Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-03-18
RAILS AND OILS HOLD
STEADY IN WALL STREET
Signs of Heavy Distribution,
but All Offerings Are
Readily Taken.
J. =. MORGAN GOES no BOSTON
TRIES to Impress Those Intcrested in
new Haven Railroad to nke Ad-
vantage OF the New Financing
Which Il Offered.
Ky II, l.. Bnrn,,,n.


NEW YORK, March l7.-Rails and
oils held steady today. with indus.
trials and public utility stocks again
very active and very strong. There
were again signs OF heavy distribu-
ton. but again all offerings were
readily taken. Consolidated Gas con-
tlhued Its leadership of the market
making another new high record for
the year.
Houston dispatches announced that
the Texas OIL Company had Increased
the price OF McxIca crude % cent. m
barrel TO $50.
Call money opened on the Stock Ex-
change floor at 80 and then dropped
TO g. at the same time that per
cent was touched on the floor call
money was quoted on the outside
market at "a Time money remained
plentiful at tho lowest rates in nearly
Ave years
Morgan Wits Boston.
Boston wires announced that ]. r.
Morgan was in that city for the pur-
nose OF imprcssing on those interest
cd in the affairs of the New Havon
railroad and New England az
whole the importance OF having 100
per cent deposits OF tho &27,O0o.0oO
per cent bonds maturing on April J.
Mr.. Morgan pointed cut that the new
financing which offered an exchange
OF 4 per cent bonds and 10 per cen,
IN cash for the maturing bonds was
not "a banking proposition. as there
was not dollar TO be made in com
missions or underwriting He said
mat all there was In II for any one
who held out his per cent bonds
was the doubtful distinction OF bring
Ing about very chaotic condition
Unless this refunding is successful
The chances are New Haven will go
into the hands OF receivers. But
the chances are tina, Mr.. Morgan and
others viii be successful In getting
holders OF the maturing bonds to
turn In their securities receiver
ship for New Haven At this time
would not be good for any OF the
many interests involved.
Holders %! some % pcr cent OF
Remington Typewriter stock have
started n campaign for proxies TO OBJ
tain change In management. This
movement Is being started, II is
claimed. by holders OF more stock
than is held by those now in con-
troll OF the company. Those behind
the campaign for proxies are pledged
20 bringing about tho election of
directors who will be committed to
y
p Price Of SuRnr Advances.
Standard on Of Kansas reports for
1921 net earnings OF only sao7.oup
agains, s2.0i3.o0o for 1920, with
final deficit for the year OF S272.00o
against the 1920 surplus OF &1.563 900.
Several large sugar companies. in
Guiding American and Federal. raised
the price of refned sugar today 10
! points TO $40.
Wall Street heard rumors today
| that the plans for merging Cuban
American. National Sugar and Sow
! eral others were progressing. II was
4 said that the namo of the new com
4 pany might he the Cuban 4 merican
Sugar Company.
Stocks OF wheat in the hands OF
\ country mills and elevators on March
were only 1855. 600 bushels. ac-
= cordlng TO today's Information from
he Department OF Agriculture at
Washington. This Is the smallest In
j ten years with the exception OF 1918.
i when. after the small crop of 1917.
1 there were only $1,000. 900 bushels
Announcement was made in tho
j last hour today that the subscrip-
ton books for the Offering OF $4,000
i 400 thirty S-ycar per cent bonds
OF the Paris Lyons
Railroad on 7.35 basis had been
I closed. with the bonds all sold. This
4 is the largest railroad I'm France.
and IL has no other mortgage bonds
outstanding on Its 5000 miles OF
track.
Wall street was greatly pleased to-
, day over the news that Secretary of
Labor Davis had declared that the
= latitude OF the government In the
threatened strike over soft and hard
= coal wage adjustments would be one
- OF "hands on" He said II would be
time enough for the government to
take part when II became evident
that an agreement could not be
reached and that fuel shortage
crisis was in sight. Wall Street
knows from long experience that
government interference in such
matters means compromise on the
part OF capital.
Today's weekly statement OF the
average selling price of eight prin-
cipal iron and steel products gives
tho figures at 34254 against s4212
4 a week ago. the nrst increase since
last September. This compares with
sl1e. the high wartime level, with
Il sS5.o2. the high for 1920. and with
= 1911, the average for the thirteen
years ending with 1919
One large Broadway Stock EX-
change house Is advising Its clients
to watch tho fertilizer shares. In
this connection Il is being pointed
out that last year farmers every
where were economizing In fertilizer.
that recently the buying power OF
the farmer has been increased. that
because OF last years saving in fer
tilizer more must now be spent to
e. brins back the impoverished land;
that the preferred shares of both
= Virginia Carolina Chemical and
American Agricultural Chemical are
Ecumulative: that the common stock
! Of these and other fertilizer com
| paniea arc selling out of line with
the rest OF the market.