Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-01-06
SUGAR AND STEEL STRONG
IN WALL Street MARKET
Pressure Develops in Asphalt
After Irregular Opening
Of Session.
Liberty noNDs IN DEMAND
Government Figures show mt Close
Of 1921, s3.b4S,00O.0G0 In Victory
Notes Were outstanding and Si5,-
2D7, 100000 In Liberty Issues.
ny Il. l.. nnrnum.

NEW YORK. Jan. 5.-Stock prices
were irregular AT the opcaing. but
during the early trading the sugar
aud steel shares were strong. Around
o'clock pressure developed in as
phalt. baldwin and some othor pool
shares and the market again turned
irregular. Wall Street Is expecting
some favorable news on the existing
surplus of raw sugar. Asphalt was
weak on rumors that the 8 per cent
dividend on the preferred stock
would be passed the company's busi-
ness for 1921. according to report.
being poor with a failing on In road
building. Asphalt which sold at
rs 3-S early In the year and then
dropped during the general iiau!da-
ton TO 39l-2 was selling yesterday
Mt 81 ga. Today's opening price
was 81 SIS.
HIE Kennedy IL Needed.
People In Wall Street close to
Jesse Livcrmorc stated today that
false impression Of Livermore's mar
ket position had gone out az a re-
cult of tho interview published at
New Haven to the effect that de-
flntion had not gone far enough and
that normally liz not possible until
business men give up trying To get
abnormal profits ana until a definite
plan for payment of European debts
had been agreed upon and prohibitive
thrln barriers removed. Those close
To Iivcrmorc s&1d today ,hht II is
mistakc to assume from this inter-
View that T,ivermOre intends to again
conduct IA bear campaign In the stock
market. They cay that In his inter
View he was referring TO retail and
Wholesale prices and not to the
stock market As those in a position
TO know understand 1t. i.Ivermore.
who is far and away the largest
trader In the stock market. ~ buliish
for the long pull. There are good
reasons for believing that Livcrmore.
IN negotiating pool transactions on
the long side OF IN. stock market
for himself aud others. bought
number OF stocks which he stu
holds.
Demand for Liberty iI"nds.
There was Il good dsmund today
for Liberty bonds. Government Ag-
ures just published show that at the
close OF 1921 Their. were ou,stAnd-
Ink s3.SfS.600.00O Victory bonds and
Si5.?U7. 100000 Liberty bonds. in
round numbers "a total OF Sls,755. 900
900. That means that during 1921
tho eovernment retired s7s.7is,O00
Liberty bonds and I6T7.sSl.0O Vic
tory notes through purchase In the
open market. This buying OF course
had something To do with the ad-
vance which occurred last year In
The prices OF the United States war
bonds
Washington dispatches were re-
ceivcd III Wall street today stating
that tn. administration had definitely
decided that IL would not consent
To 70 Into an international finance
conference until assurance was frst
given that foreign governments hav
Ing war loansiNvith the United States
government would not question the
validity of these loans. il was stated
also that the administration had A.
nally reached a decision that would
stand that these debts must he paid
OF course there has never been any
question but that our government
would mako the easiest terms re-
parding interest and date OF matur-
ity.
buick Taking Inventory.
Word was received here today from
Detroit that the Buick Motor plant
ut Flint, which has been closed since
December % for inventory taking.
would be opened on January 8.
Six Akron companies. Of which
1--WE are rubber companies doing
business with the automobile trade,
paid off last year bank loans aGGre-
eating more than s52.000,o00. Miller
Rubber paid OF $s,O00.000; Firestonc.
Sl0,000,00o: Il. T.. Goodrich, 100000
600.
Wall Street hears that the steel
earnings for the December quarter
to he published this month will make
poor. showing; that the independ-
ents arc anxious to stop operating
losses by putting through the pro-
posed merger which Will cut opcrat-
ing costs mt So n ton.
General Motors Drops.
General Motors during the early
dealings on the exchange dropped TO
new low record for the current
the common stock dividend ycstcr-
day. which was generally expected
in Wall Street in view OF the recent
action or the stock OIL the tape.
Production OF pig iron during the
month of December shows n further
sharp increase as compared with the
previous month. and the total was
the largest OF any month since Feb
ruary OF last year. Last months out
put was 1.GSt.6ll tons. which repre-
scnts an incease of 219.654 tons over
the total for the month Of November.
II is reported here that the Coca
Cola Company is contemplating the
construction OF n new plant In Bos-
ton to manufacture the company's
product. and mt the same time II is
said tho structure will be equipped
for the purpose of refining sugar.
Under the new plans the company
Will buy the raw product and refine
1T In It's own factory instead of de-
pending upon rcIiners for its supply.
This wifi no doubt prove profitable.
as the recent turmoil in the refined
sugar market has been mainly re-
sponsible for the company's recent
difficulties.
RICHMOND STOCK MARKET.