Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-10-05
RAILS AND oils STRONG;
SUGAR STRIKES BOTTOM
transportation Securities Cain
Small Advances in
Wall Street.
No MORE REDISCOUNT CUTS
fcdcrIit RcEcrvc Irnd PronounccS
against Policy which. lie Fears.
would Result In New I?rn of In
nntion IL pcrststcd In.
No MORE nEDrscouNr Curs
IL. j.. Uarnurn.
limited Naval

NEW YORK. Oct. 4.-MisSouri Pa
ellie, Frisco. Reading. Northwestern,
baltimore and Ohio. Wabash, Union
Pacific and other rlilG were up today
from ono point TO one and onehalr.
oils were also strong. Industrials
were quiet with few exceptions.
American Sumatra was down TWO
points on rumors that the dividend
would be cut from 8 to !. Cuba
cane preferred dropped from Is Ia
To II between sales. American sugar
sold at the lowest price Oh record.
That lh since the company was forincd
In 1881. Around o'clock 30 la
was touched. compared with &c. the
high price for this year. and l42 SIS
Tor 1920. The preferred shares. which
sold 1T i07 Il early this year, made
low record today AZ II a. II was
reported that In view OF tho loan now
boing negotiated. tho preferred dl-
vidcnd would also be passed. The
preferred sharcs have never received
loss than : per cent and have had az
much AZ 2: per cent year.
on Price Advance Puts Up stock.
strength IN the oil shares was due
to another advance OF % cents a bar
rel in tho price OF Pennsylvania crude
oil, tho leader OF the oil market
lh!s brings tho price UP 10 S2.T5
barrel ~ this time In 1919 Penn
ayivania crude was aelling at $3.50.
In 1915 the price dropped To 3l35.
The high was touched In 1926 ut
SEQ In January OF this year IL was
SIN s5.7J. Then by months II VAS aa
follows: February. sa.75: March, 50:
April. 50: May. $3.50: June, S275.
jay, SEE: August and part OF Sep
tembcr. Sc25.
There was "A good demand for
bonds today. especially the Liberty
Issues. cuba cane ~. which we're
bought out a, es. were selling
around ST.
Baltimore and Ohio has placed an
order for 2,oGO freight cars to Coz,
$1,000 600
krrsrc Co. Pays stock Dividend.
$. s krcs-c Company directors met.
today and declared 81 per cent stock
dividend payable In common stock.
The regular 3 pcr cent gemiannual
cagh dividend was declared on the
common sharcs These shares adj
vancch twelve points with other chain
store ana mail ordrr shares strong.
Director Harding. oc tn" Federal
lt"H.Tv. Buard, came out today
against my further reduction IN the
rcdisrouut rates. He believes that
any further reduction might offer al
with our record breaking gold hold
.uGs imitation might again break out
No small part OF the responsibilities
of the Federal reserve system. he
says. Is to make sure the CONSEQUENT
ocs OF tn. food OF gold are not wild
speculation and umsound banding
practices.
Swedish Gold Comes In.
\ shipment Of t3,ior.O0O Swedish
gold was received To-Day by the Ma
;!oual Bank Of Commerce. Another
shipment OF S6io.o00 from Egypt is
expected.
W. Aver!ll Hartman. son of the
late L. II. Hartman. has applied TO
the Interstate Commerce Commission
for permission To remain director
~ the Union Pacific the Illinois Cen
trail and tho Baltimore and Ohio. 1'h!s
is the first application OF the kind
made since the law became cnectiv"
prohibiting intcrlocking directors.
The law states that the 1ntersta,e
Commerce Commission may make
exceptions on application.
KeHy Springfield Tire declare the
regular quarterly stock dividend to-
DAY Of per cont The stock regent
y has been very strong in anticipa
lion OF tohays action.
Steel Ia show ncacit.
y deficit after dividends Of between
10000, 900 and tl5,0oO,0G0 will I've
shown by the steel Corporation on
the :5th Of this month for the sep
;ember quarter. according to esti-
matcg mad" In Wall Street today II
takes S6.304,0O0 10 pay the "a per
cent on the preferred shares and So
$4,000 10 pay the quarterly / IL
ON the common. 1t Is believed
that the regular d;v'desds will he
declared. The company had a proh,
and loss surplus at the close OF 1920
of $4,000. coo.
Secretary Mellon announces that
over siUN. 0O0. 900 or the per cent
railroad equipment notes held by the
government as result o! the funds
advanced TO the carriers during Fed
cral control have been sold TO bank
rrs at par: that the government was
tinus placed in funds to make pay
Incnts 20 the railroads where final
settlements have been agreed upon:
mat at least another 500. O0O, 900 or
the $3.50, o00,0co equipment notes
originally held by the government
viii be sold during the next few
weeks. This unexpected windfall re-
sulting from easier money and an i'm
proved bond market will likely take
the place OF the proposed plan of the
administration for giving the rail-
roads financial assistance.