Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-03-08
STOCK MARKET WEAK
IN THE EARLY TRADING
Steel Shares Respond Slowly
to Reports Of Increased
Operations.
GARY GIVES our INTERVIEW
American Tobacco Again Cuts
Whoicsnlc Price OF Its Cigarettes
40 Cents IA Thousand. Following
Lend OF II. j. Reynolds Company.
Hy II. j.. Isarnti,,,,

mo morning the stock market was
weak, but before noon traders who
were working for lower prices had
To admit that they w-ro not making
much Roadway. Most everybody In
Wall Street Is of the opinion that
the market would be better on for a
sctback, which would improve tech
nical conditions. But the news is
working against decline. Yes
tcrday With the market headed for
lower values the Supreme Court gas
decision came out and started n re-
covcry For "a time this morning the
news OF increased operations on the
part Of the steel mills. together with
the steel selling price increases was
ignored. But around l o'clock these
Developments began to show in the
siecl shares.
Chandler declared its regular $3.50
dividend and the automobile shares
began TO advance. Then Wall stree,
learned thar president Harding had
declared himself str"ngl: In favor
OF conference between the coai
miners and the operators 10 proven,
81 strike and tina; he also was against
the proposed bonus plan. Thereafter
prices worked higher.
Gary Gives Interview.
Recalling that e. II. Gary. chair.
man uf the steel Corporations had
talked sunshine when general bust
ness condition. were rapidly going
from bad 10 worse. wall stree,
ignored the Interview he gave out
tpd,y. which in part had "a rather
gloomy slant. Mr.. hgry said today
that although there had been grad
rai. II liinited, Improvement in bust
ness conditions throughou, the coun-
Try, hr had not seen sustained evil
dencc OF general aud rapid recovery
I" normal. nc added. however, ina,
natural laws wcr" working slowly
hut surely 10 bring about sooner or
later stability. progress and pros
perity. Wall STREET concluded that
Gary was not putting the caso In the
proper way: that no sensible man
had been talking 81 rapid recovery:
that al that had hccn hoped only
very short time ago Nas that bust
ness would really take n turn for
the better; tina; those hopes had re-
Gently been realized
American WOODEN coinpnny's an
nual report fo rthe wear ended De-
cember 81. published today. shows
that net profits FOR dividends n.
S6.00Go00 against ;i.626. 900 for 1920
This hgurqs out ss.ol n share for
the stock against si.j7 for the pre-
Yious year.
Corn Products opened at lO5 IL,
new high record. and then ad-
Nanced To l0T Ia befor" the annual
=-rcDor. wasgs Issued. (which showed
profits Of so.i5i.OO0. agains, slS.5SG,-
coo for 1920. with a surplus for divi-
d.nds o, Ss,32s. 900. agains, SI2.45e,-
COO for 1920. Last year 1921 share
was earned on :he Si9.2Si.05o, against
Nssl.53 for 1920
American Sugar Hrport.
American sugar around noon to-
nual report for the year ending De-
port for 1921. II will show "a ,leict;
before dividends OF so500.O00. For
1920 there was surplus OF $780,
o0e for dividends. The preferred got
s3.l50.OOD and the common ss.lso0Uo
leaving deficit for the year of
s@.90i,0O0. Last year the : pcr cent
common dividend was passed but the
preferred was paid.
Bets are hcnt: made In Wall street
that American can common vii, get
It's nrst dividend before June OF this
year. The stock was strong today
on good buying.
American lee was another strong
stock. The company is earning mt
the rate Of $50 share on It's stock
before dcprcca ton.
Average commodity prices here in
This country during February in
creas'd Ia per cent. making an in
crease or 80 per cent from the low
OF June !. 1921. From the high OF
February. 1921. the present prices
show decrease OF IA per cent.
american Tobacco has again Gu,
the wholesale price of its cigarettes
30 cents thousand. following the
lead Of the Il. j. Reynolds Compnn,,
making reduction or sl.20 from the
high. 1t appears from the annuat
REPORT OF the company last named,
however. published today. dividends
VIII not be effected by these price
cuts. For 1921 Reynolds earned net
Sl6.25S.O0o. or 500 n share for the
combined common stock ncnins,
S5,G9l 900. or s3S7 share for 1920.
The final surplus over dividends last
year was Slo.05S.oO0 against only
so,o9i 900 for the previous year. Rev
nolds has applied 10 the Stock Ex-
change to have its shares Immediate
~ listed.
Lee Tire and Rubber reports 10,
1921 bare cents earned for it's
common stock, contrasted with sell