oremcnt with further price cutting.
u IS understood from reliable.
| sources that the doctors believe that
i II. i. Dawson has II tumor "a, the
iasn Of tho brain. Ills health has
| he1n Ealing sine. before the war
For the PAST year he has been a
Sick man losing ground steadily
L!-N son helor. he began To lose
MS health was considered by the
4 best d!s!nterestcd Judges as far and
ava? the al lest or our financial
. leaders. However, he began TO SLOW
down in active business even before
i ne took UP his Red Cross war work.
Started ma school Teacher.
Davidson who is now only SO, start
I'D out IN life as country school
| tc;-r lie started his banking
career as 4 minor clerk. and worked
his WAY up TO paying teller here
: in New YORK, attracting attention by
tho way he handled crazy man who
-. came UP to his window, pulled out a
gun. and demanded $4,000. Instead
OF getting frightened DAWSON
smiled and in very loud voice
asked: How do you want that $4,000.
in dimes lie immediately Logan TO
count out Il lot q: dimes. but In the
meantime his loud inquiry about the
$4,000 In dimes made Il, number Of
his associates look up. size up the
situation and slip up behind the crazy
man.
That was absolutely characteristic
Of the short cut DAWSON could take
4 ia The heart OF situation. And
when he got there he always did
something He i,ot To the crazy man
in the easiest way: but il was in him
TO have set hia square jaw and
piercing grey eyes. climbed through
the window and thrown the man out
~ tho car tracks in The middle OF
the street. Dawson is small but
squarc shouldcrcd and game TO the
core
Converse Given Credit.
i f.. g. Converse who died only n few
months ago was generally given the
credit of boosting Dawson along.
He with y. w. Lamont and number
of others is known as one OF the
! Converse boys" However. those who
know say that y. G.. Reid was tho
first TO find out that all that was
necessary in the case of Dawson was
TO give him something that looked
like half Il chance and he would do
the rest. From the Astor Trust
Company Dawson went TO the Lib
crty National, then to the First Ma
tional as vice-presidcnt. and from
there TO n partnership in the Morgan
firm. II was the elder Morgan who
took him in after watching him work
during the 1907 panic days.
Dawson is the man who started
the BANKERS trust Company, ana
built il up to the third largest fl
nancial institution in the country.
on the wall in President Prosscr's
room on the Wall and Nassau Street
corner, there is n little tablet to that
effect Dawson became really
known in Wall street as "onc OF the
| Converse boys" but in recent years
big men arrived in the financial
district known as "onc of Davison's
boys" Charles II. Sabin. president of
the Guaranty Trust, is one Of them.
Dawson did for Sabin what Con-
verse did for him, gave him his big
chance.
Mr.. Davison's illness was one OF
the things that kept Mr. Morgan from
sniling for Europe last Saturday. He
is going to stand by until the opera
tinn is over. But he would not have
sailed last Saturday even if Mr..
DAWSON had been well. There are
some lose ends being tied up in the
Mcrchantiic Bank of Americas and
allied situation. 1t Will be recalled
that last June the stockholders put
nm sa0,000.O00 new cash for that in
stitution and that another $35.000.000
,,,. raised There tx one adjustment