Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-12-30
MARKET DROPS ON news
OF ITALIAN BANK FAILURE
Banca Ilaliana Disconio Closes
Doors Because Of Bad
Investments.
GENERAL MOTORS nEAvy
Hands AT 10. with 2O.5OD,80O out
standing. md Bnnk I.onns of $50

Hy u. J.. Itnrnun.
NEW YORK, Dcc. 2y.--LOwcr
prices came on the ticker at tn"
opening this morning on the news
that the Ianca I'al!ana Disc"nto had
failed. This institution. which was
one OF tn" largest Ia italy. became
involved In steel. shipbUilhing ANA
war munitions companies. There was
rally In the stock market after
the early decline. But another de
cline came on, th" announcement.
around l2:45. that the Italian Dig-
count and Trust Company, Of 3.H
broadway, New York. had closed its
doois. there wa run on this IN
stitutdn which has a capital az ST.
100000. and deposits OF $4,000. 0G0,
on the news OF the bank faiiur. H.
Italy. \ number Of iarac ban!sH
came 10 the rescue with funds. hut
IL was finally decided To ci"Se the
DOORS. !. vas agent of the Italian
bank.
Gcncrni Mot"rs Heavy.
General Motors was heavily cola
during the late decline, on. block
OF 1880 shares changing hands at
10. The directors al III. company
Will meet within few days 20 ac,
on the quarterly dividend az -
cents a share. There are 2O.j0o.O $50
sharcS Of General Motors ohtstand-
ing. and the cunpany has bank loans
said To DO about s2O.oO0.00n II III"
dividend * cut IN half si".O"o.Ovo
Will he saved annually. II - Is pass
cd. the annual saving Will be- $50
100000.
Todays selling in the stock mar
he, was largely due to tn. pools
which have recently been active in
getting prices up Money ie easy and
tina! direction. the one which usuall%
causes distress Tho trouble this
tire was that the pools bought and
accumulated large holdinc~ without
attracting a public following.
Planning Foreign I.onns.
While bankers here are no, doing
much talking about the conference
Just held with Secretary Hoover re
, garding foreign loans, IL Is under
stood that som" ten foreign loans in
vo!vinE s?O0,O0o,0O0 are being ne
Eotiatcd. and Hoover told the bank
.rs that the government would not
stand M sponeor. II IN also under
stood tina, the government with it's
large rcfuRdiug 81 noatinp debt and
Victory bonds Just ahead IL not keen
on having the banks US" UP huy!ug
power by floating foreign loans.
Returns OF nincty-on" large rail-
roads for the month ~ Nov-mbcr
now NJ hand .rabl" the Bureau OF
Hallway Economics to estimate tn"
fun net returns for the month at
per cent on property account. This
compares with the final returns Of
the carriers as a whole for October.
which were equal TO 81 per cent on
property account, the largest for the
year. For the ten months Ip to tbs
close OF October. 80 per cent was
earned on property account. not con
fiderIng other income" The returns
at hand for the ninety-onr large
companies separated as to the terri
tory served show decreases compared
with last year OF 23.7 In gross for
the Eastern lines. Ill for those in
the south. and 2l.7 In the West In
not operating income, the Eastern
roads show gain OF 45.s per cent:
those in the south an increase of liz
aud in the West. - per cent. These
gains In net operating income IN
tho face OF the falling Off In gross
were due to drastic cuts in oprrat-
ing expenses. For the ninety one
roads rs whole grOes was down
22.a. End not operating income up
50 per cent.