Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-10-22
RAIL SHARES HAVE BAD
DAY IN NEW YORK MARKET
Open Low and Continue
Heavy Upon Disappointing
Strike News.
OTHER STOCKS ACT WE'LL
Foreign Honds In Good Demand.
Despite Break In German FInnnces.
the Recent Low for Mnrks Ia
OTHEn sTOCks ACT WE'LL
By II. l.. Bnrnum.

by IL. IL. bnrnun.
NEW YORK, Oct. 2l.--Ru!ls opened
lower this morning and continued
heavy an Il result OF the disappoint-
fnent generally felt over the failure
OF the Rallrond Labor Board and the
heads of the railway unions to agree
ut the Chicago conference over the
proposed plan for avcrtinS the
strike. In fact. the general feeling
was that the strike was "on again"
However. oils. the indus,rials and
railway equipment shares acted very
well.
Cabinet Meeting Interesting.
Tohay'e most interesting news de-
vclopments In regard to the railway
strike situation was the meeting of
the Cabinet at Washington to discuss
the subject and the call OF the Rail-
road Labor Board for n Joint confer
encc next Wednesday OF railway
executives and union labor chiefs.
wall street was Impressed with dis
patches from Washington that Prcsl-
dent Harding had plan for settling
the railway strike. which would DO
withheld until the right time.
New York Telephone. n subsidiary
OF American Telephone, is about to
apply to the Public Service Commits
sion for authority to issue $4,000 900
twenty-year bonds to bear interest
not higher than Gh per cent.
a new low record for the year was
made during the past week In the
average price OF eight principal iron
and steel stocks. The figure was
1928. against 1926 n week and a
month ago, s5.o3 the high for 1920
ana $3.50 for 1913.
Foreign bonds Good.
Victory 43-4s sold today ut their
high price for the year Foreign
bonds were also I'm good demand de-
spite the break in German marks.
The recent low for marks was 52h
Then there was n recovery To S8.l.
Today there was a decline to 5sh,
followed by n rally.
While bankers here are closely
watching German marks to get n
line ON developments in Germany. the
market for sterling is also attracting
much attention. Sterling, while OF
traction today. has advanced from
its low for the year OF 1883 to s396.
There are number OF factors be-
mind this sensational advance. One
rs the absence OF pressure on the
market of cotton and grain bills.
foreigners apparently for the time
being well supplied with these com
moditics, Then there was large
outstanding short interest that has
been run TO cover. short intercs,
built upon false expectations OF
heavy grain and cotton shipments.
Then England has accumuln ted large
balances here, which are being used.
IL Is believed. to advance sterling
Finally. sterling has been hclped BIZ
The plans of the British government
Tor aiding unemployment. which in
cludc lonS-tcrm loans 10 hcip foreign
trade.
Estimates Of the net earnings to
he published by tho Steel Corporation
next Tuesday for the September quar-
ter now place The figures as low as
slO.OOO.coO. which would mean that
Fixed shares would not lie earned. to
FAY nothing of the cumulative "a
per cent FOR the preferred stock and
the 1 Ia per cent for the common.
or course. these figures are merely
guess work. based on the unfavorable
reports just published b. Republic
and Lackawnnna for the September
quarter But II they should provo
correct new low record would be
made in quarterly earnings The best
quarter the Steel Corporation ever
had was &lo5.o37. 600 for the last quar-
ter 81 1915. That year net was S333,-
o'4.Ooo against slS50s5.oOo for 1920
and sli3,5S1.0G0 for 1919 The lcu;,
years that really stand out show
$9l,Sf7Ooo net for 1905. s73.l7n,OOO
for 1904, s7i.G63.0o0 for 1914, the
worst In the companys history. The
lean Gnar'e"r w',io'l co:ararS with tho
h'rh record OF Si05,9I7.coU for The,
last three months Of 1915 were SIS
$4,000 for IN" fourth quarter or 1909
sl3.i 1000 for The first quarter %:
1901. Si2,i67.o0o for the first quarter
of 1915. and sl0.935. 900 for the fourth
yrh ich
worst three months on record.