Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-07-20
WALL STREET PLEASED
OVER RAIL CONFERENCE
Early Buying in Steel Rails Follows
adriccs From Washington That
Agreement Is Reached.
FOODsTUrEs EXPORTS DROP
Market Believes If l.. ). Steel Cor
porntion Declares Dividends ON
Common Stock, VIII BE Due to
Skillful bookkeeping.
iiy u. l.. fBnrns,In.

NEW YORK, July lg.-Early buy
ms IN the rails followed adviccs
from Washington that Prcsidcpt
Harding, Secretary Hoover Secretary
Mellon and Senator Cummins were
holding conference on the railroad
question. IT was stated that an
agreement had been reached with
the steering committee OF the Ass1-
citation of railway executives Tor
funding the money advanced by the
government 10 the carriers during
Federal control for improvements
and bcttcrmcnts, and that all that
remained WAS for the plan to be
approved by the Association OF Rail-
way Executives as "A whole a, n
meeting To be held here tomorrow
he plan, II IL understood, also pro.
rides for immediate payment OF back
rentals due the carriers by the .;n,-
crnment for AN agreement on tho
claims Of the carriers for under
maintenance during Federal control
and for the sale OF securities To the
Investing public. which viii have be-
h'nd them as collateral the paper of
the railroads held by the govern
mont,
VIII Price Spring Snmplc.
One important new development OF
the day was the announcement that
next Monday ;hc American Wooden
company would open and price its
spring Of l922 samples FOR mons
wear and tor dress fabrics. on
Monday Of this week the Amoskcar
company, the largest manufacturers
%; cotton goods In the country.
opened their samples Of spring ard
staple ginshams and closed y"s,cr-
dhy with their OUTPUT contracted for.
II IS hcinG predicted that the sale
nN IN" American Wooden Company
VII bc equally as successful. In this
connection 1t was stated that the
shelves OF most clothing manufac-
,ur"rE ~erc bare. and that the
American Wooden Company would
lam" low prices 10 got business
II viii he recalled that the last
on"rin. by the American WOODEN
Company was one OF the disappoint-
'ucnts that started liquidation
throughout the general commodity
lSt Thc sale although prices were
reduced. did not go Then prices
wcr" again reduced. and sim there
wa no business. 1t is common
knowledge today that ,he textile
business If ON the upbound. after
having reduced wages and prices and
later made drastic economies in OPP
Grafton.
Al business Not Had.
All business Is not bad. II was
learned today that there are other
lines than textiles that are doing
we'll One Wall street banker. for
example. interested in American
Biscuit, stated that that company
VAS operating pretty Close 10 ca
racity. Prices OF that company have
also been cut more than once.
From the West comes the news
That all OF the grain elevators are
FUN, and that some OF the railroads.
to relieve congestion. may declare
enhargocs in some cases and in
others waive demurrage.
Detailed figures from Washington
show that during June our exports OF
foods,uns were s6s.4i00oO against
SSl,ljl 600 Tor the same period 81 last
year. cotton seed oil. Sl.lO5,O0o against
sa.5sS.n0o meat products. se0j5. O0o
against SiS.s5G.o00: cotton, s3O.J19.-
000 against SjliiO.nO0 For the twelve
month. these figures in turn were
93l .392. 300 and S35,22o.00o tiO3.3js.-
coo and 17i,p3l 900: $500 So 600 and
si,3Sl,.07, 900; $3.50. $50, 600 and sie6.-
3i9 ,O0G.
June earnings Of the Lee Trio Rub
her Company, despite the lower prices.
were si,0oo.1oo. the largest on record.
II was stated also that current pro-
auction * now the larges, on record.
AL of the Increased factory facilities
being utilized.
To Declare Dividend.
one week from today the United
states Steel Corporation will give out
its earnings for the quarter ending
June 20. The consensus OF opinion In
Wall Street is that IL the common
dividend tx earned it vii! be due 10
skillful bookkeeping and adjustment
Of taxes and other accounts. There
is deadlock in the domestic steel mar
kct, and outside buying, except in
driblcts, Is confined To Japan. Japan
had its first house cleaning immcdi-
atcly after the war ended. and then
later there was another sinking spell
when the house cleaning was done all
over One OF the causes for the vio-
lent liquidation that occurred was an
cversuppiy of steel From what was
Learned today in reliable steel quar-
ters il appears that Japan has at
last worked off her steel holdings and
is now in the market for nails. plates
and other supplies used in reconstruct
ton.
Fun returns for the railroads for
the month of May, given out by the
Interstate Commerce Commission.
show gross at s4i4.S75.0 a decrease
OF sl2,6S3.000 compared with the
same period last year. with net opcr-
ating income at s37.0S0.000. an in
crease OF s42,5o0.00O. For the five
months gross of S2,ol4. 100000 showed
2 loss OF s31.46O.000 while net operat-
ing income OF s90.332 600 indicated. a
gain of s63.93i.000. There Is only
one way to explain this Increase in
net income in the face of smaller
gross. that is development of uperat-
ing efficiency. The wage cuts Will show
for the first time in the July state
ments to be published at this time in
September. II is safe To predict that
those who buy good railroad stocks
and bonds at today's prices will have
no regrets before the autumn months
are over.
Advices from Washington received
here today over private wires indi-
cate that the request Of Secretary
Mellon for a free hand in rcfunding
tho s10,OO0.c00.000 loans made during
the war by foreign countries from our
government, will &c denied by the
Senate.