Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-11-30
NEW HIGH RECORDS FOR
SOME RAILS FOR YEAR
New York Stock Market as a
Whole Is Less
Active.
NEW HAVEN ~ GO DOWN
HrtnH stores to Pay Itrguinr Dfvi-
H"hd. According 10 LATEST Reports.
Ateci Common hcti,c-I'rObc of
Freight Rates Interest Wall street.
ny u. j.. IinrnIIIn.

NEW YORK Nov. 2g--Some of thu.
raiIs made new high records for the
year today. but the market as "A
whole was less active Sears Roe
onck continued weak. and New Haven
cora At the lowest price ever touched
GOSSIP heard In banking circles here
'NuaS Indicated that there wax q good
chancc Of Sears RoebuCk cutting or
passing itH preferred dividend Tn.
common dividend was passed early
ms year when trade hogan To fail on
SHARPLY. II tx understood that he
forthcoming earnings statement for
october w!ll show lOEs or something
'"c Sli.pOO,Ouu. compared with last
year. ana that there may be a cut OF
10 per cent in selling prices to stimu-
lNte Christmas buying. Houses like
,h!s are dependent 70 a large degree
an huying by farmers. and il is a
matter Of common knowledge that
farmers through necessity are prac-
rcinE rigid economy.
Low Price fer New uoyrn.
Sew Haven mad" it's low price to-
day when II was discovered that the
roinp"ny's hftccn- year s27.O0O.O00
per cent bonds. which were sold
abroad. ana which mature next April.
wor" Yelling in the open market
around siNty or fifteen points below
mo high for tho year with the
bonds Of other railroads recovering
sharply. this movement on the part
~ a"w iiav.n's - indicated troubl"
h"Nt year. However. from bankers
closely Identified with the company.
1t way learned that there was no
doubt but that these maturing bonds
would bc taken care OF That Is.
pnid OF or extended. II was also
learned that plans are progressing
FOR more favorable division OF
through freight rates between New
Haven and connecting lines. II Ncw
raven wasI headed for rccclvcrshlp
IL would nave arrived at thIt dcst!nh-
ton long ago SO many good chances
have already been passed that ii seems
iair TO assume that the government
which is rcw large creditor aud
New iiurcus bankers intend 10 see
the company through
Atchison's earnings jus, published
FOR October ana the ten months OF
IA" year show that li,I5 per cent
has already been earned for the com
mon stock allowing for all prior
charges including dividends on III.
preferred stock Last year. that liz for
the full twelve months including The
money received from tn. government
fpr guaranteed rental, 1898 per cent
wIE earned for the common stock
Southern Hallway reported today
sl2.l0S,oO6 grogs for october. n de-
last gear Win net operating income
ot 32.G03.coo. an increase OF SHE,
coo. For tho ten months gro"s Of
StO7 100000 shows Il decrease az Slo,-
$4,000, and net operating income ot
sa.79a,o 600. Il loss Of s.S5l,o6o.
some time money loaned today at
rs per cent Rumors Mere again
beard that another reduction ~ com
lag In tho r"discount rates or the
fJtoTal reserve banks
Retail stores is going To pay l,s
r"GulHr - per cent Guartcrly diVl-
d,.d according IL ,oias's reports.
There has been some doubts on this
tu- Tic past fortnight.
Dispatches received from Washing
ton today outlined tho Interstate
Commerce Commission investigation
which IL 10 begin on December Il.
First an effort ~ ,1 be made TO de-
trrminc whether freight rates are
reasonable. Then II viii be deter
mined 20 what extent tho railroads
az" earning the { per cen, on prop
criy account fixed by Congress for
two Years from the time the trans
porta;ion act was passed In Fcbru-
arg oi 1920. Then an effort will bc
made to learn 10 what extent op"rat-
ing expenses have been reduced since
the government guarantee ended on
August 81. y!"2n. by dischnrsiug en-
plUyccS. by lower cost of fuel. ma
tcriais. equipment and supplies. Thea
IL Will he determined what rate in
crcaEcS ana reductions have taken
place: TO what extent maintenance az
road and equipment have been cut
since August 81. 1920; how >-h has
boon spent for additions ana better
n,cuis charEcailc to capital account.
This Information should clear up the
whole railroad situation.
steel common, which sold Yesterday
at the highest price since last May.
closed at S. rs aud opened this
morning at So al But IL points
81 this decline represented the quar-
tcrly dividend that came on over
night. Within Il few minutes the
price was SO 81, which. with the 4
dividend. made 81. or higher than
yesterdays high price. The high OF
last May. which was the high for
the year. was SG -. As pointed out
yesterday. steel common did not de-
cline as many thought it would do
in view OF general conditions in the
steel trade. However. IL would not
be surprising If part of the advance
Just scored was not due to buying by
The company to get stock to offer
employees at the end of this year
year ago the employees took 161, 600
sharcs. The buying OF that much
stock. III SklIl1hily nnnuIcu. would
make quite n difference In the mar
kct price.
Easier money is reflected In today's
ncwsythat December will see sa.23O.-
600 bonds called for payment This
amount compares with only s2,1S4, 900
for November Of this year and S2,107,-
GEO for December of last year.
Howard Elliott. president of the
Northern Pacific. in discussing today
the strength in the shares OF his COM
pany. says THE road is IL splendid
property and its value is apparently
beginning to he appreciated" In re-
gard To tho rumOrs that n s,it sidiary
company is about to declare an extra
dividend. he said the Northwestern.
which is the subsidiary most likely to
take such action if such action were
contemplated. Is not going to declare
any extra dividend. He added. how
ever. that any dividend that Is de-
clarrd by Burlington will go to North
crn Pacific and Great Northern. The
Darlington directors arc scheduled to
meet In Chicago at the end of this