Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-08-23
|A|LsHOLD FIRM, WHILE
|NDUSTR|ALS GROW WEAK
|'umbcr of New Low Records
Made With Heavy Declines
in Some Shares.
avn ACTIVITIES AnE srtoxc
"hsrnl Sugar Cuts Selling Price
zen Paints to- 800 Cents Pee
Pound. Less !. Cents for Cn.h-De-
"nnd for Stocks Heavy.


&c" Paints to- 800 Cents Pee
Pound. Less /: Cents for Cn.h-D.-
m;nnd for stocks IIcnvy.
Hy X. l.. Bnrnum.
NEW YORK. Aug. 22.-Rans held
tih again today until the vot.
iken by Congress on the railway
nance bill. but the industriais were
gam weak. number of new lom
;cofps FOR this movement being
iad" and also some new low records
n all time The heaviest declines
ere in Scars-Roebuck. American
nrar. = s. Rubber. Pierce Arrow.
nit"d Retail stores. Studehakor.
n" declines in these and other
ares II appeared were br"uvht
1"+t by bear selling on the part
traders short Of the market at
gh"r prices. There did not appear
%" any real liquidation The late
Hing in tn" rails represented prof
taking.
Heavy demand for stocks.
There Is still Il heavy demand for
tocks In the loan crowd with a
rem!um on Sears Rocbuck. United
ru!t. Western Union. Cruc!blc. Cen
al Electric and other shares. How
ger. WHY'S Overland. international
arTcster. American Car and Fonn-
} ~. Railway Steel Springs. Sugar
re now lending nat: that Is. there
no longer premium. This indi-
iich that many shorts In the shares
ut named have covered.
Whilc Pierce Arrow was making -
ew low record for all time and
tudebak"r was making new lo;r
vel for this movement Bosch Mag.
etc opened "a; 30 and then ad-
anced TO - l-2 on rumors that the
,mpany had just taken - larger
rider.
Federal Sugar cuts its selling price
points today TO $50 cents "A pound
rs cents for cash. Wall street
watching with interest the policy
this company. which goes out OF
pc market one day, comes hack the
ext AT Il higher price and then cuts
rices IN the meantime Issuing
tatemcnts to the effect that the su-
ar Industry Is headed Tor lower
5rices
Kahn Loeb & Co were notified
day that IA shipment OF sass. 600
old lcr, England last Saturday for
he firm. This makes, when the
hipmcnt arrives. 100000 600 gold
hat this private banking arm has
imported this year.
HiS Gold shipment Arrives.
shipment OF 90 boxes OF gold
~rivcd on the Aquitauia. ll5 from
pdia ami 10 from England. This
presents SG.0O0.OOO gold.
Total bond sales on the stock
Nchanre for IN" first siN months
| { this year amounted to 3l.7Gs.c9
90. or so per cent of the total for the
anne period OF last year. OF IN"
I,tIl for this year Liberties made
~ 81 S-' per cent against - per
|vnt for the first half Of 1920 Each
|ionth this year with the exception
n June has shown a diminishing pro-
|prtion OF Liberties and an Increase
II the corporation and foreign gov
|Tnrtcnt bonds. Bond experts eN.
Get the demand for corporation and
1bfc!sn government bonds To CON
|inue with prices naturally advance
|hG.
One very Interesting news devci-
kpmcnt OF the dag was the follow
Az statement put out by l.. Il. St.t-
|,nlus. partner in the banking firm
II j. i. Morgan e Co: The com
Eittcc representing the syndicate
|srmcd In connection with tn. Nor
|hntilc Bank, OF Americas situation
;is been increased TO five and con
lists OF the following: Gates w
,cGarrah, chairman OF the Mechan-
Is and Metals National Bank: W.
T. Potter, chairman OF the Guaranty
rust Company; W. T.. Frcw, prcs!-
Tent OF the Corn EXchang" National
|'ank; w V. King, president of the
Columbia Trust Company: r. r. Ste,-
Il Chairman uf Guaranty.
|, What attracted Wall streets at
|rnt!on most In the foregoing state
hen, was that Charles II. sabine.
|Aresident OF the Guaranty Trust. mad
.cen selected a member of the com
|hittce. Potter was once connected
|sith the Guaranty. but resigned to
10 with the American Smelling Com
FAM. He was brought hack to the
Guaranty carly this year and made
|hairman.
!. II is understood that Charles II.
sabine. president of the Guaranty
trust Will sail for Europe shortly.
II would not be surprising to
|omc people In Wall Street If some
|hanEcs were made in the official
tan of the Guaranty in the near
|Piturc, and it would not he surpris-
Ing IL very big out-of-town bank
pr joined The official staff OF the
Guaranty.
j. 7. Morgan and his partners,
'harles steel and George whitney.
Lnly recently sailed for England.
'harles Il. Mitchell. president OF the
National City. is scheduled to go
ver IN few days. Otto ii. Kahn.
'aui Warburg and Jerome Hanauer,
bf Kuhn, Loeb IL Co. arc now over
here. James Speydr is also over
here. These men are going to
bring back business and there are
Going 10 be some surprising changes
II private and other banking circles.
Failure IN UnimpC1 ant.
Today's Stock Exchange failure
announced right at the opening at
0 o'clock is small and unimportant.
The head OF Trip & Co. the firm
involved. died some nine months ago.
Wall Street was greatly Interested
N today's dispatches from Havana.
quoting President Zayas as inform
.ng his Cabinet that satisfactory ne
were being carried on for
,iacinE loan to help out in the
sugar situation, but that the loan
you'd not be made under any con-
unless such reductions
terc made In the budget as would
insure surplus. which with the in
treIsc in customs tariff now being
worked out will be sufficient to cover
with margin. under any contingent
lies that might arise, the amortiza-