Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-07-16
STOCK MARKET TRADERS
NOW PLUNG|NG IN WHEAT
Recent Price Advances Arc Declared
Duo to Buyers Taking
Bull Side.
TO CUT REDISCOUST RATES
Forecast Federal Reserve Banks
VIII Shortly Reduce Money
PriCc-I'rc1ictcd Steel VIII Not
Earn Common Dividend.
TO CUT REDIsCOuNT RATES
Ity u. l.. It:rnIIm.

NEW YORK. July Automobile
shares acted well today on reports
Of satisfactory scales. Crucihlc
which opened OK dividend at 81. with
the 81 quarterly payment on adj
vanccd during the carly trading to
90 ~. General electric was Of three
points on rumors that the extra divi-
dend would bc passed
Tho facts are that General Electric
as an per cent stock IS selling out
OF line with other shares in the same
class. Mexican petroleum WAS up.
hu, the steel shares were soft. bets
arc now being made that tho steel
corporation ON the last Tuesday in
this month. tho 2Gth. VIII not SHOW
it's common dividend earned IS =
whole tho stock market WAS quiet.
Find Market Narrow.
number OF larger traders who
have recently been very active in the
stock market have discovered that
they could not turn around without
being detected. The market gas too
narrow. Hence they have switched
10 the grain market. taking the hull
side Of wheat. Wheat is up 20 cents
since the first OF this month. and up
over 10 cents for this week. This
rise is due to the activity OF large
traders who are plunging on tho
drought in North and South DAKOTA
and in Minnesota. Private adViccs 70
ccivcd here today indicate that tho
next spring wheat government report
as OF August /, TO hc published on
August S. VIII show only 200. 600. 600
bushels against the 22j,OUg. 600
bushels given In the last government
reports as OF July l.
Figures wcr. made public here to-
day showing that tho average prica
of eight principal iron and steel pro-
ducts is now s52.65. This compares
with t53.i2 a week ago; with $500
the high for 1890: with $3.50 in
August Of 1913. a typical prc-war
level. This means that these prices
are now down IS per cent compared
with the high for 1920. but are sim
IN u per cent above the August 1919
level. The high for 1920 was iSs per
cent above the August !, 1919. level.
VIII Reduce tcdIscnunt Hntc.
AdviCcs received today from Wash
inSton indicates that within tn. next
'cw weeks all OF tnc Federal reserve.
hanks are again going to reduce their
TefiScount rates. with the auproy.I
or the Federal Reserve ROarr;. LON
don cables prcd!ct that In. Eauk az
England Will lower IT, rate in tn.
very near future. An Of whlch means
cheaper money !or the business man.
Heavy gold Imports account largely
'or INC Increase in tho reserve ratio
of.thc Federal reserve banks ux /,
whole Ia Gil against 500 q week am
ana i1.' Il year ago. However. tn.
reduction IN total loans and dis
counts iS another factor For Tho
past week there was reduction ~
HIV"' 3hi,ooO making the reduction for
IN" baft year no less than Sl,llI
1000. -
accept Goods In Lieu "f Cn.h.
I"day's Paris cables report tina,
France has agreed to ACCEPT good,
instead OF cash On account OF the
herman separations payments II
true. great deal OF the strain IN
German exchange VIII be Withdrawn.
recovery in German rIa-b. ,nr-
tIniy would help tn. negotiations
now gong on hey. between our
bankers and Germany for credits 30
purchase grain, grain products ana
raw material. Ascending 10 todty
reports. Germany $ nov ncgptiuilu.
!" establish credits itvr. Tor S56 UCu.-
GOO. To lind 4 now customer whrn
trade Is slack would h." encouraging
Certainly big things trc happening
this week on short notice in the
International situation.
Washington dispatches sta" that
eH' .HH 'H' HIHl ttil OF ly-l tGt. ~
ported TO us goods to the total
amount OF $5+.i3O,00O. against sl5i.-
$4,000 for the same period Of 1879.
Her sugar exports to the United
states were S3S,l2i,OOO. against si27.
$4,000 for the hrst SIX months of
1920. These figures, in vicw. Of re-
cent developments are very interest
Ing, as they tell their own story
Western Union Siumps.
Western Union made another low
record for the year al the opening
of the stock market this morning on
the earnings statement given out for
the first half OF 1921. Gross. amount
ing TO s52,277,OO0. shows a decrease
of s7,6s6.000. operating expenses are
down only s5,i7o.006 Net, after
Axcd charges, ~ s4.OG7 900. a loss Of
more than 100000. Today's OPEN
ing price for the company's stock
was 81. That compares with the
years high of 81 and with 100 =
for 1916. when the wires from one
end OF the world TO the other wcr"
chokcd with business. Western
Union is now paying per cent divi
bends. For 1916 the shareholders re-
ccivcd 5l-2. From l9l3-that ~. ce
fore the war-back TO 1909 the an
puui raTc Was 3 pcr cent