Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-05-14
WALL STREET FEELS PINCH
OF RAILWAY CAR SHORTAGE
manufacturers Unable to Move
Products or to Secure
Raw Materials.
nY nRoADAN WALL,

NEW YORK. May 13.-wall Street
card today that many leading manu-
acturers find their factories 30
sacking In raw materials that they
VIII BIO compelled TO close until the
railroads are able to bring In fresh
supplies. They have millions Of
loilars OF raw and finished material
IN ears standing on side tracks. and,
by reason OF their inability to turn
This over. their bank credits arc
suffering. AS the banks are calling
C. payment they are compelled 10
sell the only liquid assets they pos
'ess-stocks and bonds. This Is the
rue story OF the stock market.
liquidation forced by labor strikes
md short selling by professionals
ound few buyers.
Market SIN IIeavy.
1t was the same old story In the
took market today. Tho opening
Sas heavy. There came a slight rally
oward noon on report from Wash
nYton that some constructive news
you'd come out In few days. The
telling. 50 that the close was heavy.
New low prices were recorded in
many Issues. notably in United States
Steel.
The market was also afraid OF the
credit conference TO be held In Wash
ng,on next Monday. There is no
poubt about further reduction Of
oans being enforced. even II tho dis
cunt rate has TO be advanced to ac-
,omplish II. But many merchants
efusc to sell their boarded supplies
t a loss and will sacrifice their in
'cstmcnts when their loans are call
d. Thus more liquidation of stocks
assured.
Stocks Never So Low.
In vain do Investment brokers call
Eere never so low in Wall Street.
smaller figures per share. but
d since last they sold at the low
tgurc. they are now selling even
pwer.
The market was hurt by the report
lad made sl9.000.oo0 in the first
uartcr this year. Tho denial from
Washington was ignored Tor the
treet is in the humor TO believe
ny story OF wild ,prontcertns. The
nnual reports OF leading companies
Gem to confirm all charges made
long this line. The public is angry
nd sells at each fresh report OF huge
rofits without caring TO investigate.
Competitive bidding Keen.
Not only are necessary materials
ard to obtain from original sources
ut when they appear In the market
hero Is competitive bidding by what
re considered no essential indus
ries. For instance large con-
ignment of shellac was received IN
Few York within the last few days
nd n photograph company outbld nm
lectricai manufacturing company.
Though the material was seriously
ccded by the latter in order to
nish certain work needed for In
ustrIal establishments. As an evil
encc that the people are waking
u TO the wastefulness that has been
ding on Wall Street applauded to-
ay the plan TO have Congress modify
ne law relating to the reuse OF cigar
oacs The lumber used in making
lgar boxes is costly and very hard
D secure even at high prices.
Sugar Men Got Mig Profits.
OH,cial statement was made from
Washington yesterday that the best
uEar manufacturers Of this country
armed in 1919 an average OF Ss92
or cent on their capital. while the
nne sugar men got 2I.2S. 1t would
ppear from these figures that sugar
ould be sold cheaper. but the
merican sugar comes IN competi .
ion with the imported material
hitch Is selling now at - cents
ound in raw condition. me
United states can have no controi
yer that.