Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-05-05
STEEL OPENS HIGHER
IN new YORK MARKET
Action Results In Overnight Rcduc-
ton OF 20 Per Cent. In. Wages
of Corporations Employees.
FURTHER CUTS IN SUGAR
-
Price Now O 1-2 Cents, and Com
parcs With . IA, High for the
Year, Madc When Exchange Was
Being Sounded by. Advances.
FURTHER CUTS IN SUGAR
Ily Il. l..

NEW YORK. May 4.-Steel stocks
opened higher today as a result of the
overnight reduction of 20 per cent in
Thc wages OF steel corporation en-
pioyes. which was larger than had
been expected. But the advance did
not hold. Today's stock market was
much Iuicter. The rails acted as
though they wanted TO go higher.
Wall Street believes tina the cut in
wages just announced ty the steel
corporation will be followed first by
another cut In selling prices and then
further reimbursement in wages. Here
toforc Il. II. Gary. chairman OF the
Steel Corporation Board, and recog-
ii I'D leader In the steel Industry,
argued that wages could not be cut
Hence the large cut just announced in
wages is understood to mean that re-
punishment Is expected all along the
VIII further reduce the cost of living.
Expect Another Step.
Inasmuch as the labor board has
just announced that no more testi-
inony Will be taken after this week In
The pending wage reduction hearings
wall Street believes that the next i'm
portant step in general rcadjustment
VIII come in railway wages followed
by a reduction in freight rates.
encouragement was made today that
IN -biS Id ~ JDlnl conference VIII De
isseld OF railway executives, members
81 the Interstate Commerce Commits
sion and large shippers with the OF
!ect In view OF bringing shout an
conference was called as a result Of
me many callers President Harding
has r%eccntly had claiming that high
freight rates were holding back tho
recovery In general trade.
Rails Mny Cut Wages.
a reduction In railway wages is
rates. Railway employees throughout
the country are getting letters from
f~endIuarters which plainly state be-
twccn the lines that n cut In wages
IS coiSinK. A letter just received BY
htchison employees IN n case In point.
TIC letter points out that around the
middle OF last month ~ per cent Of
all OF the money taken In over the
co-nter from travellers and shippers
was being paid out In wages: that
per cent from isi7 to 1920 with the
average yearly wage paid increasing
ns per cent, IL was added that a
Was obviously at hand
Sccs\.i Wage Cut.
only once before IN It's history has
1905. before the old scale @ aas" re- e..
stored: However. the conditions lead.
those which lead up 70 the cut just
announced are very different.
Today's Iron Age states in it's
weekly review Of trade conditions
thnt Improvement In sentiment con-
ttnucs with some of the nd%cpcndcnts
showing larger order book IN How
ever. 1t was added that the general
feeling among consumers was that
further price reductions would come.
u was ALSO stated that production
was scrnpp'nE on the bottom, pig
lowest annual rate In thirteen years.
senator Cummins announced today
tISpt the Senate Investigation of rail-
lads would begin next week.
2s.2 per cent up 10 April %. Is indi-
Gated in reports just received by the
Journal of Commerce. from l.So0 spe-
ciJl correspondents in cotton belt. A
year & at this timeitherc was an in
crease OF % per cent in acreage.
There has been n heavy cut in the
use on fertilizer and cotton farmers
are buying no mules or new impie-
ment:. This liz not only the largest
curtaiImcnt NJ acreage in years. but
the crop promises to be n cheap one
.Tom the planters viewpoint. Labor is
= reported as being plentiful and cheap.
rfncd Sugar Cuts Prices.
Further cuts In the price of refined
sugar"wcrc announced today by the
price is now 8 IL and with
8 Ia. the high for tho year. made
when the market was being sounded
by price advances. The present price
! . " btih ItSS tHHu u uISu al
timc retail level. and twice as high
1.-The prc-war wholesale level.
Charles T.. Mitchell. president of
tho National City Company. who has
just been elected president OF the Ma
tional City Bank. TO succeed James
St!llinan. is very popular throughout
Financial circles here. He has earned
this standing. Mitchell has fought, his
way up from the bottom and While
doing 30 has hccn able to keep his old
friends and make new ones. Tint is
saying n good deal. He, was big
enough to have independent ideas and
express them when far from the top
of the Iaddcr His one policy formed
so far with new job Is to keep an
opcn door toward the public and talk
freely through the press on all bank
biaincss in which public is inter-
csted."