Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-07-26
SENATOR B0RAH'S PLAN
FINDS LITTLE FAVOR
Wall Street Is Fed Up on
Commission and Dis
counts Them.
isIoVBHf Bf STOCK MARKET
'nu"uhI Interest Ia shown In tho
Jun" stntcment Of Earnings for the
teel Corporation - studebnkeY
Makes Quick Gnip
RECOVERY BY STOCK MARKET
ny r. L.. Dnrnun,.

u
everybody in Wall Street speculativo-
~ Inclined seemed TO think the coat
mines OF tn" country would be In the
nands OF the government before mid
night tonight. with the railroad
strike settled within the next few
Gays Those whose opiniona arc
highly valued attributed today's
price recovery 10 improved technical
conditions due largely TO the clean
Ing up yesterday Of ov.rhanxinp
stop loss orders.
However. In. consensus in tho
nancial district at tho close ., nus,
meas was that President Harding
would b" forced by public sentiment
70 act In tho coal situation II was
iet tina, ne already had los, tho
LABOR vote In the coming elections
and that hts bes, intcrosts could h,
saved by trying at once to savs tho
votes on tho othor side
Tired OF Commissions.
Fo~. IL any. In the financial district
stemod 10 care for Senator Borah'p
plan to have Il coal comnishion made
up OF three memters. one from tho
National Coal Association. ono from
the United Mine Workers and one ~
represent the public. each TO "a,
$4,000 year The truth is. Wall
street y fed W on such coinmisYiona.
heeing tina, ono Of the same KIND
proposed by Borah did not stop the
railroad strike Wall stree, believes
In IN" old ruling Of equity that no
man mo has an intercs, At stake
should bc allowed TO serv. on In.
jury !; IL for n coal commission
such as Eoosevelt appointed. made up
ar men having no personal iateres,
In labor or coal mining
In view OF The REPORTS from
Youngstown and other steel manu-
On 49,.
""ing TO coal shortage. were prac-
t1all% out of tho market FOR most
hn'shed products more than usual
interest," was shown in the June state
ment Of earnings for tho steel Cor
roration. due 70 be published short
~ after the close 0! the stock mar
80. For 1927 tho company earned
only ~ per cent for the fbOs. 600.
'oo common stock against lGs per
cent FOR 1920, $50 the record year
1915, and ll.02 for 1913
United states Stee! Tor the June
quarter ~ 1921 only 80 cents vas
earned Tor IN" common stock The
net va. F2l,ssi.3o0. This June quar-.
TER 'ho dividend was alinos, fuIIy
earned wl;h net OF i27 ass 900 rho
\prh not was $3.50 600 MAJ. SIS
$4,000 juno. i0.Ti2.Ooo
on Indusiry Pu.ni..
Any outsider who can tell few
hour ahead VIVA, Is going TO hap.
n.n In the OIL Industry Is a good one
1@'ry overIroduction IN Mexico was
on" ~ The main reasons for over
supply her" only recently It val
announced that The Mexican pro
'i1crs nal mhdr gentlem-u's
gree T"nt 10 restrict production To.
HaS IL vas learned that ,hI. agree
mcrt has already been broken w:
that each producer wil! ;urn out ~
much oil as ne l!kes, and that the
price OF tn" Mexican crude viii be
advanced ny common agreement TO
!5o. That. Win the 22-cent tax and
the tank freight rate. brings the
price above some o! our crude otis
How the Mexican producers expect
20 ma market for their overpro-
CGction ~ raising their prices 10 a /
hard nut 10 crack And IN the mean.
time IL is ru!nored nor. that tho
hanks are shutting down on their
loans 20 carry the oversupply OF
American crude oil In tanks
Central Leather. While s,ui repor.-
ing dehc!, is far better on than
~ this time Iast year. when heavy
inventory losses were being charged
up 10 current and accrrnu'0."d earn
lnSa f0rf' .. this
year prohts were $50. 900 against an
operating logs for June quarter ~
ment OF all expenses there was "A de
felt this june quarter OF 1898. 900. but
II compares with deficit OF sf.26A-
600 Tor the Same three months Of
last year For the six months OF THIS
year there was a Anal deficit OF sd2s
600 against deficit OF sl079S 600 FOR
tho first halt OF 1921
Studebaker made a quick gain OF
nearly Ave points early TODAY on
rumors Thht the directors had de-
"ided to Increase the annual d!vi-
dend rate from s. 20 $40, ~ the meet
Ing To be held at the close OF this
month. and then declare An extra
dividend. the amount being non yet
decided Studebaker may go up
after the dividend meeting, but I;
10 moro likely that the price will de
cline. Many traders who have been
hanging to their stock for months.
expec, TO sell this week st paul |
holders are now talking about the |
timber lands the company owns The
facts are that the company owns !
IL. 900. 000. 900 feet Of timber in Wash !
ington and Idaho. eonsoryatiyely .
valued at $4,000, 900
watch New York Central.
Because OF the rumors or an in
crease in the dividend New York |
Centrara earnings are being closely
for Juno gross OF 329.462, 900. asainst
s2l.S63.000 for the Same period OF
last year. with not after taxes and
rentals of s6o0s.oo against s6.bl7.
zoo For the six months gross ia
3l5s,667,ooo. against slb7.5ss.0O0. and
net s2e,1ss,000, against ,l7.2s3,00o.
June shows a striking gain in gross:
but the feature OF the half-y year state
ment Is the gain in net. For tho
whole OF the calendar year. 1921 Now
York Central earned for It's stock
SO per cent For the six months OF
1922 earnings are Mt the annual rate
OF practically 10 per cent.
London cables that the white Star
liner Majestic has started for this
side with 4,50o.0Oo gold aboard.
England APPEARS to be acting on the
theory that IL we can be made sick
enough from our record breaking
gold holdings we may be wiN,g to
iend some OF II for the rehabilitation
of Europe.
w. c. Dnrant announces that he Is
gong 10 put out popular priced
SIX cylinder car to he called Flint,
10 be ready for exhibition nv tho
middle OF September, and ready for
neliVery after January 1eoa 20 cal,