Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-02-01
GOTHAM MARKET RALLIES
AFTER HEAVY OPENING
Traders Try to Boost Prices
After Bears Fail to
Lower Them.
BIG INCREASE IN CRUDE OIL
Government Rcports Show 4GD.03O.-
600 Hnrrels or 2G,0UO,OUO More Thnn
Was Produced In 1910, With Prices
Materially Lower.
HyR. l.. Bnrnun,.

NEW YORK, Jan. 31.-Heavlness
marked the trading at the opening
OF the stock Exchange today. But a
rally soon started. Seeing that the
market. despite the bearisn talk be-
traders tried to put 1t UP. There was
no activity, however, In either direc-
lion.
the day and declared the regular diyi-
uends, AZ mad been expected.
Shareholders of q. W. hcime. manu-
featuring TOBACCO. are to get 6O per
cent stock dividend, the directors de-
Mark Down inventories.
Armour & Co. say IT TOOK some
nerve 10 mark down inventories to Il
point where the loss ran into many
millions. OF dollars; but that /! had
to be done. Top-hcnvy inventories
were the source OF many business
illsslast year. this authority Bnys. ana
adjustment to current values has had
the effect OF reducing overhead to
isting conditions. The belief is cx-
, pressed that the bottom has been seen
'fiDr prices OF materials used In the
Spacking industry. Belief was also
expressed that great good would come
10 Tho, general situation II business
cs,iy and unselfishly take losses 10
the full measure. thus clean slate ana
start over on the basis OF today, not
Much OIL Itcduccd.
Today's government report on inc
country's crude oil PRODUCTION dor
barrels. an Increase Of 26,o99.ooo over
the previous high record. Value was
placed a. ';5s;vooGoG aEai Inst 'Sss'-
100000 barrels, aGainst 106,ooQ.00o Tor
1920 and b2,0oo.Oo0 for 1918. Exports
Ms5s s,inFSSs nsTea ss. q g sSSSo
!. GOO barrels. against 53o.000.oVo Tor
1890, or 90 "a million more than han
nrodue,ion s,oeks were e., sd.So99; o0o
sidering general trade conditions inns
increase IN stocks was not considered
large. and besides Wall Street nSurss
proven oil fields OF Mexico.
Sinclair Consolidated OH earned last
year ss,l35,o0o. or little more than
So il share on the outstanding 1867, :
595 shnreE The company at the close
q. the year had on hand l2,0o0,Ogo
barrels OF oil. The PRICE OF the stool!
years low and nine points under the
ia2i hisn; prssen aen prices , ,or sh ne
sIs2. 100000. Officials OF the company
pointed out today that the assets on
December 81. 1921. we're conserva-
t.yely figured as worth -s2sl,9oo.ooo
with net quick assets Sb3.IS9.0UG.
shows Less EARNINGS.
Southern Halfway earned $l0.5oi.-
0Un gross for December. against sl2.-
$4,000 for the SAME period OF 1920.
with net operating income a, ST.
4 sOb.uoc. against sT23.000. For the year
3 s,rcas .Yas Sl2s.7i5.0o0. against $751;
$4,000 ana net operating income
$i3.j7r 900. against sl5.325.O00. Walk
az -. Hines, formerly director general
j OF the railroad. and before that prom
inent in tne management OF Louis
willie * Nashville, and Atchlson, told
tho Interstate Commerce Commission
I today that in HIS opinion IL would be
! u mistake 10 cut rates at this time.
that the, railroads could not stand II.
that II was questionable whether
lower rates would Increase traffic.
burlington bonds have all been sold.
hut tbs bankers are not ready yet TO
silr how the S30.00G.000 WAS allotted.
Progress - reported In New Iinvcn's
plans for taking care of the S27.000,-
0iD bonds which fail due on April /.
and & favorable decision IL expected
/ in the reimbursement of the income
Z New Haven gets from connecting
roads. Without these factors, how
ever. New Haven shares should have
recovered on the statement OF earn
!ngs for December and the calcnda r
year, made public today. Gross for
December WIS s3,Sag.000. was smaller
bv 100000 than for the same month
OF 1920. hut net operating income of
s7sg.00o was larger by $2.0+O.0O0. For
the twelve months gross of sll6.405.-
0G0. was smaller by i7.l07,000 hut me-
operating income OF $4,000. was
larger hy st3.3i5.000. To have turned
II deficit OF the size OF that OF 1920
into net operating income called for
heroic efforts In getting down operat-
Ing expenses