Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-10-09
QUOTED MARKET PRICES
FOR STOCKS ANALYZED
Indicates Another Phase of
Present Bull Market Is in
Process of Development.
GROOM STANDARD OIL SHARES
OIL People md Huslnras Men OF
Country Expect Pasxnnc OF LcgIs-
inti"n This Winter Calling for Tax
ation Of Corporation yurpluscs.
ny Drondnn NYnlI.

NE" YORK. Oct. 8--Anaiys.s Of
movements tho last week in quoted
market prices for stocks would indi-
cato that another and important
phase Of the present bull market IS
In process OF development. II Will
have TO deal largely with those com
Danies which have unusually large
I surpluscs
Investigation reveals TINT promi-
nent banking groups have already
started quietly accommodating tho
shares OF those companies which
have big SURPRISES.
Shares OF the most prominent
Standard Oil companies are being
| groOmeI to take leading part In
;h!s new phase or the constructive
campaign They viii be the favor
ties. owing 70 their large SURPRISES.
which ar" about 10 be distributed
! The declaration OF the 100 per cent
! stock dividend by the Standard or
California and OF 200 per cent by the
| standard OF New YORK marks the
| beginning OF "a melon" cutting har-
vest BY tho Standard Oil family.
| Tho inside buying Of Magnolia Pc
troieum. which has been disccrued
recently. is based on knowledge Of
proposed melon" cutting by thai,
| company.
Look for Taxation IcgIslation.
| From ono on tho inside. Il is learned
| that tho big oil people and business
| men OF tho country expect that there
/ Will DO some Legislation passed this
| winter at Washington calling for the
taxation OF big surpluscs o: corpora
| tons AT present capital and un-
| used surplus OF companies ar. taxed
| onc-ha!f ~ ! per cent. According
/ 10 h'E people, Tho authorities at
/ Washington 10 Drnv!d" money FOR
| tho government viii sUggcs, tax
OF IA per cent on SURPRISES rms
! would bc a heavy blow TO companies
/ Ike STANDARD OIL. which have huge
surpluscr.
To anticipate tho passage oc such
/ "A law. they propose capita!lziug Their
SURPRISES through the declaration OF
| big stock dividends. This would take
the huge PROFITS out OF surplus and
put them Into capital account
In going over the list o. companies
! which have huge SURPRISES one nat
ural!y thinks OF the Texas company.
Despite the SIS 100000 OF notes and
about 5!O.000.00O OF loans paid on,
its surplus IS reported 10 be In the
ne!ghborhood OF SS3.00oO0o
Tax BiE SurpIusc..
The new and important buying
which has been noticed In Corn Pro-
ducts Is also understood to have
something TO do with the proposal
70 tax big surpluses. Tho Corn Pro-
ducts Refining Company has cash on
hand equal practically 400 :.
share on It's common stock
Wealthy people have been prornl-
men, on the long side OF Delaware.
l.ackawanna and Western, In expec-
tai!on OF rendiustment o. capital
!za;ion through tho declaration OF n
! melon" Those banking interests
who recently took over a large block
OF the stock from the Emo estate are
thoroughly familiar with what is go
Ing on in connection with the pro-
! posed legislation taxing SURPRISES.
a glance at tho list OF other trans
por,ation and Industrial companies
which have huge SURPRISES will give
a good idea OF the Sucks which are
expected TO absorb public attention
and speculation within tho next two
or three months.