Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-07-08
RAILROAD SHARES LEAD
IN WALL STREET MARKET
Break Into New High Record for
the Present Upward Price
Movement.
OH STOCKS SELL VERY FAST
frcight-Car i.Oadinys for Week
Show Decline of $3.50 Cars Com.
pared with Previous Wcck-To-
tai Was 775,O8I.
OIL STOCKS SELL VERY FAST
Ky II. D.. IinrntIiti.

NEW YORK, July ?-Nor,hcrn pa
'ihc southern Pacific. Reading. New
YORK Central, Canadian Pacific. I,nio,u
Phcihc were the leaders of ,bo ,.,,,
'n"r"ct today, those shares and other
'aHs breaking into new high ground
Tor the present upward uric. mov,
,neh, Secretary Mellon stated to-
'"y mat plans were under way nnh
may be- announced before tn. cIos. ~
IN" wrcH for hcipin;: tho railroads
ie"ihrs funding the paper hcid bv tho
government Tor roucy advanced for
"lpro'e'h ms during Federal control.
"hEfchs VIII b" asked 10 approDrl.
ato S30o.oGoooO in addition ia Tho
S-'u'"ho 600 now available for having
INC railroads the back rent due
OH Sells r"nst
N"'Hraiiy after Yesterdays scnSn
tl"nal recovery in Mexican Petroleum
'h'fe was profit taking today in the
on shares. However. tho stock. ,huy
thrown on the market were well
Following The news tina, the steel
non had cut it's selling prices
from - :" $40 "a ton TO nice, mo
competition % tho independents All
81 III" steel shares were closely
watched for signs as to whether in
'"'fS believed that tho price cu,s
luS' made would bring out business
fowcHcr no signs. either ono vs.
or IN" other, were apparent There
may or may not he other pricc cu,s
M steel before the bottom for this
year is reached. Blu, this much is
certain the outlook Tor huyinr Nv
IN" rails - better than Tor NAV
months. II not years. past. because az
IN" help to bo given the cnrrierY nv
'he government As for oypor, husi-
h"NS' y was learned todav from all
SoiHteiy reliable sources that. where.
7r tor months past this end or tho
steel trad" has been fat on its back
some buying orders have appeared
within III" past fcw days. some for
IN" Ear East ~ Is believed thu, tho
prices for export trade arc far b.lo,,,
NOSE just named for home buyers
iondIngs Fall or.
Freight car loadlngs for tho week
ending June - show decline or
'"'" cars compared with the nrc-
""dinf week. The total was 775.osI,
which is ia6ii2 below the same week
Tor last year and 7Oc23 under la1a
There was an increase Of 2I73 cars
~ grain and grain products a loss
~ LII" cars IN merchandis. and
miscellaneous traffic. a loss Of 1OiS
In forest products e gain OF 2ii I'm
coal a loss " ZIG In live stock. a
lass nf $50 in coke and gain ~
nity-hve cars in ore. The low level
~ weekly freight car loadirgs for
he scar was SIS 222 on February %.
New York Central * rcmodcling It's
stfrlus freight cars that were used
Tor hauling automobiles. SO that tho
Same cars may te used for hauling
grain. ON mo present working basis
whieh i. only from 81 10 10 per cent
'nf normal. PENNSYLVANIA viii save
'2c.600,000 annually by the - per
cont wage cut, Prior 10 the wage
cU; announced on May IL the aver
age pay OF steel Corporation om-
rloy"s for a tcu-hour day was sos.
Tina, cut reduced the figure to Si.O5.
Elimination Of the tlno-and IA hal (
pay for time over eight hours,
adopted as a war emergency measure
NOW reduces the figure to s3.s.
England's oncr 80 pay of tho
800. 100000 outstanding 5l-2 per
cent fivc-ycar bonds, whoh are not
due until November I. made good
Impression