Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-08-17
OIL, Steel AND RAILWAY
SHARES OPEN VERY LOW
Early Losses Are Recovered
Later During Day-Buycrs
Urged TO Use Precaution.
SHORT INTEREST NOTICI;A
Tails Hold Firm on News from
Washington That Herring VIII lie
Ended ON Proposed nin Giving
Carriers Asststnncc
SHORT INTEREST NOTICEABLE:
ny II. i. Iinrnum.

NEW YORK, Aug. l6.-Oil, steel
fand railway equipment shares had
Sinking spells during the first two
hours Of trading today, and then
around l o'clock started to recover
Fhc early losses. The general feeling
Pm quarters usually well informed is
Fhd the steel shares will sell lower
before the final turn for the better
ZONES. 1t liz also believed that there
WIN lie some passing or reducing OF
pill dividends.
Short intcrc.tr Evident.
Beyond question there Is worry
large short interest outstanding in
thc Industrial stocks. 1t is also safe
20 assume that this short interest
Will he Increased. The outside public
- taking the short side OF the stock
market 10 the extent that one close
observer remarked today: I'm play
ng the short side in Industrial
stocks the public Is showing as much
shrewdness as an Oriental rug deal
RI" The same authority added: I'm
Fny opinion the very large outstand-
Ing interest In the market is going
T" DO increased and nurscd along
for some weeks 20 come. But 81 will
hover be allowed to ret away. For
" ccks after the turn for tho letter
F"ally comes there VIII be u lot or
news circulated 10 encourage the
'horts 10 hold their position. There
VIII be enough news To keep the
FnnrHct looking sick but II VIII deal
with the past In my opinion those
H"ho so short Of the market when we
get our mex, break will take on
Dad that few will /" able to carry
without heavy losses"
~ this point the speaker was in
tefrup,.d with the question: What
about Iiv"rmorc, the leader Of the
lear crowd" Here was the answer:
WIN Run with Market.
No one need Worry about Liver
more. He is ,alkisg loud now about
two years more Of had business. Ru,
market Nc IL short now all right.
But tho very minute prices begin 10
40 against him In cnrno.t I've will
turn and run with IN" markct"
Rails held firm today In tho news
from Washington that III" Senate
'ommi'tcc on Interstate Commerce
had decided TO end the hearings on
s'he proposed bill giving the carriers
Financial assistance and speedily pass
the law demanded ~ President Hard
INK
There Will DO two sugar company
dividend meetings tomorrow. cuban
Amcrican Is expected to pass It's NIFTY
quarterly payment. Three months
ago tho rate was Gu, in half Ma
iona Sugar. now paying 90. is ex-
Ecctcd 10 cut or pass it's payment.
american Sugar owns s2.i2S 600 ~
nc stock of The company last named
All ~ tho sugar companies arc OK
o"ricncinr tho same trad" conditions
NoNt month sGi4l4.oo0 corporation
t"curitics viii fall due against $50
90 0o0 this month and slO3TOT. 900 In
Scptcmher Of 1920. TIL" railroads Will
have ,2.7Gi. 200 bonds coming due.
Thc largest single issue maturing ls
he $50 10 coo thr"e-yca- IS 81 the
Peterborough Rapid Transit Com
rany. This issue will probably DO
ry'ondca for year a. g rcr cent in
crest
Disappointed In Tnr nil
Wall street was diSappoint"d at
he change in the tax hill making
'c dat" Of the "Xccss profits ard
+ nigh surtaZ rcrca, January ! 1929.
instead of January /. 1921 The Street
believes firmly that there Will be no
F"vival in trade until this load Is
Iftcd from business and rich men.
Republic Iron and Steel. Il was re-
ported today. ia now operating at 40
,er cent OF capacity against ~ per
'cnt FOR tho second quarter. and an
advance of - tnr tho FIRST six
months ~ the wear
General Motors earnings statement
or the first six months OF the cnIcn-
lar year shows : per cent for the
20 sS7 900 detenturc stock. per
,harcs. 6 per cent for tho slG,1s3.ooo
preferred stock. and II cents for the
20 SIS 600 shares OF outstanding com
non stock having no par value. For
he first half OF 1920 earnings were
Dual 10 slG6 for the common shares
General Motors Truck Company an
bounced today Il reduction in prices
1f from $3.50 to $500. effective Au-
.ust IL.
VIII Withdraw Mig sum.
Member banks in this Federal Re-
serve District have been Informed by
he Treasury Department that s55.-
l0n.0nO deposits would be withdrawn
oday The Treasury is paying off
81 81 100000 certificates Of indebted
hess. Of which S59.00O.o0O are held
lcrc.
4 president OF one OF the large
independent steel companies went on
record today with the prediction that
,cforc the end Of this year the steel
aIants Of the country would he run
ming a, 30 per cent OF capacity He
bases this on the belief that the
.ountry cannot long run on n steel
,utput at the rate of that of n quar-
tcr of century back. lie points
,ut that production today OF all steel
mills is at the annual rate OF only
600. 900 tons. or 5000. 900 less than
O. he capacity of the Steel Corporation
,Ionc lie also points out that in
{normal times the railroads use TO-
ZOO 900 tons OF steel annually. or 81
ncr cent Of the country's output. He
ndds that before the war Germany
was turning out annually 20.oo0,00o
hons of steel.
saucrheck's index number OF whole
.ale prices of commodities at the
lose Of July. according to today's
,ondon cables. stood at 1882 against
ass ut the close of June, represent
NO gain of "a points or the first
monthly increase In many long
month. This figure compares with
,ss1. the high for 1920. made on
Apru. Our increase in commodity
,riccs for July, which was also the
FIRST in many months, corresponds
with that just reported from London.