Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-04-27
SPECULATIVE ELEMENT
APPEARS IN CONTROL
Studcbaker Heavy on Reports
That No Extra Dividend
Will Be Paid.
RAIL STOCKS LOSE GAINES
Will street Much Impressed by
Statement or L. y. steel Corpora
tion-Coni Strike Apparently Has
Little Eject.

ny II. L.. Bnrnu IN.

ny II. L.. Bnrnum.
NEW YORK, April 26-The move.
mcrt OF prices on the stock exchange
:. today again showed evidences thai
= fluctuations were in control OF the
speculative element. The movement,
was irregular during the greater
part OF the session, declines being
Witnessed IN ono section OF the list
as a result OF proat-taking and shor,
selling. while IN others new favor
:tos were taken In hand and bid up
ward Trading was again active. tho
total being in excess Of 1000. OOc
shares. the nineteenth consecutive
i.o0G.0o0 shares DAY So far and the
twcnIy-seventh since the beginning
studebaker. which has been a
:. strong feature for some time past on
expectations that the directors
would declare an extra dividend on
the common stock. was heavy to-
day in connection with reports that
no extra payment could he expect cd
at the meeting TO ha held later in
the week.
Low Rate for CnIl Money.
Certain OF the railroad stocks
which moved so violently upward in
tho late dealings yesterday los,
part Of their gains today. Kansas
City Southern was the feature IN
this connection.
The Street is paving more atter-
ton To the movement OF business in
this country than to the Genoa con-
ference. This is shown by the &C
ton OF the stock market and the
foreign exchanges in connection with
the latcs, Developments abroad An
other factor here Is the low rate for
call money and the abundant sup
ply.
Although the United States Steel
Corporation reported smaller net
earnings during the first quarter OF
this year as compared with the clos
ing quarter OF 1921. and the com
pany failed 10 earn its preferred
dividend by small margin, the
street was favorahiy Impressed hv
the statement. This was especially
true regarding tho statement by
months which showed that net earn
ings which approximated s45oG. 900
in January almost doubled that aC-
ure IN March. when the total was
above sS.560.oo0. With operations
much larger than during the arst
quarter OF thu year and prices I'D.
vanced in numerous cases. Wall
Street is predicting that tbs com
pany will earn its common dividend
during the current quarter.
Little Eject ON Steel Trnde.
II IS now almeu, four weeks since
tho coal strike started and the steel
trade reports that there has been viz
tually no change In operations "a a
. result of tho shutdown OF certain
mines.
The United States Steel Corporation
Is reported to be quoting $50 Giants
pound for steel plates against ! so
quoted only n few days ago. This
advance. which amounts to 81 ton.
is the first to be put into erec, bv
the leading factor IN the trade since
the coal strike began. Tn. company
has been adopting conservative pol
Icy on the ground that some OF the
advances may be unwarrauted
Montana Power Company. 20. the
first quarter % 1922. reports ne,
earnings available for dividends OF.
ssii,235 against Is37.47s IN 1921. The
small decrease IN net earnings IS due
10 the fact ttat In the Hrs. auertGr
OF 1921 many mines n the company's
territory were IN operation whereas
in the hrst quarter OF this YEAR oper-
atons were suspended. Since Ap.il
! ho*ever mining activity mas in
creased considerably n Montana. so
nat ~ snsr:sSsd eaan!nes aEs expected
colnen,ing '5n Conditions in Iron
and steel trade, Iron Trade Review
tays; Some OF IN. sharp anxiety
over supplies that characterized he
situation a week ago seems 20 have
mar6 !or material remains heavy. and
II IS indicated many buyers have nor
satisfied their full requirements, but
appear more interested 81 eating
shipments against orferE alr.a1y
placed than 10 increase commit
'n+nts under spur o: further uncer-
iaInti"s IN connection with tn.
strike"
Bonds Quickly Licked Up.
the most encouraging feature IN
the general situation !s ,n~ manner
in which tho new bond offerings ar,
being licked Up b. Investors Tn.
Si5.ooo,o0n New York CITY isvu. Is
being offered at iOl. and !n,er..,
yield slightly better than per cent,
The syndicate Is expected ~ have
little difficulty In sailing these bonds
because oc the fac, they ar. ,a1-
exempt and therefore desirable -
wealthy investors. The tiOG.G0d. 1Gl
Canadian loan was disposed OF with
In two hours AFTER ,he books wsr-
opened. while ;he tI0.Gnh0h5 Empire
the same day. Th's is considered a
remarkable record.
Export price OF Eayol!n. has beer
advanced cent "a gallon ~ the larr.
or local exporting companies ~.
lantic Refining announced an atvanc.
az cent in he territory served b,
the company.
Tho recent much talkca ~ seven.
company steel merger has s!mrreret
down 20 three companies. accordint
70 gossip ia the s,r.et today. Th.s.
companies include A!idvale, Reput!,
and Inland.
The Philadelphia company for "a
first quarter Of 1922. reports gross IN
come OF Hlo3.5Sa, an Increase O
too,27o compared with same perior
last year. Net earnings ,oialcd s..
I24,353. an increase q s4s9,s33. Tn
above net does not include lnroin
from investments, bu. IS figured be
fore allowing for interest charges
Delay IN the Brazilian loan Of ;i5.
100000. which was expected early j.
the week, IS said 10 be due TO disput
between Rio Harbor and Dock Com
DHny and the brazilian rOvprrrrcr,