Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-04-29
BUSINESS IS BOOKED
WHICH WILL CONTINUE
Offer TO Supply Manufacture
ers Who Make Long
Agreements.
sroCiS DECLINE QUICKLY HALTEp
Automobile Shares Are StronE-Of-
fcrinr of 10000 shares of New
Hudson Motor Chr Company Is
Speedily O>crsuhscribcd.
Ivy II. l.. Bnrnun.

NEW YORK. April 2?.-Whilo the
stock market sold off again carly
today there was so many buying or
6ers to he executed that the de-
cline was quickly checked. and
around noon an upward movement
started that resulted in new high
prices being made for few shares.
Studcbaker, which dropped yester-
day seven points TO H.. and a frac-
ton. was the leader In today's recov-
cry. touching l2o, with hardly
halt Other automobile shares were
strong. So We're tho rubbcrs and
the rails. Ronds held steady. but
with the turnover smaller. 1; APP
pears that the bond market for the
time being at least. has discounted
the easier conditions in the money
market, and that idle funds are now
turning to stocks. Today's Offering
Of 100000 shares of tho new Hudson
Motor Car Company at $50 share
nc par value. was oversubscrihed
three or four times as soon as the
books were opened.
Call money opened today at 31-2.
and advanced to 41-2 because OF
rnon;h-end requirements. However,
there was some six months time
money loaned at 4l-i per cent, with
come placed for thirty days at I. Re-
ductions in redlscount rates were
reported by cable from two hanks in
India. Apparently the world over
money Is working easier. With
easier money both tho bond and the
stock market should work higher.
especially If constructive work Is
done n; the Genoa conference. On
the other hand, If that meeting
should blow up" such unfavorable
action doubtless will be reflected in
our markets. The feeling here now
is that Lloyd George is going TO
be able to make France and Russia
believe he Is right which is just as
important as being right. Germany.
Il is believed, will be forced TO agree
to anything determined by England.
France and Russia.
Rails Are We'll bought.
Despite the Washington rumors
that reduction in freight rates on
iron, ore. coal, Nuildne materials
md other basic commodities will be
ordered shortly by the Interstate
Commerce Commission. causing a
loss Of from sl50.ooo,0n0 10 sS5h.OOo.-
600 In railway gross earnings the
rails were we'll bought today on tho
theory that such n cut IN freight
rates would be quickly followed by
ruling from the railroad labor
board ordering n corresponding re-
duction in railway wages. II both
Of these expected developments
should occur the resui, would bc
situation. Il would mean further
REIMBURSEMENT all along the line IA
the cost o. living and doing husl-
ness
Nor.olE AID Western. with its
Lines running into -h+ nonur!on coal /
ie.dr Of Wes- Virginia is making 4
hay while the sun Is shining. Man /
ufacturers who. because % The
strike. are no longer getting fuel /
from ,heir old connections in Penn /
sylv2uia, Illinois ard elsewhere aye
And Norfolk s-t western officials
aye talking sp-tta.lE IKE this: NO,
w% ca1'- give 20. i"c cars % coal;
We nlTe - take care o. oC- regular
cus-c.-1.-s With Tnlfa We have con
!rsc.s to- Z regular supply. SfaZs q
oc.t-Ect -!ta spE-@ - ,a= cszt CON-
J'an.@t along o-- liz :g- 5ut. Two +
C. I've years. srz - E!!l t:ea:
!s9 !l.e ~ a:e Dr. regular ces-
tcH=rs business .hus b.sns
t,7<s5 rsiGh wiE s:i.k loav s:.er
IN S:-s+ i grey.
A-+-.ezI Hz1istc- ra5 !u.- yIaced
a. c-.e- ~ -9srr IONS 81 ~ I'm
-!;a .gEs-s Esrgxn. enough -y.tA
ne o:-+rs ai-aaaY or hard. 70 f-er
.as cpuIa-y last named -unaiag q.
:--l capacity te- eight months. A.d
IL -t'ast.caH $nce' ard Tn Plat.
Con 2ely g. practically r.t d. the
-a-.st with ord+.s book.d ~ u
resent operations until A4s,.st.
4c-tl. totays Inflammation. sag w.
III osz, month ta- this subsidiary B
O. ne st+%! Corporation n TWO
yeas. Tas Federal Reserve BANK
q Chicago also reports ,odsY ,6a.
szs Af'ns u - d!Htrlc, Increased -aa
number OF men employed during
March ~ Is .er cent, IIoyyev4
the Impression is gaining strength
htr" that general trade IS not baer.
Ing M with the stock market. rnIcf.
is merely yeGcciiuE easier none.
one Interesting development IN the
i"poT situation here IN the East g..
NC growing scarcity Of common
1hhor' ane partly 20 the fact that
more fore!gncrB are going cy, ~,
coming in. and party 20 the ho-oa
building and Improvement; work he
ing done by cities, towns and s,ai.,s
Reflects building I,oom.
Retail sales o! depar- men. s.,r.s
IN th!S feferal reserve BAN: digtrIc,
Tor rho month OF March drornc,. g
2ef cent compared with tho corro.
1poncine period OF Inst year, record
lng 10 the report made public today
me largest shrinkage was {, w.a,
ing apparel. due partly 10 Inc no.
mat Easter this year was Inf.
arFf gain was reported in hou.o
.urnithinrs, rejecting tho ex.onsty.
summing OF homes 20 meet tho short
hee inc number % individual salns
inns March were larger than lac,
year by 3.s per cent. but the ;nd1.
vidual transactions AVERAGED o,,i,,
80 against 1908 year ago-a do
crcase of 10 per cent.
While Wall street has rccc,,,,.
been Hooded with runors OF co,rt ~,
mergers in this or that Industry Co,
days news OF tho consolidn,ir,
hudson and ESSEX into the uudeo,,
Motor Car Company. with LOO ooe
snards OF stock having no par yni,,o
came AZ surprise. Many O. mo
mergers which nave been discussed
started with plans for reducIng
overhead" and increasing eific,ency
10 OFFSET existing conditions In gen.
Tai trade. Bcth HUDSON ana Essar
ore large producing companies. viii
orders on their books COMPARING IA
voraDiy with competitors. THEREFOR
wall street has concluded that tho
merger OF these two Close" cor.