Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-04-15
BRITISH Strike CASTS
GLOOM OVER MARKET
Wall Street Believes Trouble In
England Is Rehearsal Of What
Will Happen in U. s.
IRA ID Z r. S SELL SHORT
Cuts Made by Steel Corporation
Still being Discussed and Con-
scnsus OF Opinion Is Reductions
VIII Not Obtain New business.
II r. ADJ Frs SELL SHORT
by IL. l.. IbnrnuDi.
IRy United News.l

NEW YORK. Aprii l4.-EnBlahu %
labor situation continued to cast Il
gloom on our stock market. many
Wall Street people believing that
what is now going on over saerc Is
merely rehearsal Of what Is likciy
of occur here. Today's cables re-
ceivcd from London before the open
ing OF the stock market. reported thht
labor representatives had left Inc
leader OF the railroad men when
asked for his views on the outlook
remarked: II seen no hope. Pro.
fessional traders. SO" -tocks snort
during the nrst hour. but faiiod 10
make. headway. There Is a we'll ac-
copied working theory stock mar
kntwis. that when things in trou.
blcsomc situation get go bad mat
there is no hope. something favor
able and unexpected happens.
prOmisc In Obtained.
In private banking circles story
wax heard today to the effect that
President Harding az result OF the
conference carried on quietly anu
first hand with railroad leaders had
rcscntntivns n promise to accept
reduction in wages. The one excep-
ton was S;tonehead. Of , the brothsr
frmed story may be thu unexpected
favorable development in our rail-
way labor situation.
Delaware ana iuuHOn. 'ITeNI NOT ~
crn. Northern Pacific aud other rails
were heavily sold carly In the day
before the foregoing story got
around. Sew low records for tho year
has already been pointed out in this
correspondence. there is growing un--
caa!ness on tho part of holders OF
railway shares regarding dividends.
Returns show improvements.
But Their. arain something mex
pcctod i 80. 20 hTn""f' ~ was
learned todnv 49,
economies already effected. the net
show II decided improvements
According 10 today's Ro6ap. the
or pass the 6 per cent annus' divi-
deud on tho common stock - the
meeting to be held next Wednesday.
Tho smelling l per cent quarterly
dividend will also he passed on May
.. But evon II ,hcse ruruors rnatcri-
allie IL ia possible that IN" dividend
reduetions have been discounted
dividend. that stock held steady today
around 30. Tho decline from last
years high price OF So IL. md this
years high az Sc. was In anticipation
OF what has only just bean done to
the dividend.
w. u. Drops Four Points.
Western Union was one Of the fea-
dropping four points from tho recent
hiEh on the publication around noon
OF the earninssr for ne harch 9usr-
The sosooo,ooc stock arnins, sa5 for
the same. quarter of las, vcnr Th"rt
~ an old kEend In Wall Street that .,
are ono of the hcHt Indications Of!
conditions in general trade.
repor, Tor 1870 showing sls.s per
asainst only sos "a" for eI isiH is nIss
leading. Actual net income for div
idnnls last year amounted 10 only
;iss55ooo against s2o,0il.ooo for
losses We're written OF amounting TO
s7.io30o0. making the surplus for div
blends s12.6osooo instead o. the AGO.
oll,ooo actually earned. This year.
the company's Inventories at tho close
OF 1920. AMOUNTED to sl3l $4,000
asa!nst only soa5e5,ooo for 1919. To-
day int cut OF 10 per cent was an
nounced in the selling prices Of all
products made np OF steel.
Cut In Steel Discussed.
Wall street Is still discussing the
and the consensus Of opinion liz thnt
the small reductions Will not get in
na"y srem, nm9"n, Of mTT business
cuts will br made after which wages
VIII be reduced. That is the pro-
ccdure successfully followed by Amer
ican Wooden Co, past master in hand
ling labor. First small cut was mado
I'm selling prices. Then II was al
lowed 10 leak out that little or no
new business had resulted. Then n
drastic price cut was made followed
by the wage cut
More gold came In today making
100000 for the past two Gavs.
Todny's metal was In Gorr,or nin,'-s
consigned TO Kuhn. Loeb & Co.. the
first real evidence that Germany vas
shipplng us the metal in payment OF
exports.
1t Is understood TIM, tho Eora AZ
tor Co. VIII pny OF $4,000. 900 of tho
s2f .n0h.noo loan maturing April "a.
and that Henry Ford raised the
money by sale OF Liberty bonds