Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-06-29
LABOR TALK CAUSES DROP
IN WALL STREET STOCKS
Priccs Open From ~ to 3 Points
Higher on London Strike News,
but Lose Later.
IL a LIS REMAIN STI.i 10Y
Wholesale Gasoline Prices In Thirty
cities Range from 10 Cents in
Kansas City 10 20 y Cents in
Birmingham-avcra is Fl IL
RAILS REMAIN STEAD
By X. L.. BnrnunI.


NEW YORK. June 2S-prices omen
Gu on the stock exchange from one
half to three points higher this morn.
ing on the cables from London that
INC coal strike had been settled Hu,
men came the news that the railway
Shopincno had voted $4,000 for and
100000 against accepting the rcd,ic-
non In wages which the Railroad La
nor Board decided upon TO become Of
icctivc July !. ana most Of the early.
gains. especially In the oil shares.
were lost. The rails. however. acted
very Wei. Despite the prospects for
higher money on the government
withdrawals or s33. 000. 600 ANA tho
heavy financing 10 he done In con
neciton with tho July settlements
tho general feeling in Wall street
today was that priccs for stocks would
work higher
y" Fcnr of strike.
There is no fear in Wall street. Of
genera! railroad etrikc. Tho shop
men are recognized as radIcale. But
~ Is realized that in making its de-
cision regarding the wage reductions
TO become effective July /. the Rail-
road Labor Board did not antagonizc
the strongest labor unions. Under
'He recent wage decision, clerks winch
received an increase of IS cents an
hour in the wage award of last year
"ill got cut OF 6 cents; maintenance
Of way labor. which received an in
crease OF Sl-2 cents an hour, VIII
get a cut of Sig cents an hour. shop
men, who received an increase OF -
cents an hour. viii get cut Cf s
cents; passenger engineers and fire
men. who received an Increase OF so
cents a day. viii get a cut OF only
cents: freight engineers and ire
mon, who received an increase Of
s1.0i a day. will get a cut of cents
an hour; passenger conductors, who
received "A raise OF $40 - month. viii
&c, cut OF only 7l-e cents an hour.
In the past the strong labor unions.
including the engineers, bremen and
conductors. have not stood behind tho
shopmcn in their strikes. It is no,
believed that they VIII now 40 IL, In
astnuch as their cuts amount TO only
SIS a month. where steel men and
textile workers have been cut 20
p"r cent and 90 l2 per cent, respec-
lively. Of their entire wages.
II tho shopmcn should strife. IL Is
possible that the vote just taken
wa@ only a formal protest. The
equipment companies will benefit.
Practically all OF the idl. car sur
plu. now being reported ~ made up
Of bad-ordcr cars. and steel men are
expecting the railroads TO start buy
inE materials Immediately after July
l. II is now practically certain that
President Harding Is going 10 get
"A cash settlement ~. the railroads
covering the balance owed by the
government on guaranteed income,
and tina, tho money owed the gov
eminent by tho railroads Viii be
funded into hf,ccn-ycar loans
cut VIII lie Profitable.
With the reduction that has taken
Mace in the cost OF living. most
railway employees. especially those
belonging 10 the unions. Will be bet
ter off than they were Immediately
after tho wage increases were
granted last year. For example,
agures were obtained today showing
that whereas si3.75 would buy a
wear ago barrel OF Hour and 100
pounds OF sugar, today tile same
sa3.75 vii! buy the barrel Of -four.
The 100 pounds OF sugar and over
ff,y other items. including such az
and ono OF butter. three cans OF soup.
ono can each az asparagus. clam
chowsicr. baked beans etc.
Pools have started working ON the
long side OF the stock market in
Studcbakcr. Chandler, Baldwin. AS
phalt and a number of low priced
rails Pools working for higher
prices have been out of the market
for the past eight weeks.
Prices wholesale for gasoline III
thirty different cities today range
from Is cents in Kansas city 10 % =
cents in birmingham. The average
is 2l.2 cents decline OF cents, O:
81 per cont. since January l. The
largest drop has been In Dallas-from
81 10 Is, or AZ per cent.