Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-10-19
RAILS Open DOWN, BUT
RECOVER At THE CLOSE
Union Heads Unexpectedly
Called to Chicago Is Cause
of Jump.
OTHER SHARES HOLD STEADY
John SHELTON WIIiisms Charges Fed
crnt RESERVE Hank of New York
With ExtravnEance In Increasing
Salaries OF Omrinls.
ny Il. l.. Ilarnum.

lily IL IL, Barnun.
NEW YORK, Oct. is.-Rails opened
down fraction this morning and
then started u recovery on the news
that tho heads of tho railroad BROTH
orhoods, which had expected to hold
n council of war at cleveland tomor-
row, had unexpectedly been called
TO Chicago for n conference Thursday
With tho Railroad Labor Board.
other shnreH held steady. but were
far less active than yesterday. Such
selling as has occurred In the rails
on tic threatened strike has been
professional short selling. Wall
Street banking interests have re-
Gently been accommodating railroad
stocks and are still holding them.
Wall street In Uncertain.
Everybody In Wall Street was ask
ing everybody else today. Is there
soing 10 he "a railroad strike? II is
realized that the highly organized
railway brothcrhooda are fighting TO
maintain their prestige by opposing.
not only further wage cuts, but u re-
urn 10 piecework md loss Of other
favorable working agreements Sc
cured during Federal control: also
That RAILWAY executives arc itching
for q strike. with railroad bankers
Sticking" them on, believing that
with countrywide unemployment The
employees can easily be defeated.
However, the general feeling here Is
that there Is not going TO be II
strike.
That feeling IL based on the belief
that President Harding. working With
the Interstate Commerce Commission
aud the Railroad Labor Bonrd. viii
propose n settlement plan that VIII
rlacc the party refusing to- accept
1t hopclessly in the wrong.
Work Propaganda Overtime.
Bnt, tho railway executives aud
the railway labor leaders are work
ms their propaganda overtime. The
railway executives are using the IL
per cent cut IN wages recommended
by the labor board an excuse for
the threatened strike. but are really
striking against tho government. The
labor leaders likewise are biuning
with talk OF n return tn government
control. Both sides are founderinc
about TO Ind "a good reason for de-
ciIring the proposal OF the public
SrOup OF III. Railroad Labor Beard
10 cut freight rates nrst To discount
the Il per cent cut in wages and then
follow the rate cut By another cut
I'm wages. The facts are that. from
the average citizcns viewpoint. if
the railway labor leaders and the
railway executives could be reduced
To common denomination. IL would
I've hard TO tell them apart Wnnt
- needed lisa cutffn roth rates ann
wages.
Make New Low Recprds.
American Sugar, common AMI pro-
Icrred made new low records fur the
year around noon today. at AZ J.:
and 30, respectively. compared with
the years high ~ 81 and l01 Ia.
In some quarters the purchase %:
sugar shares was strongly advised
today on the theory that the worst
wa4 over. aud that these shares.
with sugar production greatly cur
tailed would recover much Of their
lost ground. Undoubtedly. for "a long
null. that is good advice. For 4
generation prior To this year there
Was never II year when sugar com
mon did not cell far above 100, with
tho dividend rate never less than
ucr cent. But the dividend. for the
first time In the compnny's long his
tory, has been passed, and on Sovsm-
her - there vii! be meeting to
act ON the preferred dividend. That
dividend may be reduced or even
PASSED With conditions in tic suSa:
trade what they arc. anything is pos
s!b,e. That the company Is about
10 he forced In the money market 10
raise needed funds. thus placing oh
legations ahead OF dividends les COM
mon talk In Wall Street.
Northern Pacific Acts well.
Northern Pacific acted very well
today. That stock in recent months
advanced over 20 points from It's
iow price of the year, made last June,
~ Is l-2 and then lost half Of that
.It-.,
and good setback. The talk to-
day was that &c broadway
was buying tho stock without
climbing for It. Whether this Is for
investment or for Northern Pncifcs
oil lands was no; stated.
heavy today. More Gopper was Of
fcrcd around Il cents Spound than
was taken by buyers. In the rubper
market the tire manufacturers are
no longer active bidders. Price re-
ductions of ID per cent effective I'M
mcdiately arc announced by two
tire companies. the Mason Tire and
many. All Of the tire companies are
stiii carrying large stocks of raw
and finished materials with the lean
season ahead.
Formal announcement Is made by
tho bankers handling the finances
OF the u. S. FOOD PRODUCTS company
that tho Si.5O0.000 hank loans which
have been due since September Is
have been funded into sb,0Oe,0Oo
one and half year loan. Segota-
tons for this new loan have been
going on for weeks past.
williams Makes Charges.
Disinterestcd Judges think there
is ground for the charge made
against the Federal Reserve Bank of
New York for extravaganza in In
creasing salaries OF officials. John
shelton Williams. formerly mem
her OF the Federal Reserve hoard at
Washington, makes the charge and
publishes "a list of the salary In
creases. The New York reserve
bank. which has been in operation
only since November Of 1914. has in
creased the salary OF BENJAMIN
Strong from $4,000 to $4,000;
Pierre Jay from $4,000 to 100000; l..
j.. Sailer from $1,000 to $25,0OO; ~.
r. Kenzel from $4,000 to $4,000; w.
y. Matteson from $500 to $4,000.
This is only q small part of tho list
as published. Some of these men
were given minor positions when
the organization new and huyc