Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-04-04
Professionals FIGHT
MARKET; SELLING SHORT
Stocks React With Broad
Sweep, Figures Going
Skyward.
ttH coon STEEL NEWS
=. Corporation reported VunnlnE
10 80 Per Cent of tapncity-Rnil-
runds show Large General Gain In
Operating Revenue.
GOOD STEEL
Try u. l.. BnrnuIn.

NEW YORK April S.-Profcssion-
al traders tried today 10 fight tho
stock market by going short. How
ever. the short interest Is now not
as large as II was. many now high
records for the year being made to-
day on short COVERINGS. The list
making nov hirh records for 1922 in
cludes Pennsylvania, Studcbakcr
Pierce Arrow preferred. Allis Chal-
iners. United Drug, Kelly Springfield.
Lima Locomotive. American Can,
Nanadium American Tobacco. Bald
win. American Locomotive. Pacific
old. United states Steel common.
There was lot Of favorable news
on the steel situation today. The
steel corporation was said TO he run
ming at close to 30 per cent of ca
pacity with new business for the past
fortnight running ahead OF produce
ton. The Tennessee Coal and Iron
Company broke all production re-
cords during March at some OF its
plants. especially those making steel
ingots. The H. c. FriCk Coke Co. has
fired 35o additional ovens. bringing
output MP To 60 per cent of capacity.
Smelling Makes Another increase.
American Smelling has made an
other increase in the selling price
of lead. advancing the price ten
points today 10 800 cents n pound.
Copper prices. however, are being
shaded There are some people ia
Wall street well posted in the cop
per trade, who are OF the opinion
that a mistake has been made in re-
Stunning copper production at this
time. 1t is being limited in this con-
ncCtion that there is some politics in
the resumption OF copper mining,
Washington being anxious to get the
n"n back to work
While Wall street is OF the opinion
that the coal miners are going to be
defeated. and defeated badly in their
'igh; "a prevent reduction OF wages.
: the feeling here today was that IL is
too early Vet to make any worth
while prediction as to how long the
strike will go. one banker however.
made the prediction that the miners
were going to he defeated so badly
That they would turn on their lead
rrs FOR permitting them to strike at
this time when the cards were all
against them
Sterling Goes Higher.
sterling opened UP l-2 cents this
morning. exchange on France eight
points higher and that on Italy cigh-
teen points higher. Bankers special
ling in foreign exchange credited to-
days strength to belief abroad that
the coal strike here would he pro-
l"ngcd. making coat shipments from
Europe 10 us possible. with a steady
in. effect on exchange.
Returns of lIO railroads for Feb
ruary show net operating income for
the month of Si3.6li.0O0 against an
operating dchcit for the same COM
panicS for February OF 1921 of So
3iS.ooo. There is still $4,000 miles Of
road 10 he heard from. On the basis
OF the returns ut hand February net.
income complete is estimated at s45,-
"oV,OoO. or l-2 per cent on propcrty
account OF the carriers as "A whole,
For January, &c per cent was earned
and for the whole OF 1921. 33 per
cent.
There were only four months last
year when the railroads Ss a whole
earned more than - per cent on
property account. and all four of
those months were during the busy
months OF The year, July showing &C
per cent. August, I.2: September. AS:
October. the peak Uonth Of the year.
90 febf" ary' - Z. rllIc. is an on
month in earning. and for that rem
son the monthly deductions for in
tFcst. dividends, etc, Included when
the government was figuring on the
monthly guarantee of not income I'M
dcr Federal control was kept down
j J.. Morgan X co. heading the
SHndicatc Offering AT the opening of
business at 10 o'clock the $50. oOo 0o0
per cent ninety-ycar New York
Central bonds al - IL or on 5.3o
announced at 1890 that the subscrip-
ton hooks had been closed with The
bonds all sold.
sears R"ebuck reports sales of
$i.'sO',oeo for March against 500
10000 for March OF last year. For
~. three months tho fgurcs w.rc
Ei-''O2,ooo against S49,TO6. 600 for The
same period OF 1921.
ELECTROMAGNETIC reports FOR
March sales Of $S.C3l 600 agains, q
a''.po' win those for the three
months E@.tlG.00o asains, $685.. 900
wall Street bankers say the bct,or
showing made by the company lac,
named might to- due To tobacco s,Ia,
.h,'eI h"tail stores owns subs,an-
,.dl u not controlling. interest j.,
montgomery Ward.