Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-11-02
RAILS AND |NDUSTR|ALs
HOLD STEADY IN MARKET.
Steel Shares Soft on Report
That Prices Are Being
Shaded.
MENicA> PETROLEUM Lownr,
Federal Reserve Bonrd Declares Turn
Tor the Bettcr IL Rrnchcd-Srcrc-
tnry Mellon Asserts None, Is
Working Easier.
By u. T.. lInrnuni.

were being shaded. Mexican Pctro-
icum also made lower price than
yesterday in the conflicting reports
regarding tho supply OF Mexican Oil
Rails and industrlals held steady.
Mexican Petroleum continues to l.|
the mystery of Wall street That
stock declined from ln7 yesterday to|
IS "a carly today. Yesterday :, spc.
ciai commissioner Of the Mexican
Treasury now here stated that IN.
proposed higher Mexican cNpor, :aA
on OFT WAS due TO protection uf home.
demand against Invasion OF salt
water. Then j. +. Gury formerly
president OF Atlantic cum who has
Just returned from Mexico, said that
by March ot iJ22 Mexico would no
longer be AN important factor ia In.
oil-prodncjng world. This Wa FOL.
lowed by a statement ~ ROY H.
f!ainrii. government oil expert con
uccted with tho Department OF Com
mcrcc. that the oil Industry in M"x.
leo has continued To expand not
withstanding the application IN re-
cent years of new legislation which
has been coniiscatury.' All OF which
was followed by statement from
Mexican Petroleum officials TO the a.
rect that this years production
would be tho smallest for some ycars
TO come ana that the pcssiinistir .os.
sip nov being circulated was FOR tn.
purpose Of depressing Tho company's
shares In IN. open market. Tho re-
cent sworn report ot tho company
giving earnings for the ntst half ~
l,2l equal to moro than 80 a shIr"
for the common stock, seems 10 bear
out The statement Just made hy Of
hc!nls Of the cCWp auS. Whatever
the facts arc about Tho Mexican Oil
situation II is about limo tha, they
We're made public by som. one IN
authority whose Word wilI -etu. tho
disturbing gossip OF tho pas, sls
month"; II rs no, good tor either u.
OIL industry or FOR tn. stock market
Good Statements Issued.
American Hide published its earn
in2s today FOR the September quar-
TOR. indicating plainly that thar rom
pany had passed rs crisis Ia the re-
adjustment from 1t war to "a peace
TIME basis. Fci IN" september quar-
ter OF 1920 there was a dcnCit amer.
taxes o. Si,3.p,100 For tho Scpt.m-
Der quarter OF this year there was Il
surplus 81 100000. equal 10 $loU ON
tho Sl2,00OOou outstanding preferred
stock
Atch!son also reported :. gooa
"' september. gross t"inE {20.i57.00O.
dccTcasc uf sl.6CS,GrO COMPARED
With last year. but with net op.rat-
ing neon" ~ s5,lll,oOO. II gain %
fe.:iG.0o0 For the niDc months gross
amounting 10 10000. 900 shows a
loss Of Sl2.a7 1000. .ut net operating
income OF $50 i13.0a0 is larger ~
S2i553.0oo
Scents RocbucR was another com
pany to make Il good statement. For
October that cOnpauy's earnings
were SlI..1S.eO0. "a decrease OF s2,735.
600 or 1875 p.r cent contrast.d Win
the "amc month Of last year FOR
The ten months the figures We're sli+.-
1900. a decrease OF &65.i24,O 600 or
s! o3 pcr cent
wiilye Overland paid OF 10 per
cent OF the sio,OOO,O0O bank loans
maturing yesterday and renewed
tho balance Tor eight months These
loans are held by number Of
widely scattered banks
Chalmers announced price rcduc.
lions Of all cars today ranging from
$50 to 5000. More talk Was also
heard OF price cutting BY tir. com.
panics. The automobile and tire
company shares. consequence. we're
soft.
Turn for Bcttcr Is Reached.
Today the Federal Reserve Board
al Washington. in It's regular
monthly review OF general business
conditions. confirms the opinion ex-
pressed yesterday by the New York
Federal Reserve Rank that the turn
for the better had been reached.
some distinctly encouraging ele-
mcnts In the general business sit
uation are TO bc noted" is the way
the Federal Reserve Board puts it
in introducing detailed comment.
But the news Of the day that really
was most encouraging came from
secretary Mellon in his announce
ment that the s2O0,0GO.0O0 AZ and
"A per cent Treasury certificates
Just offered had been ovcrsubscribcd
three times. This ovcrsubscription.
despite the lowering of the interest
rate. can only mean that money IL
working easier. and. as Secretary
Mellon expresses 1t. easier money IS
bound to be reflected in increas cd
business activity.
That easier money has been cx-
pccted by business men in general
is evident from today's statement
showing that the new security is
sues put out during October by rail
roads, Industrial companies and pub
nc utility corporations amounted to
only S103,14S,000. against s33S.793-
900 for the corresponding period OF
Iaat year, and with secs. 19I 900 for
september OF this year. Believing
that interest rates were going down,
new security issues were put ont
last month only when il was abso-
iuteiy necessary Ia raise funds. For
the ten months OF the year new Sc
curity issues Of railroads, industrial
companies and public utility cor
porations aggregate $4,000 900 600
against 2,G93,OO0.0O0 for the same
months Of last year. of which 40
per cent was to take care of matur.
ing obligations.
Notices OF the 10 per cent cut in
railway wages. which started all OF
the trouble last month, are 10 be
posted by the carriers within the
next week or ten days. or as soon
as the work can be completed of
hEuring out the reduction that has
taken place i'm the cost OF living ana
tic wages that arc being paid in
other lines of, indnstr$. The new
transportation act requires that
these notices he posted thirty days
In advance OF contemplated change