Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-10-28
NEW YORK STOCKS RALLY
after OPENING UP SOFT
Oil and Rail Shares Are Lead.
ers in Wall Street
Market.
BUSINESS OUTDOOR IS nnIGIIT
Manufacturer of workinErncn's shIet.
NefuSes 10 Take Further Orders,
Stating His MIL In Now Taxed 10
Capacity.
ny II. l.. Bnrnuin.


NEW YORK. Oct. 2T.-Stocks were
soft at the opening OF the market
today. but rallied with oil and rails
leaders. The recovery in rails DC
CURED after IL was learned that the
Railroud Labor Board had held its
conference with the railroad labor
leaders. at which the brotherhood
men were told TO call tho strike of.
and that an order had bccn prepared
declaring the threatened strike II
legal.
Recalling Attorney General Pal
incr's futile effort. through iujunc-
ION proceedings. To prevent coal
miners from going out ON a STRIFE.
conservative Wall stree, was no,
pleased over todays news from
Washington that the machinery wus
set TO issue lnJunctlOns to prevent
raiiroad whlkout. In this connection
IL Was declared tina, the Supreme
court would never hand down a YER
dict against men who refused to obey
an injunction which attempted to
top them from doing something
which In itself w:,s not legally
wrong. And i, wac added that there
"as no Law in the land which could
make men work who had themselves
elected To stop work. There TX
large part OF Wall street which has
bccn Itching for "a railroad strike to
teach organized labor II lesson, be-
tcTinG that victory could easily
hc won under existing uncrnploymcnt
conditions This par, of Wall street
naturally Was pleased NJ toauy's de-
N"lopmcniF. However, these in Wall
street having tho reputation Of think
ing the straiehtcst for "a long pull
are OF the belief tina, injunction pro-
cccdinSs In The railroad strike situa-
ilon would be very unfortunate In
such quarters II - believed thai III.
government would make "a mistake
IN not sticking to IT'S original pfo-
gram to first have tho strike and the
proposed 10 per cent Say" cut po,t-
poned, then force "a reduction in
rates TO be followed By cut In
wages.
Look for Recovery.
Tho consensus in speculative Wall
street IL that II there Is no strike
there VIII be brici general r.coy-
cry In stock market prices; that II
a strike comes there VIII be a tenn
porary decline. followed by n rccov-
cry based on the economic adyan-
tases gained by u victory over tho
strikers.
That Wall Stree, az whole is
nervous over the railroad situation,
." P.a'i l" an bseTNcr who spent
The day in tho financial district For
example, yesterday your correspond
Ont happened to learn that certain
large men mt 30 broadway who had
been short OF the stock market for
, months and months past were cover
ing To-Day these same men stated
blnntly that they did not want 10 l..
carrying anJ stocks after the close
tonight.
Production % crude oil FOR the
month OF September. according to
today's government rgurcs, amount
cd TO 3G.i63.0U0 barrels. :. decrease
OF $4,000 over August and "A de-
crease OF 100000 over September o,
last year. Combined stocks OF do
nestle and Mexican crude at the close
OF September were I.247 900 barrels.
an increase over August of 3.O37 900
,arrcls. Imports from Mexico were
100000 barrels. To disintercs,cd OBJ
servers there Is nothing In the supply
and demand figures available to war
rant sustained upward movement, In
crude oil prices or explain why this
industry, one OF the very last 10
show reimbursement from the high
war time price. should now be lead
ing In a recovery. That is against
all rules.
stock exchange scat sold today
lot sSO'ooo, down 10000 from the
last sale.
In pointing out the spo,,y condi-
ton OF general business. one OF our
largest bankers here stated today TO 1
YOUR correspondent that he had Just
spent an hour with large Western
manufacturer OF working mems shirts
and that this mill was not taking
any orders because IL had enough ON
us BOOKS TO Keep running until next /
April. lie added that there were
enough al such bright spots to make !
the general outlook cncourasinc
Strong opposition on the part of
influential Federal reserve bank Of !
hcials TO further reductions in reais-
count rates developed at today's con-
ference, according to private dis |
patches received here from Washing |
ton. as result the Federal Reserve |
board formally advised against maxi |
ing any further changes at this time. |
1t is believed here that many bank !
crs are anxious. in view OF easier
money TO sec quicker thawing out |
~ frozen commercial and farm loans !
Lamont. Of the Morgan firm. Is |
back at his desk today after having |
spent couple of weeks in Mexico !
trying to straiGhten out that coun- !
try's external debt. the FIRST stems i'm
recognition and loan from this |
country When his train arrived here
one OF his partners who was in town
Yesterday was aboard, leading to tho |
heller that train conference had
heen arranged in connection with tho
pending loan TO China TO meet obliga-
lions, some of which fall due next |
tuesday. Having only recently made
II trip to China, Lamont is the best
bostcd Morgan partner on China. II !
is believed that the China loan will
nc made and also that In the matter
of months q dividend will bc received |
on Lannon'S trip TO Mexico.