Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-02-21
RAILROAD ISSUES TAKE
STRONG STAND IN MARKET
banking Interests Look for In.
creased Activity in For
cign Loans.
OIL STOCKS CONTINUE GOOD
Chehnpchkc AMI Ohio Estimated In
come for 1921 Is Placed at $5,.OS.-
100. After Charges Equal To $50
Fer SHIRE on Capital Stock.
on. STOCKS CONTINUE GOO

bS h. u. bNrnun.
NE.W YORK, Feb. 2O.---Thcrc were
numerous favorable developments in
the days news 10 account for the
strength in tho security markets dur
ing the greater part OF tho day. The
developments included the further
sharp rise In grain prices TO new high
records FOR the year, and the sky
ward move in the foreign exchange.
especially In the case Of sterling
and francs. both OF which sold up to
new high records for the movement
can Money opened at Z per cent. but
advanced to per cent In the early
afternoon.
Rise In Grnin Important
The rise In grain prices is looked
ur"n as the most important event In
general. This IS expected to restore
confidence and prosperity in The
agricultural districts just az chc rise
~ cotton last autumn restored CON
hdence in the South. Already re-
poTtS are coming TO hand OF the
liquidation OF frozen loans for the
account OF farmers. and II prices CON
tlhu" 10 move upward az Is predicted
ia the trade. business interest can
look TO the West with feeling of
h"pcfulucss The automobile indus
Try especially expects TO reap results
from the rise In grain prices
Ioor winter wheat crops from
Kansas helped along the rise In
wheat today.
The drop in National Enameilng IL
du: to circulation OF rurno-s that
directors viii declare a dividend or
only per cent on the common stock
Tor the current quarter only. Some
'imc ago the street had II that IN.
dividend would be passed. Ia the
first quarter Of Last year directors
declared dividend OF c per cent for
the iull year TO be paid in quarterly
installments.
Tho strength in the railroad issues
today is reflection OF the favorable
figures on car loHdings. Also to tn.
belief that with Increased business
activity in the spring the roads WA
report better earnings.
Sec Keen Competition.
Ranking interests look for Increased
activity In foreign loans In this
market In the near future. Due TO
the lowering OF money rates II is
expected that keen competition VIII
be Witnessed for all business Of
fcred. Twelve countries are reported
IN the market FOR funds
me annual report OF the American
Locomotive Company Tor 1921 Is ex.
p"c'td TO be mad" public within The
next Ten days. The balance sheet, ac-
cord'nE TO report. Will show cash.
ilberty bonds, etc. equal 10 about
slpV Ut share on the common stock
TINS explains the recent strength In
tho stock In addition 20 Increased
hH%lnS by domestic railroads.
OH stocks. especially the Mexican
issues. w"r" strong on the reported
settlement ~ the Mexican Oh fax
controversy which has been hanging
mr." sine" last June. In quarters
wher" an optimistic view "a taken Of
me situation u Is predicted that the
settlement 81 the tax controversy
i"r"shadows recognition OF the M.Ni-
can government by tho United States.
rms Wall be another constructive fac
tor
COPPER shares arc sti!i heavy. due
10 The slackcn!ng 81 demand and
lower prices for the metal II is be-
Heed 10 b" only a temporary s!tua-
ton, but there are factors in the
situation which are looked upon as
nnt"Nprable unless a new and de-
c!d"GlT large demand arises In the
near -uturc. The rcOpcninG Of mines
wiI! no doub, increase supplies. Pres
ont s!ackcniuE OF demand. said TO he
due 10 excessive buying for future
In the rise last December.
Resume Payments.
Directors OF the Ponnok OIL Com
pany have resumed dividend pay
ments on the capital stock by The
declaration OF payment OF per
cent quarterly on the stock OF $40
par value. No dividends had been
paid since October of 1919. In that
year per cent was paid.
Numerous annual reports for the
year 1921. are making their appear
ancc from day TO day. Some OF these
are favorable and others unfavcrablc.
but all show that as a result OF de-
Ginning prices last year. further
heavy write-offs on inventory vaiua-
lions were necessary.
The statement OF the g. r. Good
rich Company for 1921. shows :, net
loss of S3,9S3.iGl against net profits
Of S32i.24S in the previous year. Most
OF this loss was due to depreciation
in inventory.
Kelly Springfield Tire Company re-
ported n net loss of s506.953 for 1921
against net profits OF Sl.S59.o94 the
year before. This company was af-
fccted by the same influences which
. caused Il loss for other rubber COM
panics. The president OF the Kelly
Company. in his remarks TO stock
holders, says that all bank indebted
ness was cleared off the books be-
fore the close of the year.
Announcement was made from the
rostrum Of the Consolidated Stock
Exchange this morning of the sus-
pension Of kohler. Bremen & Co..
stock brokerage hrm of this city.
with out-of-town branches.
According To adviccs received from
abroad ii is expected that Norway
will soon negotiate for the Notation
of another loan in this country. I.o-
cal bankers are reported TO be bid
ding keenly for foreign loans in view
of the belief that most of the domes-
tic corporations haye received all the
funds required for the time being.
Chesapeake and Ohio's estimated
income for last year is placed at So
20s.736. after charges equal to $500
IL
predicted that earnings for the cur
rent year will be better.
United Retail Stores Corporation
reports net after taxes for 1921 OF
s3,435,514, or s4.33 share on both
classes OF stock outstanding against
o2l. SE-n2 q sharn In 1870.