Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-10-27
OIL SHARES TAKE LEAD
IN NEW YORK MARKET
Short Coverings and Long
Buying Continues Again
Throughout Session.
MUCH RAIL MERGER TALK
senator Cummins. of Town, Declares
Consolidation OF Carriers IL Their
Only Salvation tn Safeguard
Against Future I.0xs.
MUCH RAN MEnGEu rALt
Hy u. l.. nnrIiIin,.

NE" foRh. Oct. 2G.-Short COW
cring and long buying which started
early this week continued to-day with
the oil shnres leading. Sinclair. Hous-
ton. California Petroleum and Royal
Dutch EcinE especially strong.
There was a lot Of merger talk
heard today. Senator Cummins
started II with his statement that
consultations was the only way out
FOR tho railroads. Next rumors were
heard that merger of Il number Of
independent sugar companies is be-
INK formed which viii give tho Amer
Fhh soma real CON pctii!on. The
Howell companies and Warner were
among those mentioned as Ilkeiy 10
take place in the merger. Then re-
ports of "A consolidation Of the indie
pendent steel companies 10 compete
WIN the steel Corporation were re
Vired. Finally. II was whispered
about that Retail Stores was about
10 take over It's chief ompctitor.
HniIs to Effect Merger.
out of ali Of this smoke there may
De some IRE. However. II Is safe To
predict that Senator Cnnmins il not
going 10 succeed in the near future
IN uhIginG all of the railroads into
low systems. lie tried to make such
mergers compulsory Ia the Esch-
'unimins transportation act. but
tailed. He dld, however. succeed In
getting into that law his clausc Or
dcring the Interstate CuumerG. Com.
mission L" 90 Xix freight rates that
.or the next two years per cent
would he earned on the propertv ac-
count OF the carriers. IL was largely
because Of that clause that freight
rates were raised a year ago Tho
feeling Of tho average man Ia tn.
street today Is that freight rates arc
lar too high and tina; CumminS put
one over when he arranged 10 have d
per cent earned on the alleged sla-
uUo,poo,000 property account Of the
railroads. Cntii the Interstate Com
nercc Commission has finished it's
TASK of yaluine III. railroads there IL
not man on earth r'hr can do any
thing but guess AZ To what Is the
real valne of Tho property accuun;
~ the carriers.
PcssinisiIc over strike.
wall Street il nf the belief tina,
thc railroad sirilic situation ms
been anaricI because az tho la,cs,
statement ISSUED by the railroad In
Dor Hoard. The public yroup Of thu,
body originally favored AN immc-
date "ut In frci2h; rates By the car.
riers 10 reflect the T. per cen, Gu,
granted In wages on JuIy !, with
rcr cent cut In wages. withdrawal
of the order calling "a strike on Oc-
loDcr 30. reduction In wages 10 fol-
low the cut IN rates. While pr..un,-
ably stiil faTorinH n cut IN rates. the
railroad Labor Board now suggests
mat the managers postpone the pro-
posed 10 per cent cut in wages NO.
cause the boards docket is so crowd
cd that decision on that subjcc,
could not be reached until July o:
i'22. Wall Street thinks that this
looks like Il breakdown ON III, mr.,
Of the labor board In favor OF IL Dor
ana that IL jnetihrS the statement
nut out ~ the carriers that III pres.
rnt wages are TO bu continued prices 1
cannot be reduced. and that II rates
are reduced tho carriers should no; |
ne made to wait until some time
after July OF 1922 TO make another 1
cut in wages.
Cocn-Coln directors are going to I
meet in tho near future. according |
10 today's Wall Street gossip, To con.
slider resumption Of dividends on the |
common stock
Desire Scw Freight Hates.
Today's lrOnagc says that cXpcc- |
,ationS OF an early reduction IN |
freight rates it, the most important
influence at present in the steel ana |
iron trade. and that the chicf cffcc.
~ this influence Is To check ncy,
business. IL was added that there
was noticeable slowing up Of nut
and bolt buying by tho automobile
that October prom
isod TO be ono of the best months Of !
Tho year in export buying. but that
usincss in that direction was still
lncagcr.
Freight car loadings for the week
ending October 10 footed up a0G.03i.
an increase over tho previous week
OF l0.294 10 the highest figure
reached for any week Stree Novcm-
rr -. 1920 Railroad men are pre-
dieting in private conversation thar
the high figures for 1921 In freight
ear loading have not az vet bcnn r-