Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-04-13
STOCKS AGAIN SOAR AS
HEAVY BUYING CONTINUES
Features in the Days Trading
Were Rubber Tire, Equip
mcnt and Motors.
steel. ALSO Is PROMINENT
Copper stocks Rcmnin Firm on I'm
proved Trade CopditIons-Ncy
York Central Closes Order for
1880 Freight Cars.
By IL. l.. Unrnuyu,

NEW YORK. April 1.-THE stool;
market today witnessed it's n!ntl,
consecutive million share day, and
the seN enteenth since the beginning
OF the year. In all of 1921 there
were only sixteen days on which to-
tai transactions exceeded 1000. 600
shares. AS n result OF the continue
tion OF tho heavy buying stocks
again scared and many new high
records for the year were cstah-
lished. Features in the days trad
inC. including the rubber tire. equip
ment motors, oils and miscellaneous
issues Buying of the steel stocks
also was heavy. with Gulf States
steel most prominent. because of It's
bond market also promises TO be n
record breaker.
Lackawanna steel for first quarter.
1922. reports deficit of S479.972
against deficit of sl.i65.oc2 in the
last quarter OF 1921. and II surplus
OF ss,I35 in the first quarter OF last
year. This report, always the first
OF the steel statements to be issued
generally forecasts what can be cx-
rected from other companies. The
deficit is not surprising. except that
i, is smaller than in the closing
quarter Of 1921. The report had no
effect OH steel stocks in view of re-
cent improvement in trade. which
indicates better earnings this quar-
ter.
Copper Continues Firm.
Copper stocks continue firm on inn
proved trade conditions. Anaconda
is reported To have received a rush
order from England for sixteen car
loads of copper wire and rods Ship
mcnt will bc made Immediately.
Directors OF r. w. Woolworth
Company declared an extra dividend
of 81 share on the common stock.
Gillette ssiety razor directors de-
Clarcd a stock dividend OF 2i-o per
cent in, addition to regular cash
dividend of So share. Much talk
OF increased dividends is heard in
Wall Street 1t is expected that May
department stores directors will de-
clare an extra dividend soon The
same is expected from Studebaker.
Copper companies are expected to re-
sumo dividend payments before the
close of the year. and Pennsylvania
is expected to go back on per
cent or 81 annual basis IL earnings
continue to show as favorable as
during recent months.
The New York Central has closed
an order for 1900 freight cars The
turn out 800 and the American Car
and Foundry Company $500 Of the
total.
ConI Strike Il Felt.
The reorganization committee OF
rhc Atlantic Fruit Company is ex-
rccted to present a plan for financial
adjustment OF the company at tho
annual meeting 30 be held April %.
This probably explains the recent ac-
,ivity in the stock OF the company.
which has been selling al a very low
level ever since the company de-
faulted on its bond interest
The iron trade reviews. which have
been saying that the coal strike has
had little effect on the industry, have
changed their tone this week. The
iron trade review says that spread OF
the strik. is threatening To interrupt
operations nj some of the mills. OPP
"rations. however. continue at from
20 to 80 per cent because Of the
large stocks OF coal on hand. but in
certain sections there is a shortage
and furnaces had 10 tie banked. Prices
continue to- harden. The average
price OF leading products is now
$500 against S3S.i5 last week and
s52so. the low point reached three
Teeks ago. Zig iron has been adj
Fancod and; cast iron pipe was
quoted $780,. tor, shlchcr.
John 4. 'Toinins, head of Republic
iron and steel, al annual meeting OF
stockholders said that there has been
substantial Improvement in the trade
OF late but further operations, how
ever, will be more or less Affected by
The duration Of the coal strike. but
on the whole the outlook Is decidedly
more cheerful"
The low rate Of 10 per cent in
terest on the new issue Of Treasury
certificates was the chief topic OF
discussion in financial circles today.
Bankers talked nf nothing else. The
announcement WAS responsible for "a
sharp rise I'm outstanding Liberty
bonds, mos' of which moved To ncw
high records for 'hc year. II will
no doubt also hc reflected in other
BONDS. The aciiou Of the government
officials IT. naming such low rate is
expected 10 force the hand of the To-
cal Federal reserve officials 30 re-
duce tn" rediscUunt rate from IL
10 d, per cent