Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-03-25
RAILS IN GOOD DEMAND
ON STATEMENT BY ERB
Reported Consolidation of
Roads Leads to Rumors Of
New, Big System.
rr:nE MARQUETTE DENIES rr.
H"nms Express Enters a. New Field
by TrnnsportInE Securities nnu
ray Rolls In Armorcd Motor CnrS
Under Hcn,y Gunrn.

NJ 'ui H'p strong again today.
Studebakcr was the leader. making a
new high record The rails were also
in good demand on the overnight
statement made by Newman Erb.
president OF tho Ann Arbor. that his
company was to begin payment OF
dividends on the preferred shares
April and that negotiations were
under way for consolidation Of his
company with Per" Marquette. Mos,
OF the morning papers here carried
hrst-pag. stories to tho effect mat
the negotiations between Ann Arbor
and rcrc Marquette were tho first
OF Il series leading 10 consolidation o,
those two roads with Clover Leaf.
Nickel Plate and Lackawanna, thus
forming with these nv. companies a
system that would compete with
N"w York Central and Pennsylvania
Beyond question We are to have
a number Of railway ronso! idatiuns
independent Of tho ones proposed ~
tn" new transportation act now being
considered hy the Interstate Com
in"r"" Commission ana rcgarG!ng
which public hearings viii DO hold
next mouth. However. before the
opening OF business today those ia
'niliar with the facts placed no great
amount OF credit to tho Ftnr!os q,
tn" foregoing merger. I.dckaWanrn.
win its splendid earning power and
strong financial position. i, was
pointed ont was not likely 10 he
taken over by four cr!pplcs That
wou!! be a case Of tn. tail wagging
TIA" dog. IL was declared Ana NJ
Tor l.ackawannn. that company has
never displayed ANY desire to hook
M with other lines. Tho company
by itself has for generations been
making money hand over hst
Den! Meeting Called.
Early in tho day It wns officially
stated that no meeting had been
called Of the Ann Arbor directors 10
pay dividends on tho preferred stock.
1t was also pointed out tina, there
Was now hardly time for declaring
tile dividend ana closing the books
by April :.
Following the foregoing announce
ment denying that - meeting had
been called to act on the Ann Arbor
dt"id"nd. =. y. Brown. chairman OF
The fcre Marque;t. board OF dircc-
tors. issued this statement: News
paper articles and rumors about
Pcr" Marquette purchasing Ann Ar
Dor are entirely unfoundcd. and /
desire To make a nat denial OF our
intention .! trying TO buy this prop
"rty.' Erb Is sim t. he heard from.
giving The basis OF his story. This.
however, did not seem to DISCOURAGE
the speculative interest in RAILWAY
shares
'roday's weekly statement OF the
average price OF eight principal iron
and steel selling prices placed the
iigur" at ''c54. and Il was pointed
ont that this did not include the In
cr"as" of tho past twcnty-four hours
This figure compares with s+2i2 two
weeks ago. $i2.g7 month ago. Ss5.O3.
IA" high for 1920. ana s3Tii tho
ih!rtr"m-ycar average up 10 the end
OF 1913
Enters New Field.
The time for deposi,ing New Haven
outstanding per cent bonds matur-
ing next month IN exchange for the
new per cent bonds expires next
Monday No figures as TO how mauy
bonds had been deposited were given
out. II all OF the bonds are not in
hy the hcgiunin. OF next week un-
Gonhtcdly TIA. time viii hc extended.
Adams Express has entered a new
field by starting Il system Of trans
armprcd motor cars under hcavy.
guard. So FAR this service has been
confined to New York. but the, com
pHny expects 10 extend this service
only this week 4 contract was
signed whereby Adams is to call at
the Office Of large Industrial COM
pany. get check with n m"moran-
DUN Of how money Is wanted in the
matter OF denominations. 20 to tho
bank. get the money. and return
with it This saves tim" ana guards
against loss.
Liberty bonds We're on today on
tho action Of Congress in nassinr Tho
soldiers bonus hill
1t can hardly he said that tho auto
mobile market has become stabilized
\ few days ago one wcll-known COM
pany increased it's selling prices To-
dag Jordan announces reductions of
from 5000 to $500.
Grrnt Northern Strikes OIL
Todays 81. Paul dispatches an
nOunce that Great Northern has
struck oil on land owned nj Kelvin.
Montana. which is located on the
main east and west line \ test OF
the oil, il was reported. showed It OF
good commercial capacity and quail
ity. with large percentage Of Easo-
line and Kerosene. This dispatch of
Il Few lines on the Wall Street news
iickers started NOR" than ono man
I" thinking. -" one familiar with
inc facts questions tho wisdom dis
h'hv"d 10y the Northern Pacific di-
T"ct"rS few days ago in reducing
Inc dividend from to per cent.
'ne "er cent dividend can lie re-
s"mch at any time. and II is better 10
pc safe than sorry But at say. -,
N"rthcrn Pacific paying > per cent
"iI'rS an income return Of ca per
cent. Northern Pacific owns no .css
man 1"0.op0 acres of land in Wash
lhE'"h ana Montana rich in ore. tim
her. coal and oil. Only last vcar the
Ahsaroka oil Development Comnanv
was formed by Northern Paci1r for
me purpose OF developing its oil
lands. Some day Northern poc,nc
shareholders are going to &c, n rich
return on their extensive lana hold
ings.
Many signs of the times are found
III watching the bond market ono
rehects easier money One returninp
confidence. one the growing financial
Importance of the country shown h,,
new home and foreign bond Issues
For the full year 1915 bond ,rans.
actions on the Stock Exchange were
S?'oi7l 900 that is, less than q hi.
lion. For 1916 the billion mark wa.