Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-05-03
RAILWAY EQUIPMENT
SHARES SHOW ACTIVITY
Mercantile Marine and SINH
lar Shipping Stocks Fca-
ture Of Market.
INDEPENDENT steel. GA,
Governors of Twelve Federal Re-
serve Hanks Hold Regular Meet
ing I'm Washington with Members
of the Reserve hoard.

nv II. l.. Hnrnum.
NEW YORK. May 2.--Yestcrday's
Stock Market was quietcr than any
Tor the last week and today's was
Qn!eter than yesterdays. However.
prices held strong with the return
over close TO the million share mark
IN the Bond Market the price trend
was Irregular, but with no striking
weakness. Baldwin, American Loco
motive and other equipment shares
and Mercantile Marine and similar
shipping stocks were the features of
tndays market.
Strength In the railway equipment
shares was due largely 10 the news
mat the American Locomotive Com
pany had just booked orders from,
New Haven for five locomotives. and
from Chicago Northwestern for {fty
ana that orders for nincty-threc were
taken by the company last waeu Z.
making POI for the month OF Apru
the largest months business In many
long year. Depite this information
ahoui American Locomotive, however.
BALDWIN was the leader There arc
number OF men in Wall Street
FAMILIAR with tho railroad and rail
wa! equipment business. who do not
understand why Baldwin should hold
IT'S Stock Market lead over American
Locomotive.
Mercantile Marine was stro1p "n5
rumors that now tina, sterling 10
coming back to something INA
normal. the company may bring some
Oh It's cash holdings over from Lon
10" anu make payment on the 80
per cent back dividends due on tho
preferred shares. 1t was learned. TOO
.u""E rom trustworthy sources, that
the subsidiaries of American Intcr.
national are for the first time In over
year earning profits
1t was learned further tha. ,o-
the hrst time in many months ~
iHuependcnt steel manufacturers are
operating so that profits are being
shown on common stock.
.hicaSo reports that tho United
s'ateS Steel Corporation In that dis
on Is operating at Sc per cen, ca
p.'' win the largest indcpendeu.
"o' ana that pig iron prices hnva
80" advanced dollar a ton 10 500
investment bankers attrihuta 49,,
o. inc softncss OF the last two a.
"nert! and Victory bonds to soil
e oi government securities by cor
por"ions now that prices haye al.
n"ccu' The money thus being
raised. IT was said. is he,no
TO pay Off bank loans and uS@n
needed working capital to hand,o e.,
creasing business m
an building permit. issued
Permits were Issu.d
non'h for serenty-nine nov h,,WL
Inss 10 cost Sl3.37s.0o0. For n,ah
were 100 new buildings - 49,,
st,''',ooo' For April Of las, vos-
i, m!la''an saw eirhty-n;ne ne-r,i,.
f6.eis,0oO., 10 cost
american Hide and Leather r.,o
for the March Quarter dneot, eF"tts
rsnses and depreciation 81 ga onn
esa1hst surplus FOR thu necah
ouaT,tr OF 100000. and a da.,,,. -,
s-s,a npst three months OF 1871 ~,
Eastman :; Kodak reports for 100,
eo,Sai ".'s after preferred dividen6e
equa! to sss.s share for IN.
mon stock. For 1920 the sur-,r, con-
mon stock inc com
oHsFAors 0. the twelve Faao-,
rs.s', banks are holding ,bn,-
49, meetings at Washington
.. "!chbers Of the Fcteral 10.
comptroller G.issing-r and orr
19verHmen; officials The confeTencn
W last three days General ,,.de
p.u money market conditions =, 49,
.""E VIII be discussed tora,h.r
-" whether or not rarr.scr,a
S"a'! DC sent 20 the world cn,.
=, or bankers Doubtless a,
vi, ." conference The question
n''' DC raised ~ a gold loan f-or,
Us here may he some oucs,to,
20 whether q! not u. war, -, ;,
represented AZ the world con.e-.,a
% pahk"Fs. but there is no roo, r.,
nuDlihS mat tn" hest thing we ca,
- ~" our record breaking surplus
or IDLE gold Is TO mn {, ~ -,
stFonS q the N"w York Ea,L
iihely 70 so to the foreign cont.-
enc" OF bankers. which Of ro,,,s. ,.i,,
S'p"rat" from the one 10 he At
rhnSn by J. p Morgan to discuss
S"e,her or not German loan shall
DC "oated in this country.
NHo.Th Out on Strike.
only '5s new companies we-o
forfned last month .acb
CAPITA! OF 100000 or more s,I ,,..,t
'0'a! capitalization OF Stay 40 non
Sta'hst the !l25 new companies
h"N!h: 'ota! capital Of sas7.se4 ono
E I. In April o: 1927. However
H"'t was the largest in tho
NUMBER ana capitalization NJ neu
companies formed since last Ja
uhFy when tn. figures were ~,
tor coinnan!es. and ss4aG5o 0oo H.,
cPI'"HHalloH This increase IS nm
eeFS'"oa TO reflect Improvement, =,
- te"era. trade situation, cspecl-
s''F as the new companies form.d
las; month cover more than thcayar'
az number o: different industries
f@r N" four months OF this wear
$3.50 ne" companies hay. icc,
forned. with total capitalization ~
E'sss.ooo.o0 600 against 4.2s7 companjne
ard '3,5+oc00,ooo capital Tor IN.
same period OF last year.
In reviewing trade corai..o,,
April the Federal Reserve Board =
washington states that thor. has
peen pronounced Improvement In
many basic lines Of Industry. ;nclud i.
Ing iron. lumber, steel, copper nv.
tomoohe. building adding. "Rut 10,
Ihbor disturbances the industrial,
outlook would bc pror-unccd d.e.
nite!y good win evident pro,r,v.
or Improvement even IN those diron-
NOES. such as foreign trade in which
heretofore prospects hav. been M,
satisfactory" Briefly stated. IN.
Dor situation on MAJ day shows 500
600 men and women on strik. n-
a.,z.