Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-02-17
steel COMMON GOES
TO NEW HIGH RECORDS
Pig-Iron Dealers in Chicago
Advance Prices to Sl.5O
Per Ton.
CONTINUE
IL A I LS
FIRM
Grain Markets Start se.sion with
Hetfer Prices for the Year, but Ile-
act In Late Dealings on Account of
sPront Taking.
Iiy Il. /. Dnrnum.


NEW YORK. Feb. lG.-The stock
market during the greater part OF
the early dealings moved around In
a Bhiftlcss manner. duo to the selling
on the part OF traders. who are dis
couragcd because OF the failure OF the
puDlic to take more prominent part
IN market operations. while on the
other hand, pool managers are bid
uinS MP their favOritcs from time TO
tlme In an effort to stimulate public
confidence. This accounts for the ir-
regular fluctuations in prices.
There were numerous issues, how.
ever. which wero prominent because
mon. the old-tIme stock market lead
or. Tor instance. advanced 10 new
nigh records for the current year
This was based on the continued
optimism OF the trade papers AS to
conditions in The industry and 10 the
reports from the West that pig iron
sellers in the Chicago district have
, advanced their price $3.50 ton.
Mexican Petroleum Jumps.
Mexican Petroleum sho, forward mt
brisk pace and sold up To new
nigh for the year. This stock has
advanced steadily since IL was an
nounced carly In the week that the
company has brought In FIVE new
wells. one OF which may prove to
stock has been subject TO attack from
Hpccnlhtive traders for some time
and as n result Of this. fairly large
mort interest was created. The IN
siuers. aware OF thiH. decided TO
squeeze the shorts. and the advance
was due to the catching OF stop-loss
orders on the rise.
Rails continued 10 hold Nrn ~ ,iiJ
HE shipping shares. IL IS expected
mat the Presidents subsidy plan will
DE announced within "A short time
Lasker and the members OF the SEN
ate Finance Committee are said to
nave agreed to the details
Grain market started the day with
new high record prices for the ycar.
but reacted in the late dealings on
,proht taking. Sterling continues to
hoid hrfn and money rates are little
changed.
Railroads Issue Reports.
The report OF earnings OF 1873 Of
the 2ol nrst-class railroads OF the
United states for the month OF De-
cemhcr shows net earnings OF s42-
e5s.5os. agains; $ie.4Io.4O4 In the
same month in 1920.
The annual report o! the Mackay
companies for 1921 shows net earn
ings equal TO s5.3S share on the
common stock. against 1864 q share
In 1870 The company is making
every cHort TO Increase It's cable
facilities with foreign companies
&. National Cloak and Suit Company
FOR 1921 reports n deficit OF so.i33.-
9c2. after adjustment OF inventory, as
compared with sl,343.9iS in 1920.
Peerless Motor Car Company has
declared n dividend FOR the full year
l9:2 at the rate OF ; per cent on the
stock.
II is reported here that the Mar
Tor the reorganization OF the Robert
Ingcrsoil Co, watchmak.r.. has
fallen through
Union on Company. OF California.
reports s2i.5u Il share earned on the
sa0.000,o00 stock last year against
S2i.07 Il share in 1929
The National Candy Company has
reduced It's dividend on the common
stock from TO 3 per cent ANNUALLY
, by declaring scmiannual dividend
foi Gig per cent.
Negotiate for Merger.
m c'hc!ai announcement IL cx-
pccted To he made shortly OF the
merger Of the White OIL Corporation
and the United Gas and Electric Cor
poration. Negotiations have been
gong on for some time, and it IL
sa.d that tho tinal details OF the con-
: soiidntion were agreed upon at n
meeting Of bankers and company off :
cials yesterday
directors or the American Sumatra
obacco Company met late YESTERDAY
afternoon. but no action was taken
on the preferred dividend. Another
meeting will be held on Friday. al
Whlch II Is expected action will he
'ahen drastic cut or elimination
81 me current rate Is predicted in
hnnncial circles. The statement OF
earnings for the frs; six months OF
the current fiscal year VIII be made
public, and this Is expected TO show
deficit OF abou, s2,50o. 900 after ad.
: Justnent OF Inventory.