Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-10-15
RUBBER, RAILS AND steel.
SOFT IN WALL STREET.
Oils Again Strong, With New
High Records in Several
Issues.
GASOLINE ADVANCES ONE CENT
Kcrosrne Prices I'm : Cents In Penn
sylSnnin md Other Eastern states,
and Crude Acts ms II Coinpr ut lon
Were Removed.
Dy u. j.. Bnrn,iin.
fBy United NcwHI

NEW YORK. Oct. lI.-Rubber
shares. rails and stcels were soft to-
day. Tn. oils were again strong, new
hssh records for thia movement be-
ing made by Il number OF issues on
the announcement Of another advance
Of % cents q barrel In the price Of
crude oil.
Iiindcred by Salt Water.
The only news on the oil situation
came In the form Of comment By the
National Petroleum News. the organ
OF the oil industry. That authority
snys the only possible hindrancc for
the crude oil advances Is salt water
Invasion OF til. Mexican fields, add
ing: The rapidi,y with which sal;
water cncroachment has been taking
productive high spots has been point
cd out repeatedly. II is estimated
that Standard OH has dropped $780,
0Oo0,0Oo in the Mexican fields be-
cause IL waited too loIg To change
its policy. Instead OF Standard oil
taking out OIL" II Is added. the
natcr id it
Certainly crude oil prices. oil
shares and the price OF finished oil
products arc acting az though com
petition Of some kiDd had been re-
moved. Gasoline prices were adj
yanced cent u gallon today In Penn
sy!van!a and some OF the other East
crn States, with the price OF kcro-
senc UP cents.
Nothing New in steel.
Aside from estimates as To what
the forthcoming Steel Corporation
statement Of earnings for the sep
teinbcr quarter would show. these
estimates being based on the unfa-
vorable report just made by I.acka :
wanna steel, there was nothing new
In the steel situation to account for
the softness ce the steel sharcs.
There was news. however. affcctin :
the rails. Today $50 railway cxecu-
iives met at Chicago TO discuss wage
reductions and the request of the al
m!nistration and the suggestion made
by the unemployment conference ana
others that n reduction he made IN
freight rates. The railway officials
passed the responsibility along To
the administration ans 10 the labor
unions By stating that any further
reductions in wages would he met by
corresponding cuts in freight rates.
The labor unions, meeting at tho
came time as the railway executives.
declared that tho strike vote already
taken by employees would be cXer-
ciscd on October 80 unless ncsota-
lions were rcopcned over the recent
wage cut OF IL per cent and the
changes in working conditions.
High Freight Rates Follow.
II IL time for the administration TO
do some plain talking to both railway
executives and railway employees.
Ever since 1900. at regular intervals.
railway employees have demanded an
increase in wages and railway execu-
tives have followed with higher
freight rates That the railway
executives and railway employees
have acted together in forcing first
an increase In wages and then in
rates Is a matter OF record. During
the war railway security holders and
railway labor alike were protected by
government guarantee that cost the
taxpayers we'll over billion dollars.
in addition to the billion that was
loaned to the carriers at per cent.
since refunded into ten-yehr bonds.
TO-DAY. because OF the twenty years
of steady increases In rates ana
wages, freight rates are so high that
there is not Il free movement OF traf-
fc. IT is high time for the admin
istration, through the railway execu-
lives and railway labor, to stop lean
ing on the public. That both exccu-
tivcs and labor have been soldier
ing on the public is plainly evident
from the recent striking reductions
made in operating expenses in tho
face of falling gross earnings.
For the third successive week there
has been no change reported In tho
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