Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-04-22
jTUDEbAKER HAS NEW
HIGH RECORD FOR YEAR
Atlantic Gulf Leads Decline in Oils.
Company Must Raise $4,000
600 by May !.
lost TALK HEARD BEAIsIsII
-u.s In Wages OF United States
Steel Corporation Employees Will
&c Made In Near Future, Ac-
cotding tc Reports.
lily II. l.. Iinrnunn.

ny II. l.. Bnrnum.
NEW YORK. April 2l.-Studc-
,akcr made Il new high record for the
'car today. showing "a substantial
;a!n and Sinclair also made new
nigh for this movement. Eat the
| est Of tho market. especially the
"drncS from absolutely trustworthy
inside sources that cuts IA wages Of
hlted states steel Corporation en-
|'ioyca VIII be- made III tho near iu-
urs. Tho situation. il was said.
hIIed Tor substantial reductions in
wages which are now $40 per cent
Dove normal. hut II was added that
ne return 10 "A normal basis would
Z. made gradually. IL MAS also
Sain!y !nt!mat.d that there would
'c othet reductions IN selling prices.
Stockholders Nervous.
~ mas already been pointed ont In
ms correspondence. the steel
|"rp"rntlon is NOW out FOR business
fHatuI"lly this makes the holders Of
no stocks Of independent companies
'ciNpuA. Those holding CruGib!e had
bad cage Of nerves today. CruciSl.
Vas the leader OF the decline in the
steel stocks.
Atlantic Gun led tho decline In The
,its IN" company has between 81
,ueop! and t5,000,0OD loans falling;
ne May !. This money. however,
|%Il !c raised.
While most OF the talk heard In
N"Y street today vas bcarish. one
ptlSht spot Was found ia the reports
'r"uSht back By Tkcrs who have
,.en making a us Throughout Tho
West 10 interest other bankers in tho
'"nllnS "ncring OF 100000. 600 Great
northern and Northern Pacific ju!ut
~. I,,,t cent ilfieen-yearr bonds 70
Writing tyndicat" mas been practical
closed II was estimated that at
"Su 30 per cent Of the outstanding
or new q rs. The belief was also
Npr.Ss"l that there would he a sat
lhtt"rE investment demand for the
VIII Sell Mt 30 IL.
Il IL believed mat Tho offering
|ntIce Tor these nrw 5ouds wil. be
r"uhh 70 IL. which WIN make tho
,ng9'"" return 20 the buyer o.s7 per
CIV Tor "a bond that has behind IN
deposited security collateral tho
guarantees OF Great Northern and
N"rih"rn rac!Nc ana tn. earnins
power or burlington, In addition 10
that OF the two cUn.ra,.l,. nSin.a'
ne income return should prove very
'NrdctiNS |" careful inv"Stors
vpt,spiic the h.arish tax heard IN
wall street today. there ar. good
reasons FOR hclicviu. that urcitn,u-
iAt1nH nf stocks Is ED.ag on and that
some time next noutA the stock mar
ft"ntial rise. Before that dime. how
't'r. thtr" must be more liquidation
OF iabor ana certain commodities ana
, "i,,s sii,o none n, Can money loaned
Tor per cent.
IL - believed that some grounds
cNlst !"r IN" rev charges mad. hy
t14. Why employees In the pending case
"tlhcr or no; wages are TO Toe
rt"uoyd thht billion dollars is
"hich annual" through nnrr:, c-crIlI
'h"HtlcncS. tn" reply some ratlwHy.
on ..tts make privately TO this charge
,hnt thc tendency toward strictcr
ana htriCtcr government regulation ia
not conducive 10 the dcvclon,n.ui ~
n!s men. bu, tnIt offers no solIItIo,
tr the problems ahead. Certainly In.
s',nhtl"n VIII not be Improved ~
turning The railroads over 10 l;thnr
Government regulation Of IN. rnii.
roads Is her. To STAY and IL is nm "a
tho holders OF railroad stocks IN 10
mana rnicirnt management or take
IN" consequences In r.cur.d JIv;
bends tina, Is their sob ana !, ran-
not be passed along to the govern
Call Money Rcncv,.
~ money renewed again today at
= per cent. lnasmuch as the last
""EAhc" to per cent was hcli only
SIX business fays and tn. p-.cadint-
l"ri"h OF { per cent renewals I1s.,l
''rtF business days. II Is fair % MS.
downward 20
= Holders OF railroad shares Ike
mon Paciiir. louisville ana Nash
YIN" ana A,ch!son were dlsappoiuicJ
~ the decision handed down by thr
interstate Commerce Commissions ~
lowing Lackawanna 10 issuc :, S,nr,.
u.F!dehd Of only $4,000, 900 araInst
rs accumulated surplus instead or
thc proposed 500, 900. 900 II I,aclo
wanna had been allowed 10 vine n,,,
most OF It's profit and loss slrnims
through Il stock dividend. similar nc.
tion would have bcc:! taken bv o,b.r
IoaHs winch IN the past have elected
20 S"' annual surplus earnings over
surplus ''''
In it's decision the commission ruled
that a substantial, surplus should a..
maintained ny Lackawanna. which
OF course, applies TO al! companies as
support TO credit. for emergency re-
uuIchh"nth ana to act as n general
'lnh VII! not he disputed. But on the
othcr hand. under the new transpor,-
ation law railroad must SET aside
SURPLUS earnings after showing q nor
cent on property account for The nm
building Of surplus equal to ) pnr
cent on property account for the yrrv
purposes named by the commission in
ed down. '""' "''"
me law. then, says that any sur.
pIuS beyond tho 3 per cen, ..,S,,, = =
used Tor any lawful purpose"
wanna VIII still have a surni,,s
more than per cent on it's prnnort,
,(ccouT. why then should tho con-,
i,rms 20 on building up its surplus
cent De distributed in n stoc, pr'
purpose? awful