Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-11-03
MARKET is IRREGULAR;
TOBACCO SHARES OFF
United Fruit, Corn Products
and Pacific Oil Show
Advances.
LONDON MAY cur DISCOUNT
Small Decrease In unified Orders
VIII lie Published by Steel COR
BorntiOn on November ~, Accord
Ing to Estimates.
by IL l.. narnum .

NEW YORK. Nov. 2.-Cnttcd Fruit
advanced three points today TO u new
high record for this movement and
new highs wore reported for Corn
Products and Pacific Oil. But the to-
bacco. trio and rubber shares were
off. On the whole the market as IL
has been for several days was irrcgu.
lar.
Early in the day it was learned
that the price OF Pennsylvania crude
oil. which had advanced 25 cents a
barrel llvo times since tho upward
movement started q, s2.2j had
jumped 20 cents to 81. That price
compares with 1915 in January OF
This year, $50 the high for 1929.
500 at this time in 1919. si.45 at
,his time in 1914, and $3.50 In 1913.
on this news oil shares advanced.
but afterwards lost part OF the gain.
Midvnle'a earnings for the Septcn-
Der quarter show a deficit after de-
probation OF {l,2io.Q0o compared
June quarter and a surplus for the
september, 1920. quarter OF 3i.i4s,-
900. For the nine months there Is u
dchcit of S3.933.Oo0 agalns, 4 surplus
for the same period OF last year of
Sl0.3l4.G0o.
Pig Iron Production LnrEc.
TOday's Iron Age Gays the steel
trade Is now trying to appraisc the
effects OF the calling on OF the rail-
road strike, the increase in pig iron
production. sharper competition with
tho approach of the quiet time OF tho
ycar. Pig iron production. IL was
stated, for October, was tho largest
III. "a
cent over July and the low mark
II wac aleo stated that more than
ono company had better bookings IN
October than for any month this year,
but Il was added that ncw buying IN.
past week has been relatively small.
although production was now 80 per
cent OF capacity with the steel cor
poration operating at nearly 90 pet
cent
October failures numbering i.I!3
Involving liabilities OF s53,O00.n00
were the largest FOR any month
since January.
London cables say that II the Fed
eral Reserve Bank rate here is lew
cred this week the rate OF the Bank
Of England will also be cut. Call
Money opened at 8 IL per cent. drop
ping TO 8 l-2 with the demand very
small. Money brokers insist that the
banks are holding UP money rates.
refusing TO lower the rate In line
with liquidatlo elsewhere.
Sales of Copper Tn.
Sales OF copper for October. for
eiSn and domestic, footed up l+0. 00o,-
900 pounds. the largest for the year.
For September gales were only 97,-
100000 pounds and for August and
July 75,000.0oQ.
Weakness in the tobacco shares
IN IN h. nF 10. n stnt
ment by David A. Schultz that the
merger with Retail stores had DEL
initely fallen through. because Il sat-
istactory arrangement could not be
worked out, and partly to price cut
ting that broke out month ago
becoming more pronounced during
the past week.
Two shipments or gold arrived to-
day from England. aggregatinR 81
$4,000. The Carmania brought in
S3.ioo.ooo and the Olympic s1,5c5. coo.
Pierce Arrow shares were soft on
the September quarter earnings
statement showing deficit OF Sc
100000 against sl.400,0o0 for the
June quarter. making a deficit fog,
the nine months of the year OF over
:i.0o0,000
~ small decrease in untitled orders
as Of November l will be publish ed
by the steel corporation on Sovem-
her 10, according to estimates made
here today. II is figured that the
October operations We're at the ay-
cragc OF a. per cent of capacity,
against 80 for September. that ship
mcnts for the month ran COO 900 tons,
with new business coming In OF $50
600 tons. On October l, the untitled
orders were 100000 tons. an in
crease for the month OF $4,000 tons,
and the first increase that had been
reported since the decline started
back in July Of 1920, at 1l,l1S,O00
tons. However. Wall Street may be
surprised In Its estimates of un-
filled orders just as it was in the
September quarter earnings, which
we're estimated at si0.000,e00 when
over SlS.000,000 wore actually re-
ported. But in any event the $780,
600 tons reported month ago were
enough to keep the company going
for seven months at present output