Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-01-27
TRADERS DISAPPOINTED
IN WALL Street TREND
Last Weeks Stock Buyers Sell
to Take Profits as Mar
kct Drops.
STEEL OFF SEVERAL POINTS
N"ri"ik nnd Western Mikes Good
statement or I;nrnlngs for Drrcrn-
p"r' Showing Grass of s7..IS. 900,
Decrease ~ St.222. 900 From 1870.
Iiy u. l.. Iinrriis,

NEW YORK. Jan 2G-To those
who thought the strength displayed
iatc yesterday In the stock market
would continue todny's weakness was
disappointing. After "A GrEi open
Ing traders who bought stocks last
week or early this sold 10 take
Profits. They not only sold out their
long stock. but reversed their po-
.s!tlOn. selling stocks short. This dou-
bic ceiling caught u number of s,op
loss orders ana losses ran from
10 points or more. Ey noon steel
common WAS on y points. Midval" 2.
Asphalt nnh Consolidated Gas IL
Mexican Petroleum and Dawson
Chemical j. Gulf states steel. ~
D"r Z" H"nu. mn.
Selling on the nrHt explanation
~ hand. speculative Wall street said
mat '"dhy' 8 decline Ia the stock mar
hrt vas due to the progress being
mad" in the soldiers bonus hin. dis
patches being received here long be-
ioFc noon that hearings ON this pro-
i,"scd m"asur" would begin next
Tuesday to last three wceks. with
Secretary Mellon tho frs, witness.
Th"r" is no mistaking the fact that
Wall street IL strongly opposed 10
tho soldiers b0nus on III. belief that
j; * iudcfcns!blc on any other ground
IMAM vote getting. However Wall
street knows that today'a decline In
tn. stock market was due To tech
meal conditions. For the time being
IA" market has become overbought.
That was evident from the way IL
acted today.
Consolidated Gas owed its break TO
the action OF the directors In meeting
today and leaving the matter Of de-
ri i,i a
TO the executive committee. Tha,
committee holds It's next meeting next
Tuesday, the day after the Supreme
Court holds iis last decision day unit!
the end 81 February. 1t TX possible
that tho Supreme Court will hand
down it's decision in the company's
ease next Monday. The company IL
achting the s0-ccnt law and wall
street believes Il viii win. with
earnings OF subsidiary companies In
Guided Consolidated GAS IL showing
nearly twice It's I per cent dividend.
What the company Ii trying 10 do.
however. IS to put its worse foot
forward until II gets It's rates raised.
Junlus ). Morgan was today made :,
member of the New York stock tx
change. II" Is the Eon OF the pres
'ri j. T.. tn" grandson OF the irs,
!. T.. and tho great grandson Of
Morgan firm. Young Morgan is a
partner in the Morgan firm.
Wakes Good Stnt-mrnt.
Norfolk a. Western made "a good
Statement of earnings for December
today considering It's Eross. which
was ST,2l 1000. "a decrease Of Sl.222.-
900 compared with the Same period
fof 1920. Set operating income
amounted To S2.l3s, 900. Larger than
lac l,r Z
tl!e twelve months gross amounting
90 $hVVo0.00O showed n decrease "
$3.50 600. while net operating income
OF Sli.SiO.00O WAS up Sll.2l4,OUO.
Norfolk is the .hrst big road TO pub
iish IT'S December earnings.
Crude oil production for tho cOun-
try during the week ending January
~ WAS l,4ls,200 barrels. compa ed
with The Nigh record OF 1.430.TI0 re-
ported Tor the preceding week.
There was n decrease OF 1895 In
IDLE freight car surplus for the week
ending January Is, according TO to.
day's official report. The figures
stood At 5s3.2?S.
Anaconda Copper reported today fo-
tho nine months ending September
80. net loss after fixed charges of
SS,G56, 900.
Illinois Central has asked tho In
tcTsta,c Commerce Commission for
authority to arrange with Pullman
tor 600 refrigerator cars. to cost 81 -
$4,000. The notes to thus be Issued
VIII mature semiannually from 1922
TO 1882.
because OF the losses written on
resulting from frozen lonns and be-
cause OF lower interest rates the
Sew York banks did not earn In
1921 anything like what they did In
1870. The city earned 1916 per cent
on it's stock, against Sis for 1920:
Hanover GO. against 7S.g: Mechanics
\ Metals 1873. against SIS: First 7O.2
against Gill; Park 80. against SIS.
Two of the large banks actually re.
ported losses last year.