Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-12-02
RAIL SHARES PROMINENT
IN WALL Street MARKET
Great Northern and Northern
Pacific Make New High
Records.
SHARP ADVANCE GERMAN MAnrls
Nc" York bankers In Favor of tap
'd'! increasing Prospect. or Mora
'"rium In itrpnrntionv Payments to
NllicA
Hy. IL. T.. ISurnttrn.

NEW YORK. Dee. threat North
'iH and Northern Pacific were the
features OF today'a stock market.
,i'e" shares making new high rec
'Iua Tor this movement around 1880
"Hen word was flashed over private
wires from Chicago that tn. Eurl-.
inGton had declared AN extra - per
cent dividend In addition to > per
cent as quarterly payment. sub
.eIueniy 1t was learned tina, the
directors We're still in meeting and
these stocks sold of
From the same sources that fore
'a'tcd tn" extra dividend ON Buri-
'nc,on II was learned today that
later IN TIA" week the Colorado &
southern. which is controlled Is
burlington. would resume dividends
On III common stock. probably ~ the
rate Of per cent per annuin. Tha,
company paid 2 per cent on its com
mon STOCK from 1905 To- 1911 and /
per cen, in 1912.
crrnt Northern Progrcsscs.
Great Northern m.d. more prog
ross today than Northern Pacific.
However. Il Is realized that Northern
Pacific is nov earning it's regular
per cent dividend without any ex-
ira payments from Burlington.
whereas that is not true Of Great
Northern.
While railroad stocks were strong
To-Day on easier money. many divi-
d"nd- paying shares Still Offering at
nact!vc Income returns. no special
attention was paid by Wall Street
h the announcement that the Rail
road Labor Board had arrived at
lis decision on iis WORKING rules.
revising thoSe rules so tina, the
rfI n.
economic conditions built UP under
Federal control. in railway banking
circles the belief was expressed that
IN" Importance OF this decision was
10, realized. II was stated that un-
der the new ruling tho railroads
would be able To greatly increase
operating efficiency and output. thus
saving large sum Of money.
German Mnrk. Adynncc.
There VAS further sharp advances
today IN German marks on the In
cr"aring prospects for moratorium
~ the reparation payments Bank
,rs here are OF tn. opinion that a
moratorium on PREPARATION payments.
while working hardships on France
and others counting on This money,
would be less harmful than con-
iinuaiion Of tn. decentralization IN
the exchange market attending Tho
recent payments.
Despite tho talk Of the conferences
10 adjust war debts aud stabilize cx-
change. bankers here are Of the BELIEF
that no real progress VIII be made
in this direction until there has been
IL return In Europe TO something like
normal conditions In trade and cur
rcncy. AS far as we are concerned
IL is believed that we Will give IN.
t,nlf, la.
chase OF foreign securities when on
easier money our own securities ha,.
advanced TO a level where the income
return Is no longer attractive.
Srnr>-Rorbuck shows Drcr-nsc.
Scars-Roebuck gave out its Novcln-
her earnings today. showing si5,lss..
900. Il decrease of s3.363OOO or $50
per cent compared with last year.
For the eleven months the figures
were sl6o.D3i 900, n decrease Of s7I
10000 or 3l.6 per cent
Spot crude rubber sold today at 90,
ccn;s-thc highest price touched In
over year. The tire companies arc
buying.
Three Stock Exchange seats
changed hands today. one for $50
900: one cor 10000. and the cher
being an exchange between Two part
ners. The last sale was at ss4. o0O.
l.
Kahn, partners in the private bank
ing firm Of Kuhn, Loeb Il Co. both
resigned today as directors Of Union
Pacific. No reason was given. wall
street. however. concluded that as
neither was director OF any other
railroad and the law regarding inter-
locking directors was rot violated.
the reason must he the new transpor-
taiion act. which prohibits any rail
read director directly or Indirectly in
the purchase or sale or securities
Kahn, Loeb co. rcorganiZed IN.
Union Pacific. and Kahn WAS T.. H.
iiarrimans closest associate in the
financing aud operation of that prom.
criy. II this was the reason. other
designations are likely to follow. as
every banking firm in Wall street is
represented on one or more railroad
boards. railroads. need bankers. hut
they could get along very well with
out banking directors. That was what
the new law intended. ana If enforced
IL would be long step forward for
the railroads.