Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-02-22
STOCK MARKET FIRM,
DESPITE HOLIDAY TODAY
New. High Records for the
Year Established in M.
mcrous Issues.
TRADING on ACTIVE SCALE
American Tee Feature Among spe-
ctaity Groups-hmrricnn Sunintrn
Tobacco shows Net Loss OF $1T5,00O
for First Six Months.
TRADING on ACTIVE SCALE
nx II. l.. liurnuIu.


market continued nrm during the
great part OF the day. despite the
TACT that tomorrow will be Il holiday
ana realizing sales arc generally met
with In pre- holiday market. Some
new high records for tho year were
established In numerous issues, and
trading was again on an active scalc
Stfels and equipments were especial
ly strong. as were the motors under
leadership Of Studebaker.
The Iron Age. In It's weekly review
on conditions In the steel industry,
again strikes an optimistic tone
Further improvements has been reg
istered during the past week, and an
increase IN both pisircn production
ana the output OF steel is recorded
American lee n Feature.
American lee was a feature among
the speciaity groups. II can now hc
huthoritauvcly stated that the com
inny has no intention of declaring !,
100 per cent stock dividend. Several
directors questioned on this matter
have cmphaticaily stated that they
a:. opposed to IT and that II was out
nf the question. They stated that
the company Is in II splendid position
It's earninr were large and they
ped to kesp thSm go. 1t IS not con
sid"rcd unlikely. however. that there"
may be some Increase in the common
dividend some time This year, but This
Was not confirmed by III" officials
pucs: ioncd. II anything VIII oc done
with surplus funds. II will he used
tor retirement Of all or part OF the
preferred stock. This accounts for
the recent sharp rise in the preferred
along with the common
Professional traders sold Mexican
Petroleum today on the statements
made regarding the Mexican oil sit
nation By Ralph Arnold peologist
ci international authority. Mr.. Ar
nold said that the Mexican oil INDUS
ny Was tctwccu the dcvil ana the
deep blue sea. having the tax CON
iroycrsy on tho one side aud the salt
water fears on tn. other.
The statement OF earnings OF the
American SuiDutra Tobacco for the
iirst six months OF the current fiscal
year was given out today. II showed
a net loss from operations OF $50
600 against net profit of S2.lt5,Ou0
IN the corresponding period last year.
Eut after inventory depreciation and
other charges there MAS 81 deficit GT
S',?2i.l32 against "a credit of E.535.-
2i6 six months ago.
iII9 Order From Poland.
stockholders OF the Montgomery
Ward Co approved the plan sub
United 10 directors to scale down the
capitalization OF the company. The
result Of this Will be that the COM
pan!' can show good sized profit
and loss surplus at the close of 1921.
instead OF deficit as would have
been the case under the old capt.
taiiZat!on. The common stock was
scaled down To SO par value.
Poland Is reported TO have placed
an Order for Sl0.00o.0O0 OF machinery
and machine tools in This country.
:. NJ. Namclain,~ president OF the
Baldwin Locomotive Works. saw
ncwspap"rmcn today and spoke op-
t!mistically Of the situation in Eu-
rope. with the exception OF Austria
and Hungary. He said. however,
tnat the higher the British pound and
the French frame 20 the more diff
cult Il viii bc FOR those companies
10 compete with Germany because OF
the low value Of the marx which
makes II possible for the Germans to
bid low prices. iio said the mark
VIII buy more In Germany than II
VIII in the outside world consequent
~ German manufacturers can do
business on very profitable basis
Automobile stocks continue prom
incnt In stock market speculation.
with Studebaker and Chandler the
features on the big exchange, and
tieVelhnd Motors. which Is con-
trolied by Chandler interests. promi-
ncnt on the outside market Adyiccs
received in the financial distrIc, saw
mat inc companies are. selling cars
inc recent sharp rise In grain prices
Is expected TO stimulate the demand
lot automobiles In the farming dis
trict, as the farmers are the larres,
buyers Of cars In the country. II Is
also predicted that the fertilizer. farm
implement and mail order companies
VIII soon reflect the increased buyinp
power OF the farmers. These comma
MES have been experiencing some
rough sailing during the past few
years as result Of depression i'm
inc agricultural district
Directors to Meet rhursdox
american Locomotive directors ara
scheduled to meet on Thursdav 90
take action on The quarterly dividend
on Inc common stock Recent re-
ports had 1t that the rate would hn
increased from to 8 per cent an.
muaiiE' 1t is now intimated in tho
street. however. that 1t Is impossIh,o
that there Will he no change at this
meeting. The annual report is ey-
pected to make very faynrahio
showing. This may not bc issmaa
Tor ten days or more.
Lackawanna Steel Company diroo
tors meet after the close OF tho MAJ
ket today. II Is likely that the amman
- So