Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-10-18
PROFESSIONAL TRADERS
STORM STOCK MARKET
Force Down Prices Of Securi-
ties OH Threats Of Rail
road Strike.
FREIGHT RATE cur FAVORED
Puhiic Sentiment In wnII street In
Leaning Toward I'Inn offered 10,
Pubiic Group of railroad LABOR
Hoard.
ny II. l.. lBnrnliIn,

ny Il. l.. Dnrnum.
NEW YORK. Oct. l7.-ProfcssIonal
traders. who were already benrish.
jumped on tho stock market today
on the threats OF II railroad strike and
forced down prices Of thn rails, oils,
stcel and Industrial shares. However.
therc was no real liquidation. The
average man In Wall Street and the
average holder Of stocks does no,
believe for n minute that there is 20
Ing to be railroad strike on Octo-
her 80.
Public Fnvorn Plan.
Pubiic sentiment here Is plainly
leaning toward the plan Just offered
by the public group OF the Railroad
Laoor Board for averting III. all
road strike. The characterization mr.,
passed In February OF 1870 nrovIdaI
lot railroad labor board of min.
henbera to settle all disputes be-
'"ech the carriers and their employees
nrisinB out OF wages or working con-
ditions. or this labor board three
members were appointed by the Pres
ident to look after the Interests OF the
General public. then three members
were reelected by the managers OF the
railroads. to represent the interests
Of the holders OF railway bonSs nnJ
stocks. The railway labor leaders
selected three members to represent
inc interests OF the employees as soon
us the announcement OF the railway
executives WAS made that the rail-
road labor board was To he asked
10 approve an immediate cut OF 10 nor
cent In railway wages and railway
employees answered with tho call for
general strike on October 30 Pres
ident Harding called conference
between the three members Of the
Railroad Labor Board representing
the public and members Of the Inter
state Commerce Commission, to de-
wise plan whereby the threatened
sirikc could be avartcd
Prornisrs for deduction.
The plan thus devised and an
rounccd by the three representatives
Of the public on the railroad I.apo,
Board provides for an Immediate cut
IN freight rates ref.cctlng the ~ per
cent cut In wages which became eff
fectiVe July !: for suspension OF the
proposed 10 per cent cut In wages
until the cut In freight rates has be-
come effective. stimulating an in
crease In traffic and ut the same
time bringing abou, reduction In
the cost OF living upon which the
Proposed 10 per cent cut In wages
can he based. II the carriers fol-
low this plan railway labor will not
have leg on which TO stand in
fighting the proposed 10 per cent
cut In wages.
General sentiment here Ia that both
freight rates and railway wages
must be reduced. In announcing its
Plan the three representatives. OF the
public on the Railway Labor Board
ha!hi There ~ absolutely nothing in
tho existing situation juntlfylns the
cnrrIerH and their employees I'm In
itcilnS ruinous results or strike
On themselves and tho public There
j" no amount OF prOpaSa nda that can
convince the peorlr that either side
is entirely b,amciess" That view fs
!, approved here. II is felt that the
railroad managers after having
talked with government representa-
hNoE at Washington only few days
ago and agreed upon plan for first
cutting freight rates on AGRICULTURAL
products 10 pave the way for fur
thor reduction In wages, made n 100
per cent mistake in going to Chicago
and voting for n 10 per cent cut in
wages before any cuts In freight rntes
were made. Hallway employees are
also criticized for threatening to
strike on the July i2 per cent wage
cuts; however. u is realized that the
rehl basis for the threat OF d strike
Is IN" prop"srd Gu; OF 10 per cent In
WaSes without cat IL freight rates
Naiircad managers are contcndins
mat since wages were cut IL per cent
there have been cuts in freight rates
The feeling here Is that Z, 10 IN 10
the manager. - s..uu, jusi ho,y ,nr.n
rates nave been cut. In brief the
general feeling here Is that the public
has hcGn long suffering in the trent
mont received rom both railway man
ayers and employees and that II is high
time for the administration 10 take n
firm stand in telling both sides what
must and must not be done.
Tod"y's cable reports from London
To tho effect tina, Royal Dutch Sehll
mad sold all OF it's holdings in Mex
ican Eagle did much to convince
those who have been doubling rumors
that salt water Is showing in Mex
lean oil fields.
According TO the Labor Department
retail food prices dropped per
cent In September, making the drop
in a yelr Ok mo- cant g