Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-08-03
||V|DEND- PAYING RAILS
INVESTORS FAV0R|TEs
Tome and Foreign Buyers Place
Savings in Standard Trans
portation Stocks.
'AMBRrA STEEL CUTS WAGE
'0mmon Labor Is Reduced to 81
Cents an IiOur-Pricc Cutting in
Steel Is Declared to Have Reach
Cd Acute Condition.

Steel Is Declared to Have Reach
cd Acute Condition.
Ify IL. j.. Hnrnum.
NEW YORK. Aug. Shortly be-
ore 10 O'Clock this morning a fire
ias discovered In the stock exchange
|ihich badly damaged several hun
red feet OF insulated wires in the
|nnnuncintor board" on one Of the
ide walls. Theec boards flash the
lumber of different floor members.
|HttinG them know that they are
PAINTED on the telephone TO receive
nyins or selling orders from their
"n offices. With IN. machinery OF
he exchange thus crippled. with the
| ls room filed with smoke ana the
POOR ankle deep with water, the
p"nins was first postponed TO II
clock, then to - and then 20 l.
Tho opening allowed some few In
nstrial shares down. but with the
81 ny a whole firm under the leader
mp Of rails. Wall street heard
gain today that foreign. as well rs
ono. investors were buying sea-
oned. dividend paying raiio. especial
y New York Central. Northern Ia
|iHc. Southern Pacific and Union Pa
Inc
Cambria steel Cut. wnpes.
Cambria Steel announced today that
pages o: common labor has been cut
L. - cents AN hour. effective August
H. This compares with - cents. the
igh before the cutting began. Cam
ria has mad" three wap" cuts.
II was learned today that the etccl
3orporat!on. wi,hou, making any an
| III IN. t.
10 $40 "a ton under IA" prices
amcd when the last cut was made.
one ot the Wall street news agen-
los printed the following on It's
ickcrs which are In all Of the banHs
nd brokers onic.e: no further
ouht can toe expressed over the
;ntcmcnts made here from time TO
Inc that competition In tn" st"el
rahe is becoming serious and might
ct worse. II is realized that con
!nu"d price cutting can only mean
apparently the price war has only
Inatcrially reduced earnings for all
| future prices are likely to go much
over"
show Net Earnings.
American hide and leather re-
ovtcd net earnings for the Jun"
uar;er OF last year OF $4,000. and
e. FOR the sam. quarter Of 1919 OF
l25e.coo. For the six months there
HAS "A deficit after depreciation on
1886. 0O0 agniust n deficit for the same
herIod OF last year or '572, 900, and u
urplus for the first half OF iol: OF
,t,7os 900.
Montgomery ward earned s,3oa.-
700 during July decrease OF 5000
200 for the same month last year. For
|hc first seven months earnings wer-
|A.i?e.0oo down s25,li2,c0o.
Atchison reported sls.025.o0 gross
|oday for June. against {ls.76l 600 :o'
|unc ot>lc20. and net operating In
ONE OF s6,3so,ooo against yl.sls,ooo
wear ago For the six months gross
has sl07.3ii.000 against SIli,5e5.O0o,
nd net operating income 5l7,0lS.00U
lgainst sis23e,o00.
Rrnkcr. L"nns Down.
Brokers loans here in Wall street
i re now down To $500. 600 600, de-
reasc OF sl.25o,OeO.ooo since the
leak was hit In July OF 1919. The
|aly turnover OF call-moncy Is now
between 100000 and sl5,ooe,ooo
compared with si5.Ooo.00. the aver
&c in busy market.
Corporation financing during July
mounted TO .i2s.o0.00o against si2i,-
No 0On for June and s2l5.0oo.no for
iu!y Of last year. y lot Of the ne"
honey cost I and per cent. or
Fnorc; but there was more obsia'ncd
!, 6 per cent than in many long
sIO.O0O. O0O Gold Arrives.
Three steamers have just arrived
ere with si7.llo060 gold ahonid,
lao zoe. 900 from France for the pur-
| lose OF establishing credits against
I,hich paris and tho London oiic" OF
France Will draw. aBukcrS here say
Ihcv do not know the nature OF the
|hlication 10 he met BY these credits.
Sugar people here are skcptical. Of
he cables from Havana reporting
That Germany is after 100000 tons
Ii Cutan sugar. 1t is pointed out
HAT 900. 900 tons OF sugar at cents
| ais for sGO.000.000. II is believed.
owcvcr. that the negotiations just
[.ar,cd will result in the purchase
| - Germany OF some sugar.
i DDsincss failures for July were the
|arEcst for any month since March.
Ihq total number was l,iS3 and the
|obl,tics involved were sG?.l5G,0Oo.
|rbis comnarcs with l.32o companies
Linn SJb,HF-,"N' llttli'iitS wv N'i'
|rnc For the first six months OF
his wear the numtcr of failures and
Inc liabilities involved were SOTO
nd s87S.Ii5.000, respectively. against
on ana slOl.2OO.0OO for the same
Icriod OF last year.
IA Rnilroais Report Earnings.
ONLY 81 ncw companies were
|o-mcd during July. each having
of 100000 or more.
Vim the total capitalization $2Sl,00o,-
lao the smallest month since Deem
or of 1915. For July OF last year
InG new companies were formed
sim total capital OF Sl.2G0,oo0, 200.
For the first seven months of this
oar The total capitalization of new
.ompanics foots up S5,33?.o0O.0o0
rainst $lo.17O,0O0,o for the same
|,oriod of 1920. The largest falling
If this year is in oil. gas, shipping
nd chemical promotions.
60 far ili railroads have reported
EARNINGS for the month of June. and
he total net operating income fo0ts
IN s;S.OSl.O 900 against 4 deficit for the
y,p. month OF last year of Sl0.5I7,-
|{oO There are still ffty-nine rail
tools to be heard from. 1t Is pre-
s;ct.l that the total net operating
ncome for June viii he over $50
| A., ,Do This is the best showing