Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-03-11
bTUDEBAKER STOCKS co
/ TO new HIGH RECORD
Quoted at lO3 3.8 Around
Noon, Compared With Last
Years Figure of 90.
|a.sEnrY BONDS ARE ACTIVE
Ordsr Report nf u. y. steel
Corporation shows 4.1di.HBS Tons
| MT Close OF February. Decrcnse of
100000 from January.

NEW YORK. March lo.-Rails
uade good showing IN today's
market and so did the coppers on re-
ports OF much larger buying during
he past few days for foreign ship
aents Studebaker. however. was
no feature OF the market becoming
very active around noon on heavy
Buying and making new high roc
zbrd mt 100 3-S compared with last
years high OF 90 IA. and the high
FOR all tlnc OF 1915 made during the
early days OF tho war. All OF the
BUSINESS. General Motors giving out
Especially good figures dealing with
current production and shipmcnts.
Unified Orders D-cren.e.
Todays most interesting news de-
teiopment whs the unified order
statement or the United States steel
corporation showing at the close Of
February 4. l+l.oGy tons. a dccrcasc
pt 100000 compared with the close
" January. with G,.33.SG7 tons ut the
,losc OF February OF 1921, ana 3.5G2,-
8si for the same period III 1920.
United states steel common and
pthcr steel shares. however. held
steady on the favorable news re
Rarding price increases given out
carly this week. or since the close OF
February.
L!berLX bonds were very active.
with over s2.0O0.00O changing hands
8lurlng the first hour Tn. Victory
a-is. which may be converted into
the new Treasury four-year 3-i
Iotes just announced by Secretary
6N!el:on, ruled "a small fraction below
yesterdays high prices. Hallway Is
fsues were In good demand at higher
prices. Union Pacific convertible As
advancing over TWO points. Distil-
Fers j's were up another two points.
I'll.
two days Consolidated Gas and
ouier public utility bonds were well
bought
VIII Show Small balance.
American !nternatiOnals report for
a2l is expected within few days
and It ~ expected to show "a small
balance on the RICH, side. However.
tho ground gained by the parent
company Was more than Offset BY
losses from subsidiary companies. II
is expected that there VIII be
0proft and loss deficit OF something
Ike t6.00o.0OO because OF come S.
100000 !osnes Incurred In inventory
nnd other adjustments. IT Is under
stood that the treasury holdings of
5sccuritIcs show a loss at present
8pricc OF some sl0.000.O0o.
One investment banker here mas
NJ Jacob II. Schin just made public
81 howing how the funds OF rich men
Siavc been employed in nontaxablc
ccuritics. Nj. Schin died in the fall
y'r 1920. when prices were SIN de-
Icyining and doubtless had hc lived
PIT would hayc changed his invest
Shents. Rut the estate as II stands.
which includes S25.s3J, 900 stocks and
Bonds. is made up ~ s?.!6i,0oO New
York CITY bonds. S6.650o00 Victory
ga and sL527.O00 other tax exempt
securities This means that two
8,hirds OF his estate was ia tax exempt
bonds and, that. whereas he would
have paid 1851 900 taxes to the gov
Prnmcnt in 1920 on fully taxable in
3Nestments in reality he paid only
,l560Oo
Studtbaker made new high
scord IN output last year. 66.6i3 cars
db,inS sold. according 10 tOday's an
Inpal report. an increase over 1920 Of
.t.5 per cent. Net sales footed up
ISh6,6an.O00. against 390.652, 900 for
1920. but like all other industrial
companies. operating expenses were
blSh, selling prices were lower and
heavy inventory losses hah TO De
written off SO that the surplus for
3thc year. despite the hIgn record
Gales. was equal tn s1G.02 share
4oh the stock c6ntrasted with $500
! for 1920.