Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-02-08
AUTOMOBILE STOCKS
CONTINUE To ADVANCE
Prices Keep Up skyward
Move and Set New Rec
ords for Year.
sHARr RISE IN STERLING AIDS
Tips in New York Market Arc Mainly
Irresponsible for Rises and Increased
Activity-Stccl Report Is Due ON
Friday,
Ivy Il. l.. Dnrnum.

NEW YORK. Feb. 7.-Judging from
tho action of the stock market Wall
street takes most optimistic view
OF the outlook for business in gen
cral. Prices continued their skyward
move today under leadership of the
automobile stocks, most of which
made new high records for the cur
rent year while some are selling ut
the highest prices since 1920. Most
OF the business on the exchange con-
tinucs of professional nature, but
there has been considerable Increase
in public participations ms result
of the success with which tho pools
have met with during recent weeks.
Word is frequently passed around
that this or that stock Is going to
Sell at such and such II price. and 1t
generally does. Such movements and
tips have been mainly responsible for
the sharp rises and increased acsiv-
ity.
a favorable feature in the market
situation from the spectators point
of view is the fact that very little
stock is for sale on the rallies. This
is accounted for by the fact that peo-
pie who hold stocks have come to the
conclusion that prices are going high
er and are unwilling To sell ut the
present time. In addition f. Is he
lieved that fairly large short in
tercst still exists in the market. judg-
Ing from the demand for stocks In the
stock loan crowd at the cloHe each
day.
sharp Rise In Sterling.
Aside from the above, however,
there are many important eNelop-
mcnts In the general situation which
have been responsible for tho change
iii sentiment during recent weeks.
The most noticeable in this conncc-
ton have been the sharp rise In Ster-
ling Exchange. with a sympathetic
movement in the other exchanges. the
upward movement in grain prices
which is bound to reflect In the eco
nomic situation In the farm districts,
continued case In money rates, bet
ter showing In the motor car indus
try, expected Improvement in the
steel, copper and allied trades and
Improvement In railroad earnings in
the near future, US forecasted by
change for the better in the idle car
situation.
The statement OF uIEfillcd orders on
the books Of the United states steel
Corporation as Of the. close of bust
ness January 81. win be made puhl'c
on Friday. According to Wall Street
forecasts this will show AN Increase
OF about 100000 tons, which Will be
the second consecutive increase re-
ported. Last month an increase OF
some 1900 tons was reported. The
operations at about Az per cent and
ended the month with output about
46 per cent Of CAPACITY, Several
months ago operations were above so
had somewhat to do with tho cx-
pected increase III forward business.
but It Is said that there has neen
considerable Improvement In general
conditions during recent weeks.
Shows a Dc4iclt.
Tho American Hoe and Lenther
Company for the last quarter OF 1921
reports q surplus after taxes and
charges ofrs2o7,6o1. which was equul
TO Sl.65 share. on the sl2.54S.Oou
ttcfu Ai,,rA
ed with surplus OF S2OO.SS0, or Sl6o
share, in tho third quarter OF tho
year. and n deficit OF s5,3l5,S5O In the
closing quarter of 1920. For tho FULL
compilation OF the quarterly state
mentS, shows a deficit OF S55o2b7
against deficit OF s7.2so,9S6 in 1920.
In connection with the recent sharp
weeks rumors had been circulated
that the compatny would possibly In
crease the common dividend. In con-
nection with this the president is
credited with stating that. in View o.:
the fact that at this time everyone
prices. am certainly not consii-
erlng Increase irr the dividend"
The preliminary report OF the
year 1921 Issued ..oday shows up ia
rorably compared with the previous
year. Surplus amounted to s2a.065.-
S99' Which was equal to $3.50 share
on the capital stock, as compared
with 1850 IA share earned In 1920, In
Guiding the amount received from The
government during the period OF the
guarantee. Without the guarantee
earnings in 1920 were equal TO only
Sl.l4 n share. The better showing
for last year. however was partly
due TO the large extra dividend re-
ceivcd from Burlington In December,
which amounted TO sl2.45l.530. Were
80
would not have made such q favor
able showing.
Further advance In grain prices is