Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-03-10
AUTO SHARES STRONG
DURING MARKET SESSION
Foreign Exchange Drops
Upon Refusal of U. S. to-
j Attend Genoa Farley.
RAILS HAVE PROMINENT pLAc:;
United CHAR stores Report. for Feb
runry Snlcs of S5,;i0G, 900, Dr.
crease "f s400.000. with sIO.7OD. 900
for Two Months
By IL. l.. I,arnu,u.

(: NEW YORK, March 9.-s,udc-
baker and Chandler were strong to-
day despite the poor earnings state
ment for 1921. published by the com
pany last named. The steel ahares
were also active with prices advanc-
Ing on furthsr announcements Of
higher selling prices. The rails
were also stronger However. the
market AZ u whole again looked
tired. In responsible tanking cir
Clos IL was intimated that n would
not be to the best interests Of the
Pituation to allow n runaway bull
market for stocks. and that. besides
there might be some bad news com
Ing out. II the expected untavor-
able news materiaiIzed. II was added
II would he better for the stock mar
ket TO be Quict than very active with
prices advancing. Those who were
on the inside refused fatty to give
news might be. However. this much
y can tie said. for days past IL has
been quito evident that the stock
market In ignoring bad news.
Auto shares Climb.
For example. the automobile shares
were climbing today after IL was
learned that the White Motor dircc-
tors would meet here In few days
and that continuation OF the per
{. cent dividend was in doubt and after
the Chandler report was Issued That
statement showed total income for
1921 Of Sl.aiS.000 against s9.Gl4.000
for 1920. Net profits last year were
only $4,000 against S4.2l 3. 600 for the
previous year. After reducing diyi-
dend payments from So .625 900 to ST.
100000. there was deficit last year
OF $l,3ls 900 contrasied with "a anal
surplus for 1920 Of sl.5ss.O00. These
~ a ,ft
taxes. which for 1920 were s2.I2S. 600.
Studcbaker's annual report. ex-
nec,cd tomorrow. viii show siGs
earned for the stock after Federal
taxes. There Will be cash OF $500
coo with working capital OF sea-
100000 and u hook value Of sl23 FOR
ihe stock. The company expects to
chip $4,000 cars for the frst quarter
Of 1922. against 1900 for the same
months OF 1921.
Foreign Exchange Drops.
FoTeign exchange was lower TODAY
ON III. news that tho Harding nd
minlstration had dennitcly deciJ"5
not 10 participate in In. Genoa con.
ference u Is understood here that
ther" TX difference of opinion even
IN Tn" Harding Cabinet as to the adj
Visibility OF action just taken, ana
4. also TINT the Decision 10 STAY out
was due largely to active opposition
OF Secretary Hoover. Opinion here
is divided However. in the best
ranking circles the belief WAS ex-
pressed today that mistake hnI
hecn MADE: that II would have done
good and no harm for us TO have
sent representative 20 Genoa who
| could have taken part without com
uniting us 10 any action.
United Cigar Stores reports for
NJ
!. crease Of sios,0e0. with sio.7oo. 900
for the two months. n loss OF 1872.
OO0
American Steel Foundr!cs reports
FOR 1921 net OF sl.42S.000 against So
$4,000 for 1920. Their. was defici,
AFTER dividends OF si.75i 900 against
surplus FOR 1920 OF s2,2s50o0.
Increase Selling Price.
First. Jones 6 Lou9hlln on Tues
day Increased the selling price on
bars. plates and sheets from sl3O or
lower To si.ao per zoe pounds. Then
Inland followed yesterday Now
Midvalc. Lackawana and then f:cth-
lthem drop into line. This expert
ment to return steel from buyers
market into sellers will he
watched with great interest. 1t is
understood here that Bethlehem has
Just taken the order for the big
bridge. little ways up the Hudson.
from the United States Steel Corpo-
ration.
Secretary Mellon is trying new
stunt in offering s25o.00O.OOO one
year IL Treasury certificates and
an undetermined amount OF four
year 4 81 notes to tnke up maturing
government obligations. On January
- lie offered 100000 900 three year
"a with the right to take addi-
tional subscriptions up To S20O,O00,-
ono Despite the fact that the pre-
ri"us Offering OF three-ycar notes
had carried l-2 per cent interest.
the subscriptions to the February !,
1?22. Offering reached the staggering
total OF Sl,200,000. 900. denoting the
enormous sum OF idle capital await
ing investment. This time, as a re-
suit of the last heavy oveIsubscrip-
tons. Mr.. Mellon is not going to limit
his offering. The government ex-
Eects to get in Si60.000.0 900 this
month In income and profits tax. bur
on the 18th S530,O00.000 Treasury GER
tiicates fall due. together with s1OI,-
100000 interest. and on April ] $52,-
100000 Of certificates and $4,000, 600
IF iptareSt are dine -