Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-04-28
Street PAYS LITTLE
attention TO GENOA
Watches Closely the Character
Of the Buying and
Selling.
Studehnker Drops Sharply on re-
port" Tint Directors VIII Not De-
clare an Extrn Dividend MT Snt-
urdny's Meeting

by u. l.. Bnrnutu
NEW YORK, April .7.-The stock
market again declined today. losse,
OF one TO three points or more he
Ing recorded in the more active spec.
uiatire favoritcs. The reaction, ac-
cording 10 seasoned traders. is due
more TO technical conditions than tc
news Developments. Briefly, Wal
Street is paying little attention Ia
DEVELOPMENTS at Genoa. but Is
watching closely the character o,
tho buying and selling. The reaction
which started in the late dealings
yesterday continued at the opening
today, following which there was a
slight rally on short covering. but
as soon as this was completed a
fresh decline set in, and as each
loss OF fraction reaches new stop
loss orders. predictions are tcinS
made that there may be no change
in the present trend Tor the balance
OF the week.
Studehaker dropped sharply on re-
PORTS that the directors will not de-
clare an extra dividend at the meet
Ing 20 be held on Saturday. This.
however, waR believed TO be merely
an excuse for the selling. as Consoli-
dated Gas also dropped several
points despite the announcement
that the regular dividend was de-
Clarei.
SH".oon for Membership.
The Gulf States Steel Corporation
for the first three months OF 1922 re
lr.C
:66. After taXes, depreciation ana
other charges, however. there was a
balance of SSO.3IS against $I02.?i7
IN the same period last year.
y membership on the New York
stock Exchange sold here today for
$4,000, an Increase of $4,000 com
narcd with previous sale. The price
IS Still $4,000 below the record. but
: compares favovably with recon,
prices,
Computing Tahula,ing Recording
'ompany for first quarter. 1922, re-
ports net earnings OF si02.77i. after
charges FOR interest and taxes Thi.
: equal 10 1907 share on the l3l.-
'"@ capital stock issued. In tho
Same period last year the company
earned S2,"i a share.
Local oil companies report an un-
usually large demand for oil for
shipment abroad. which. with the re-
cent Improvement In local demand.
is making for considerable improve
ment in the industry Export prices
have stifTened with recent advances
IN this country.
Rnii> Particularly Heavy.
The annual report OF the Sinclair
Consolidated Corporation shows
gross Income OF Si"2,59a, 900 for 1921
asainst $l6",64S.s3i in the previous
year. After all charges for interest
taxes depreciation and depletion.
there was deficit OF $SSS5.77>
against a surplus Of SiS.55S.5So in
1920 The balance sheet shows cash
on hand on December 81. ~al. Of
$'.2S..iin against sl2S93.2>G while
inventories were valued 1T s292;i
SOS against S;1.ors.l57 at the end o,
1929. II is uncf'icialiy reported that
earnings since the first ~ this wear
have recorded much Improvement
due 70 highrr prices and Increased
demand for oil.
Nevada Consolidated reports de-
felt of $i.G33,1Gi for 1921 against a
surplus OF s235.2oi in 1870.
Loew's Incorporated FOR the TWEEN
ty-e!ght weeks from September l..
1921, 10 March -. 1922. reports net
The railroad stocks as a group were
particularly heavy in the afternoon
n connection with The. belief that the
lntcrs cf,te COm'h.rce Commission VIII
soon hand down its decision in con-
ncction with an adjustment in freight
rates In some quarters OF the street
INC belief prevails that this decision
wi! not he rendered until Jiinc. and
mat /; Their" Il reduction In rates,
there viii also he reduction in
wages. both Of which Will be- favor
able for business in general. In
other quarters. however. 1t Is OK
reot"d that the decision viii come
soon and Will call for sharp rcduc-
u"n in rates. Selling from quarters
"h'fc the latter belief prevails was
responsible FOR The decline. in rail-
road stocks 20 some extent.
Decrease In Chr Landings.
PENNSYLVANIA Railroad for the
month Of March reports operating IN
come OF ilu.l3O,3j3, an invr.As, of
$7I77.53s compared with the same
month last year Most OF IN. March
railway reports coming 10 light ar.
making comparisons with last year.
Car loadings FOR the week ended
april 10 amounted to 706.5l3 cars. ac-
corfing 10 official figures This is a
decrease OF 1855 from the previous
week. but despite the reduction III.
total IS s'Tl above that OF one and
two years ago. The loss is due
mainly 10 smaller shipments OF coal.
but strike or no strike, a reduction
in coal shipments is always witnessed
az this season OF the year.
inc government is withdrawing
100000 from local banks today.
The Carnegie steel Company. q sub
sldary OF tho United states steel Cor
poration. is contemplating an cxpen-
ditukH OF S25,000.0V0 in order to dou-
Die the capacity OF its by-product
coke plant at Charlton. The cxpcu =
uTe OF this amount Will make the
plant independent OF the Fayettc coal
and coke held
Forty thousand paper makers in
'h!s country and Canada have re-
jec'Hd proposed reduction OF lo per
cent In wages Thus far, there has
been no open threat TO strike on the
part OF labor leaders. The agree.
Tnent between workers and employers
expires on May !. and this has had
much 10 do with the failure OF the
paper stocks TO respond 20 recent
market Improvement
Inspiration. which resumed opera
tons on April j. is now producing
about so per cent OF capacity. tho out.
put being between 100000 and ..
100000 pounds.