Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-04-20
WALL STREET STAGES
FAIRLY GOOD COME BACK
Prices Move in All Irregular
Fashion on the Open
ing
CorrEt:, AuE AGAIN STRONG
Now HnNcn Is Feature of Late Trad
ing. Moving to n New High Record
for the Year on Optimistic Stntc-
by u. l.. Unrnum,

'"r '"e ichr on optimhttc state
Inrnts.
by u. l.. Bnrnum.
NEW YORK, April le.-The stock
market today staged fairly good
comeback, following the rapid de-
cline i'll prices witnessed during the
closing hours OF trading on Tuesday.
The recovery was considered natural
as one waS in order. II for technical
reasons only. At the very start prices
moved in an irregular fashion be-
cause OF an accumulation OF buyinC
orders overnight But as soon as
these were disposed Of. stocks re-
sumcd their upward course. With a
few exceptions, however. they did
not reach the high prices Of the pre-
Nious session One exception was
Consolidated Gas. which moved into
new high ground for the year on
rather urgent buying. believed To he
mostly for investment account. Other
stocks which attracted attention be-
cause OF their recovery included
Studchakcr and General Motors in tho
auto group. Mexican Petroleum in the
oils The copoers We're again strong
as were tho rails.
The annual report OF the Illinois
Central for 1921 shows net income
al S''oO.ISi after all charges for in
terest and taxes This is equal to
SsS' share on the iOa,295.S67 cap
ital stock outstanding. In tho pre-
Nious year tho company reported net
income of sl5,57l,l22. equal to Sl2.ll
share on the same amount of stock.
The mana gine officials of tho Sub
marine Boat Company won out over
the opposition at the annual meeting
which was finally held today. The
organization ticket received S23.G?o
votes, while the Rice committee re-
rcivcd roughly 253.2?5 votes AS a
result OF the victory by the manage
meni. Isaac Rice. Jr.. Thomas Coch-
ran and W. II. Rcmick were replaced
on the board of directors.
buyers of steel Concerned.
Atlantic lobos. the Mexican sub
sidiary OF tho Atlantic Refining Com
nany. reports not earnings Of sG.527.-
$40 FOR 1921, against $l.GIS.G2N in
1870. Net profits after inventory adj
1usimeni Federal taxes and other
rharseS amounted TO $6sl,OOO against
*l.'5l.654 in the previous year
Stockholders OF the Electric Storage
fatt'rE Company al their annual
m"e ~ yesterday approved the plan
l" change The common stock Under
Inc new plan stockholders viii re-
'elvr four shares Of new common
stock for each share OF stock now
SHARPLY "f late in anticipation of this
notion as Il is expected that there
VIII j" increased speculation in tho
stock on tho new basis.
hHN'rS OF steel appear more CON
'rrncd over possibility of curtnil.d
steel production than do producers
There is naturally some fovcrishncss
IN INC trade. but the fear Of BUYERS
mas resulted IN the placing Of large
"'"eiS Tor immediate delivery. with
resultant advance in prices in some
products. In fact in some sections
1t is reported that premiums hnvc
"ppcarcd for speedy delivery. The
steel CORPORATION, however. continues
!" adhere in It's previous Conscrya-
i've policy, and is taking its time
IN advancing prices |, is vtatcd To
nave refused this pas, week To fol
low The lead OF its competitors. in
tpi'" OF it's recent announcement that
IL would meet the advances Of ,ndo-
'rn"'htS Iher" has been a notice
"h'" advance in ugiron. amounting
10 az much 49, S35o ton in some Soc
lions especially in Eastern Pcnnsyl-
Nauia
New fin>cn Is Feature.
NJ" ltaNch WAS f.atur" in the
late trading. moving to a new hirr
record for tn" year. ".fhc :isc was
based upon the optiHIisth, statements
made at tho annual meeting Of stock
holders held today
The management Of the Hcmiur,on
typewriter Company appears TO have
won lis fight over the iudcpcn,;.u,
stockholders committee, judging from
inc early reports received from uion
y. y. where the meeting was hnId
an important development In The
petroleum Industry was the an
nounce'nent made late yesterday that
'he committee Of nve REPRESENTING
the leaders Of the big American oil
COMPANIES doing business in Mexico.
were leaving for that country today
I" discuss the Mexican eyDor, r.x
j J." Doheny, president OF Mcx,con
tc'i"!"Cln. returned from that couu
tiY " short time ago and IN. belief
mere Is mat he paved m. wav for :;
speedy settlement OF tho situation
70 be formed to exploit undcy,lon.a
IN" new Consolidated oil Comna,v
property in Mexico viii also lie di.-
cuss"d with the Mexican oHcials Tho
formation Of this new company is
expected 10 minimize the cxpcns. Of
development work
The statement OF 4arrinre y, ~
Contra! Leather Company for ,n. Grs,
three months OF 1872 is expected ia
be published shortly because Of con.
ctioHS IN the tanning industry 1, il
expected that Tho statement viii II,
little II any pront. In fact. i'm som.
Quarters another deficit is expected
me report OF The American Hide ana
Leather Company. also expected soon
may show profit according to cur
rent predictions
American Locomotive Corrnanv
during the pas; eiEht days has closed
contracts calling for the delivery Of
ninety nine locomotives. This gives
clear iliustration OF tho heavy buy-
ing by railroads during the past few
months, and explains the recent sbarr
T.sr IN railroad equipment stocks
Freight car orders since the n-st Il
inc year approximate 10000 cars
which - the largest total since 1915
the last normal year Tho railroad
buyinE actually started The business
pan Il rolling 'at least as far AS tn.
steel business - concerned. ana !,
VIII not be long before the movement
is extended along - line. 1t ALWAYS
takes one big Industry to lead ms.
march of events, and once the leader
Us round the parade" foon length
ems az others fall in"
LIBERTIES DISREGARD