Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-04-25
STOCK MARKET RUNS
INTO WAVE OF SELLING
Certain Closely Held Stocks,
However, Move to New
High Ground.
WATCH RAILROAD HEARINGS
Proposed Merger OF Seven OF tho
Larger independents steel Com
pnnics Moves Slowiy-Rnil Shares
Feature Early Dealings.
WATCH RAILROAD HEARINGS
Nv II. l.. unrnnn.

NEW YORK, April o4.-Aftcr carly
strength, tho stock market ran into
wave OF selling from professional
etantial reaction in prices during the
early afternoon. The selling. how
ever, did not interfere with the
movement of certain stocks which
are closely held and which moved into
new high ground for the year. The
stocks which reacted most were
those IN which speculation has been
heaviest during recent months. and
In which weak technical position
has been created. Studcbaker was
ono Of the issues in this class. The
selling. however, was not entirely
confined TO professional account. as
brokerage houses report that some
selling OF long stock was also in evil
dencc. IN some quarters, this de-
relopmcnt created tho belief that tho
market has set In for n substantial
reaction. hut. according TO experts.
little can he deducted from just one
days movement in view of the char
acter OF recent markets.
After the close OF business tomor-
row, the United States Steel Corpora
earnings for the nrst quarter OF the
current year. The best that Wall
Street expects this report to show is
full earnings OF fixed charges and
part OF the quarterly dividend.
Watch Rutlrond Hearings.
Directors of the New York Ship
building Company have declared Il
quarterly dividend of 30 cents
share on the capital stock. Recently,
the company has been paying divi-
bends ut tho rate of 81 quarterly.
Hearings were began at Washing
ton today before the Interstate Com
merce Commission of railroad con-
solidations. AS these discussions
progress wall Street looks for in
creased speculation In the railroad
stocks. The merger OF certain roads
in the South was the first to be dis
cussed.
Reports are current In banking cir
cles that Canada is contemplating
floating a sl0o.oOo,oo loan In this
market. The interest rate Is sx-
pccted to be per cent. and the Of
fering prices close TO par.
Expect Manner Month in April.
Business OF the Otis Elevator Com
pany during the first three months
OF this year shows remarkable I'M
provement over the same period last
year, according to statements made
by president OF the company ut the
annual meeting. held today. April Is
expected to be the banner month in
the oompany's history. No predic-
lions were made as 10 how long this
prosperity would last
Virginia Iron. Coal and Coke Com
pany for the first quarter OF 1922
reports gross income of s65620
against s633,7S2 In the same period
last year. After payment OF inter
est and charges there was deficit
OF sSl.047. against a surplus OF SAIL
$50 in the first quarter OF last year
The proposed merger OF seven OF
the largest Independent steel com
pan!cs is moving rather slowly, ac-
cordinE to advices received today. In
spite OF the numerous rumors last
week that an official announcement
may be expected within the near
future
Rail Stocks Feature.
The Moline Pillow Company, Inc has
been organized under the laws OF
The State of Virginia. This is a
reorganization of the old company OF
the same name. 1t Will have cap
:ta!izstion OF s20.000.000 preferred
stock. - :.
Receivers for the. Rutterworth-
Juoson Company We're appointed in
the local courts. The company man
riaotures dyes and chemicals
The Butte &c Superior Mining Com
pany for 1921 reports dencit
OF s752,952, after all expenses and
depreciation. against surplus OF
sis7,929 in 1920. The company report
ed no operating revenue last year.
az ali tho mines were smut down.
Railroad stocks featured the early
dealings today. New Haven being the
leader among the low-priced Issues
with an advance 10 above &c. Strength
in This stock extended TO tho balance
Of the list. with the result that gains
OF point or more were common
among tho more active Issues The
dividend paying issues also were ac-
tive and higher.