Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-10-29
WALL Street CEhTERS
ON RAILROAD SHARES
Stocks Advance Upon News
of Settlement Of Threat
ened Strike.
OILS AGAIN HOLD STRONG
Steel Common Sells Mt III Fairly In
session. Which In IIiGhest Point
Touched Since May. When Price
WAS SO IL,

Touched Since May. When Price
Was SO IL.
By II. L. Barnum.
NEW YORK. Oct. 2S.--With the
leaders Of tho railroad brotherhoods
calling of tho strike overnight. at
tention at tho opening of tho stock
market was conferred on tho railway
shares. The response was an advance
OF from fraction to two points or
moro above last nights closing. The
oils were also strong. Common steel
sold at 81 carly In tho day. the high
est point touched since May. when
the price was Sc Ia. In June /, was
an low as 10 ia. Studeh.aor was
one Of tho stocks to make high level
for this movement Pacific Oil was
another.
Public II Gratihrd.
Tho calling of OF the strike wa1
more gratifying to the general pub
lie than To many Wall street holders
of railway securities. In many quar-
tcrs OF the financial district to-day
the opinion was expressed that the
latest developments In tho railroad
situation settled nothing permanently
except tho reduction In grain rates
recently ordered by the Interstate
Commerce Commission. The state
'nent OK tho labor leaders that they
had given up because tho entire ad-
rainistrhtion was against them. was
not taken scriOuHly, tho general feel
ing here EcinS that the men had won
lii their fight to prevent Il postpone
ment mt least. In tho proposed 10 per
cont cut IN wages. According to rail-
way officials here. however, the man
nRcrS are 10 go ahead and ask the
a al
10 cut wnEts 10 per cent. thus plac-
ing the responsibility Of p delay on
tho board.
Gross Earnings Full on.
Another instalirnont OF railway
earnings for September waH forth
coming today In most cases there
was a sharp falling of I'm gross com
pared with the same month OF last
soar. with slight decrease In hot
operating income. Delaware and
Hudson reported f3.S33.GoO gross tor
this September. loss or 3i.isf.00o.
with not operating income At S3si.G06.
"a decrease of $50: 900. For tho nine
months groHs was UP t2.i5s.000 aud
MOI operating income was larger by
Sisst,G00. Southwestern showed "A
decrease OF s?.?2..00O In Scptcm Der
sross Rnd n LOGS 81 100000 In no,
operating income. Louisville gross
wan down 3l,72s.Co0. with mi increase
- operating income Of sisl.000 With
u loss o. 32,t50.o00 IN gross Southern
reported gain in net operating In =
come Of ti.23t.06o
so far sixteen large railroads show
" decrease In gross for Septrn,hc. o.
'i3j2.o0o, or 2.5 per cent compared
wi;h Arsnst OF mir year. and a Tor.
10 not operating Income Of S3.Gs3. 600.
or Ill per cent, Compared with Scu-
TENDER 81 last year there Is d.
orcnsc in gross o. Fs6,si7.o00. or Il e
per cent. and "a decrease IN net opc--
"ting income of :A.2Io.oo0. or l7.a per
cont. From 'hcs, few ronGs 1t APP
pcars that the ret operating Income
for September ''iI' bc some as.000. 900
under the 500 100000 reported for Au-
gust. whica amounted to per cont
IN rror"rty account or the carriers
cs . Y"ho!c
Pacific OIL Takes Squirt
PaclNc on made another new high
record with today's opening OF ~ l-2
which compares with % IA. tho price
"f a few months ago. This company
which originally belonged to Tho
southern Pacific Railroad. will turn
~. speculative Wall street Is pre-
dieting, as n subsidiary OF Standard
OIL.
S;udebaker's strength was due TO
Tho meeting or directors 70 he hoiu
IN the Wdat next MONDAY The reg
nlar quarterly dividend. Il t. believed
VIII bc declared. tha: IS. 80. cara
.nrs FOR the September quarter WI.
also he given out. interests hare
close to tho manag ement say the out.
put for the September quarter was
cloFe 80 ~ 1850 car ,,,,,,l on'
II NJ
pcr cont was earned for the stock.
hut 'hnt O"c2u"c "f tho pric, rcd,.c.
'!ons. only . pc: cont vas earned
during tho September quarter. max
ing 10 per cent for the nine months.
Call money touched per cent to.
day. That ratio for Friday. which Is
the last day OF the week for making
call loans, tho rate carrying ever I'M
Ill the following Monday. seems 4
regular thing.
Austrian exchange made new love
record today for all time. but Ger.
man marks were strong on rumors
that Germany was negotiating a lohn
in England.
Today's weekly price for eight
principal iron and steel produc.s
stand at 5000 ton against s47.2s
week ago. 1925 month ago. $500.
the high for last year. $1l9, the hix;,
iOE NHe WAT peTIOu, ana S50.SU during
the summer of 1913. a typical Drewar
price. All but one Of the four Fed
eral reserve banks. which arc far be-
low the average OF 10.S reported by
tho twelve institutions as whole
for their reserve ratio, show an i'm
provcment In their reserve figures.
Richmond. which was i5.5 Mt this time
of last year. and All week ago, re-
ports 1872. Atlanta, 40.5 year ago
and 40.5 week ago. now shows AS.
Minneapolis. which was 39.2 a year
and woek ago, shows 1914 But Dali
las. which was 30.6 year ago ana
1913 n week ago. drops to 1914.
Appraisals are being made Of n
number Of independent steel plants
In connection with the proposed mcr-
ger. according to today's dispatches
from Youngstown. Those in the
Youngstown district to make up tho
new competitor of the steel corpora
ton IL the proposed merger goes
fhroIIrh tnrlndr fIa =,