Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-01-10
ERIE SHARES DECLINE TO
LOWEST PRICE IN HISTORY
New Low Levels Made in
Roads FRS, and Sec
ond Preferred.
ouh CANE SHOWS DEFICIT
Authorities Predict Tint Rate on Call
Mone| VIII Drop to z Per Cent
within Next Month with PLENTY
ON Market.
oGn CANE SHOWS DEFICIT
lily u. l.. Iinrnum.

ON Market.
Hy X. l.. Hnrnum.
\ NEW YORK. Jan. J.-Today's stock
market was purely professional with
prices of oil and rails lower. The cut
IN Pennsylvania crude oil was re-
9ponsiblc for tho decline in The oil
shares. Northwestern. Northern Pa
cihc ana Dric were all heavy. the
stock last named declining over IL
points to {. the lowest price touched
since the reorganization of 1896. New
low levels were also made for Erios
hrst and second preferred >sharcs.
causing number Of disturbing ru-
mors TO be circulated.
4 prominent Official OF Erie stated
10 your correspondent that the COM
Dany's targets interest requirements
Ntcll due on January 1 and July /.
That the January l payments had all
ready been made: that on April !.
j Xl5.0c0.000 notes fell due Of which
S250o.OO0 were held by the public and
Si2.5O0.0oo by the government; that
there was l!;;la question but that the
government would renew It's loan.
IIDaking tho rounding OF the balance
easy: that with q moderate improve
:a&nt In traffic and a reasonable re-
lduction in wages. there would be no
|iiiliculty in meeting the July in
ltN''SN pNSift
Your correspondent commutca on
he Erie. Yesterday q new time able
WAS put IN effect showing many @.
or the old trains missing. which in
IOutcates that the management IL taxi
ng OF us coat to get down TO branB
Jacks in reducing operating expenses
X President F!nle:. az the North
w.s;ern, EXPRESSED the belief today
)tha, his company lad the greatest po-
4 lt.sN tsa t,ts, A..
i u" said that there was no new r.
lnancing To be done. that the company
Ily.i plenty OF cash in hand that
| raiitc was not what /; might be. but
ltha; !, was satisfactory. that the
| property was being kept in good con-
tlit!on.
Hail Heads AIny Confer.
|,I From reliable washington sourccs
lnrorration was nbtainnd today that
conference nigh, 10 expected in
she near future between the rail
lrood managers and the reprcsentn-
Itives 81 railway labor. at which "a
Friendly understanding would be
Preached regarding tho wage rcduc-
lions heinz planned for March ].
Early estimates Of the untitled or
HSr statement 10 hc published by The
,ssrel corporation tomorrow. aa OF
Ibecenber 81, were for Z; decline OF
Il
tsiosc OF November. However, a num-
iocr OF larsc orders were received
tr!ght at the clos: ~ December and
inow II would not be surprising II
There. was no; mitch OF - change
fchher ono way or another. While
lnot. much is expected in the stcei
ttradc FOR tho first quarter OF this
Eoar,- |, is believed that the full
fwe'v" months will show "a decided
Improvement over 1921 for tho rca-
lron mat last year production and
\ jorices wcrc both uafavcrably affect
ft BY large Inventories carried by
\ t'fStomcrs These stocks arc now
tSalout gone.
cuha cane reports for the year end
Ing Scptcmhcr 30. u deficit of slG.-
$4,000 after dlvidcnd. compared VII,
= surplus Tor the preceding year Of
'SN3ii.0oo. For 1920. dividend nay
|, Wents We're S3.IOo. Gee. and for las,
s.lr before payments were suspended,
i.rcrt Higher Prices.
= Scc'ctory Hoover after making =
nreful IuhiNsis of the suRnr situa-
li"n predicts that higher prices arc
EoinE 90 be Witnessed. lie bases this
prediction on the dissolution OF tn.
CunEh sugar commission, the demon
Htrati"n given by tho bankers that
thNy are not going To force liquidation
ihdt the present low price cannot
continue without restricting produce
ION which In turn Will cut down pro-
dCction below tho world demand and
mus bring about higher prices. He
sd%s The world production for 1922
VIII be from 4o0Oo0 Ia 100000 tons
'S'4ow 1871; t!iat consumption for 1879
Niil be- larger than last year; that the
invisible supply Is 100000 tons under
normal; that present selling prices arc
below the cost of production of 90
per cent OF both domestic and Cuban
sugar
Cali money opened today at per
cent the lowest since September is.
i 1872 and then dropped TO 3I-2 with
y some loans being made on the out
SIDE at per cent. One money author
ity predicted that tho rate would be
per cent within n month with bank
"rs begging TO lend ut that rate. TIC
bond market was strong on toddys
decline In the money rates.
wall street bankers say that the
! taking over OF n foreign trade com
mny having ST.0o0.O00 liabilities by
Il creditors committee has nothing TO
| do with the Wall street situation:
| hoy say that this trade situation with
others of ~ similar kind was wei
known TO tho bankers. and that each
case Will DO taken care Of without
EST uble at the proper time and in the
I u. oper WAY.
7, Production OF soft coal for last
( year. according 20 tho final govern.
7 ment figures published today, was
the smallest In ten years with the
coke output the smallest In seven-
! teen years. Taking increased demand
and production into consideration the
figures indicate that trade reaction
last year was the most acute since
mat following 1899, il not worse.
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RICHMOND STOCK siARKEr.