Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-09-12
WALL STREET PREDICTS
LARGER EARNINGS AHEAD
Railroads Heavy Demand for
Equipment Helps Steel
Companies.
FORECAST RAIL VI f. N q T. IL
Offering Of New Treasury Notes
Taken NJ Evidence OF Melons Bc-
lief That Money VIII lie T:nsy In
EnlI
FORECAST RAIL MEnGEns

written for the United Ncws.)
Nf:W YORK. Sept. ll-United
states steel common. making new
h'gh record for tn" year around
noon today. changed an Irregular
stock market into one with an up
ward price tendency. with the
railroads coming INTO The steel mar
k"t through IN" equipment com
paTios and Win untitled orders OF
th' steel corporation up Tor the
sixth rpuSoCutlv" month for from
i.iil,00G :" 1850, 900 cons sposuia-
'!y" wall street secs larger earn
iu@~ FOR Ia. steel companies I.arka.
wanna, Republic and other stcci
shares were also In good demand
today
Onion racine. Sew York central.
missouri rHcinc preferred Northern
I"ihc we're the lenders ia tho RAN
l!ar Nor" tax was heard today OF
coming rail merger In this con
n"'tiou attention wag called TO
hearings % the Interstate Com
mere" Commission to begin next
month on the proposed plan FOR CON
S"itha'ipn Of Western lines Reports
were heard toduy that unless the
banking interests now IN control
"t the - Louis ana san rrnncisco
k"p, their 'r"s Opened Their. might
system.
sec !:ns, Money In Fall
To-day most Interesting news do
Nc!Upmont was tho onorIng Of one
year Treasury notes hearing interest
."i 'ul. g.; per cent against the
.tst Offering of four year notes az
8 Ut per cent This reduction in
interest rate at crOp-moV!ug time.
when interest rates usually are ad-
fhnciuR vas understood Ia mean
''hhi Secretary Mellon. who has eS-
tabiishod reputation FOR Judging
Woncy marker conditions. is OF the
belief that there VIII he easy money
FOR Ia" rest ~ this autumn
nir"ctprf OF the chicago North
western nrc scheduled to meet to.
marrow "Ud d"cidro the regular
dividends for six months, , l-2 per
cont f"r TIA" preferred and ~ for
the common f;'imOrs that the ola
: p"g .,u' rat" on tn" common stocK
may he restored are not credited.
IN" company had TO dip into It's
surplus ias' year 10 pay even the
D per cent
Hendinr In Demand.
Win Delaware and Hudson nh
Wanting 10 points overnight at the
close ~ last week 10 the higher,
prir" I'm ave years. and Iackawauna
sailing around tho high price for the
year number ~ shrcwd traders
nav" be"n buvlnS Reading. another
hard coal railway stock, believing
ihd' with IN. strik" ended this stock q,
too. would advance.
Reading. however so far has been
:; disappointment
Practically all OF tho Northern
N.w England textile mills are in
crossing wages % per cent today TO
"ud IN. long -drawn-oUt strike which
started with a proposed reduction in
wages. For tho month or August
commodity prices in general on the
average showed practically no
change However. since then wages
.n many directions have been In
creased. which I'm a short time viii
ho reelected In higher p-iceE In
The mcantiin" liquidation In England
continues. todays cables reporting a
decline OF 40 less than 10? points
n the Ecnnomis@ index number Mt
tho dose OF Angus: compared with
tho end or July This number At
the md OF August was i.257 against
!. 396 at the close OF July. At The
close Of March last year tho number
was 5.0:7 Mt the close Of March. 1920.
it was s.3b2. Whcr the war started
August J. 1914 b. was 2.5G3 In
EnElaui the advance la prices was
much greater than here Hence II
is natural that there should he m,-r
~ a d"clin" until = no'~' a. reached
Nh"r" pro '-. least