Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-01-26
SPECIAL Ties FEATURE
IN NEW YORK MARKET
Exchange Opens Light, bu,
Activity Increases Before
Close of Session.
CORN rnoDuCrs ARE STRONG
i'eh'y Selling from Chicago In Scura-
H"eb""iS Shares Occurred on Over
h'Sht statement Of Coppany's
Earnings for 1871.
nN. II. l.. IinriiIlIi.

by Il. l.. Barmum.
NEW YORK. Jan. 25.--Trading on
! tie stock exchange was very quiet In
ne morning. bu, with prices firm.
Later ia the day activity Increased
with prices advancing. For the most
part. however. spccialtics were the
eaturcs Corn Products was one Of
he leaders. That stock. which sold
uh'cr par ycStc; day, gold Il fraction
5apoVe l02 today. then back 10 l02. and
men jumped on comparatively few
transactions To i03l-2 Automobile
ana steel shares We're strong today
In It's weekly review of trade CON
oditions. the Iron Age said that there
was little or no change in Euying
with operations Of the mills for the
month jumping UP aud down between
40 and 80 per cent OF capacity for the
| Stcel Corporation and between % and
10 for the large independents De-
spite the dragging market for steel,
)thc manufacturers are taking a bright
,icw OF the future
Mexican Petroleum STEADY.
Mexican Petroleum did no, omen ,lIg
morning until 1890. something I'M
usual for that stock. After the
opening, however. prices held steady
|"esrit" rumors that PENNSYLVANIA
iui" on, because OF poor trade con-
IhltiOns. might again be cut n, price.
forcing Midcontincnt to make IT'S flrst
|cut. IN this connection IT was stated
'ip't Mexican Petroleum.. In. one OF its
active icids. had in one day reduced
production by iil.O0o barrels bccaus.
i.lds and storage tankcrs facilities
We're lohdcd. This meant, II was
stated. that for the time being pro.
duction was running ahead Of de-
rland. Similar conditions existed. Il
was stated, IN the Pennsylvania crude
market
Warner. after getting out Of the re,
lined sugar market at $50. has come
back "A. $40.
9. q. Declares Dividend.
Illinois Central declared today rs
regular quarterly dIv!dond OF 81
] " cent
Chicago aud Alton shares ar. sell.
ing pretty near To the vanishing
point "a IA result az liquidation by
holdcra az Glover Leaf / per cent col
lateral iruS; bonds. who are antici-
p&ung receipt OF Alton stock for their
D"uda under court orders Sooner or
iatcr there is going 10 bc II reorgani-
"atin in Chicago und Alton. That
company has never come back from
Years ~" at tho hands OF T.. II. liar.
rluan and his associates
j. J.. Morgan 4 90. who hnv. al
Nay been large lenders OF call
money, i'rc going more and more into
BAN. acceptance collateral That
hanh'Eg arm Is promoting the bill
'dhr!tei In this country, watch IL now
Offering flr ih. first time consider
"hla competition To the call money
nurH"'
s"nr"-'so, buck Sells Iicn,y.
some h'ANT selling from Chicago
occurred IN sears Rocbuck shares at
'he opening mis- morning OF. the over
IigGt sttt"incnt az that coinpany'e
'a-ninrH for the calendar year 1927
which was even worse than had been
generally expected. These figures re-
.'eNit nE curta'lcd hIyi:r OF the farm
q ana Interest To the Farmers AID
conference being held At Washington
Cross sal.R last year were only Sis :
tli.nnO, ai;ainst S25i.ja5. 600 for 1920 :
Tor 1920 there WAS a surplus FOR divi-
d"H's 81 <ll.1i6,0o0 and a nnal sur
pius a9'.r dividends of s2.rS 200; for
iy3i there was Il deficit before divi
lends Of Slfl2i.O0O ard a dcnci, ar
Ter dividends Of Sls.O9t,60G. There
are Two good features OF the balance
sheet. however. Notes ana account :
payable stood at only S6G.000.n0G IA;
he close ot 1891. against siGi.o0c,c0o
Tor l92u aud Inventories had lee II
cut from $lo5.O,i.0 900 10 Si6.ti5,000.
lFutil the farmer can sell his products
81 a profit that will enable him TO
pay his CARRYING charges. including
interest on borrowed money. there
are Il thousand and owe lines OF gem
oral trade that arc going 10 suffer,
There was "A decrease OF two points
in the Federal Reserve Boards indie Il
number Of Wholesale prices at tho
close OF December This number
standing q, 1875 and made UP OF the
average price OF ninety commodities.
g. inparcs with li0 At the close Of
.Iovcmh.r and makes n new low for
Inc whole OF 1921. Al the close OF
January last year the figure was
1863 Then there was a steady de-
cline until 1879 was touched at the
close of June after which there WAS
n recovery To lI3 in August. followed
hv steady decline 10 13S nj the
close az the year. Most of our H.
nancic!s and economists are of the
belief that this decline viii continue
slowly until there has been proper
adjustment between the prices OF
what the farmer has 10 sell and what
he has 10 buy. lust now these prices
are far out of line 10 the diAldvan-
tagc Of the farmer, an unsatisfactory
: o ,nditior reelected in the Sears-Roe-
Duck annual report.
The Duponts now hold S,Gf5,O0o
shares of General Motors or 40 per
cent OF the outstanding stock. The
present market value of the Du-
Pont holdings Is s73,000,000. against