Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-01-21
UPWARD PRICE RANCE
IS Conferred IN STEEL
Nanadium, Rcploglc and Gulf
States Jumps Forward Sew
cral Points.
MOTOR SHARES GO STRONG
Consolidated Gns Makes New His. h
hccord for Year. Despite ENpectu-
lions of Deficit for 1921 After 3
Fer Cent Div iucnd.
MOTOR SHARES GO STRONG

NEW YORK, AIN 2O.--rraders In |
Stock Exchange Offices rubbed their .
eyes and pinchcd themselves every 1
once In so often during the first
hour today TO make sure they were 4
awake. Nothing like the price /
changes have been seen since the biz; .
smash In 1913. Only today tho price .
movement was upward. And 1t cen
tered in the stocks OF Independent
steel companies.
Vanahium opened up poin, to .
- rs. then shot up 10 375- Re
plpgl". which closed last night al
Traction above 30. opened n, i0I-2. /
ana then climbed to JGI-2 GuIfI
states Steel which was 4i7-s only
"a fcw DAYS ago. closed last night AZ .
50, opened TINS morning At So and .
then skyr"gkcted 10 30 i2.
Merger Rumors Thick.
Merger rumors were thick. Then |
II was reported that Henry Ford was
buying Gnlf States. But Uncle Henry.
when these reports were put un 10
him. quickly denied that he was In
any way Interested In the company.
Then the price broke 10 40 is and re-
covered to 70. Other steel shares
followed Gulf States Steel down and
then back up.
There is no question but that ne
Gotiauons arc on FOR merger Of u /
IlUiU't pI lutFNH'll' nj steel b
rHn'cs. Aud Z, !q q matter o: fac,
that a firm 90 lawyers is asking
shareholders or Gulf states steel for
AN option on their stock good until
March !. II is also "A matter of fact
Ina, there is large short interest
In tho st"cl shares
Those In "a position 20 know arc Of
the belief. ng pointed out yesterday.
that there VIII be no merger Of IN.
ttpgl m -
low prices. There Is also room for
wondering what Is tie motive behind
tn" firm % lawyers whlch'Is getting
options on Gulf States steel. Al
j, that can be said Hoiv IL tina, tho shor,
interest outstanding In rnany steel
shhrcS, becoming frightened at tho
sensational advance IN cur S,n,ev
Steel. started q stampede 10 cover.
steel C"mmon Good
Even steel common ioIuod In ,bo
ndThnc" nftc' tho aarc-up In tho
shares 81 tho independent COMPANIES
making nH~ high for tho ycnr nj
80 '-N fns' rcar's high was sGl-2
made IN May, after which there vas
decline I'm Juno to 7Ol-i
Motors and sugar shares were olso
strong, Stnhchaker and ChaudIo-
lending those In The first class. ana
american Sugar those last named
mere are good reasons for hclIcyIn.
mat The National CITY Rank crovy,,
row IN cHha are not there for thn,r
nca'th' ana that there may bc so,nc
" "''strs IN the sugar industry Thcs.
1919 account for the advance in
refined sugar prices.
consolidated Eaa made NOW bIr,
record today for the year dcsni,c ,hc
expectations Of n deucit for no, ~,
Yer N" per cent dividend ON I'm
,..VV'p"'.oVp stock Of over 5.5oO.O0O
W" subsidiary companies OF con-
SoI"aicd earned sll share on CO.
Foidated stock last year and a f,yor-
able supreme Court decision on ras
rate sis expected by Wall stree, T.,
the near future. These surulus nor,,.
'nss or companies owned Will no,
snow IN the consolidated statement
Iacknwanna has placed an order
!"r Soo box cars ana 500 steel coal
cars with the American Car ana
boundary Company. and has ,urnaG
over 500 cars In bad order 10 another
company 20 be repaired.
u" Show Fail Line.
American WOODEN viii show it's fall
or !H.2 line OF goods bcginn;ut; Jan.
{. uary %
Foreign holdings Of Pennsylvania
on January l. were AZ per cent of
the outetandng stock against ONLY
:'2 per cent ON p"rorr'r q 80
on "oNeimhcg However. inc number
OF shhreholders as n whole made a
new high record at lil.Gao, an IN
crease uv"r brCcmhrr Of la0i uuI
nn increase over JRmunryi. a year ago.
Of sG3l, For four months pcnn,vl-
vania showed n decline in the number.
OF It's shareholders.
Many Industries. however. are hold
Ing back for reduction in coal ana
IN freight rates. These may come
= sooner than many now e.pcct They
Hoover is now predicting That Of
course would mean that for Il time
the wind would blow pretty hard
hut We could all stand that IL after
the blow there is the much needed
calm.
; Eight principal steel products are
now selling at an average price of
400 ton, the same as last week.
and siil6 TWO weeks ago. This bears
out the statement made yesterday by
President Campbell. OF youngstown.
TINT prices were now Mt or below cost,
and would not go much lower. The
- present average compares in round
numbers with Ss5. the high for 1920:
sIi9 with the high wartime level:
$35 w August of 1919. the typical
price then existing ana with s37 for
the thirtccn-ycar average UP 10 1913.
with lower freight rates and coal
costs there would be some further
reimbursement in steel prices. But IT
looks like steel prices have nearly
finished their REIMBURSEMENT.
y The arnng to the country TO stop
wasting oil and develop economies
nn along the line in the Gil industry
sent out by the U. S. Geological Sur
vcy is considered tiey ctylmhh ,aC
vcy is considered timely by the big
people in oil. who are and for some
time have been worried over the ques-
to-, as Nl,., ,vn al n a.
wears under tho most favorable con
that our supply will only last twenty
dtions. ana that from now on we
.will be more and more dependent on
other countries for our oil. one or
our greatest troubles oil mch say IL
that we have storage facilities for
only two months and thus create arii-
fetal prices with temporary over or
under production.