Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-08-23
TO SPEND S1G,500,000
INCREASING FACILITIES
Stock Exchange Cheerful Over
Situation, Despite Rail
Strike.
TIME 0NEY WITiIDRAwS
Hclic'c Brokrrs Hope 10 Get Higher
Hhtrs ON Cali MOnr.--pittsburgh
Fcnrs Possibility of scarcity Of
Labor.
TIME MONEY wTriDHAwS
by II. l.. BnrnUp,.

rlt'ch Tor ia: United News.
=" new YORK. Aug. 22---With sew
eTal railway presidents making
htjtcmcnth that the striking shou-
men were beaten and predicting that
me railway executives at toinOrrow's
his conference would stand hrm on
the question OF seniority rights. come
traders In the stock market took
fronts 'oday and others sold short.
mere was the usual hesitation wit
messed on Tuesday during an upward
movement OF prices. However. wall
street Az a whole is Sun very Dull!sh
on the outlook
ono large stock exchange firm
commenting on the contradictory re
r"Tt- put out today on the prospects
7"f "u early settlement OF IN" rail-
'"dh and coal strikes. said In "A ,u.s-
sax" put on its out of town wIr,s
- prominent physician iu this tc,y,
"lspiaSs this card on the wall OF MS
MHi,ink room. ! am an old MAJ, and
'aNe had many troubles but ,h.
most OF them never happened This
'"arhct Is taking the same Cheerful!
"T i'ude toward the threatened dis
'hrhanc"s in Europe. and NOR par
'lcu'nrlv toward the railroad si,ua.
ti"n' which. II argues, must b. set
re" some how and that ye-y
promptly"
New &. Il -. OncrIug
'""t banHcis here b"liey" ia the
inward movement going on in IN.
railway stocks IS evident IRON u,
"rerins shortly TO he mad. In new
'hcsapeake and ohio Gig per cen,
cumulative preferred shares At par
'hcsap"ake and Onto expects to
raise somc s!G,JOQ.oGv In tuls way to
re spent during tho next four wears
/. ~ increasing terminal ana other ia
'IitIcs, ana tho management ana It's
lures VIII ANNUALLY sjyc 5000, 900.
Today IA" Steel Coz uOration an
bounced am Increase OF 20 per cont
al wages, anectiv" September !.
= Money brokers who place funds Tor
Wall street banks and arrans. loans
or stock cEyhGng. houses r.pOrirG
To-Day that practically All 90 ~.
oah"s In the street hUd Withdrawn
VINE money. They are not making
time loans at ans rate" one. IL
'hase' was s'll freely Offering rtn,r
money ~ from 40 - ACCORDING
!" period OF the loan. Tn. b.u,r q
money brokers is that IN. banks. dc
spitc ia" continued "uIr .nlport. and
ihfs" piles Of unemployed furSis I'M,
IN. country, a-- withdrawing INN.
money temporarily 10 get the rat.
np on call loans. Yesterday Tho t..
newal rate on call loans was 3l.t
Today II was 3l-e
Pittsburgh reports that q scarcity
d! labor IL feared I'm that and u,h.r
manufacturing districts as soon AS
tho coal and railroad strikes are end
ga Men mere in Wsn Stree; who ara
large cmpioyeys OF Enhor stated today
when shown thcs. dispatches that
there was even nbw q scarCi,v NJ
labor. and that the situation wouId
q" much wors. as soon as the coal
miners. who have been on strike
hinc" April and have found ON
EIoyncnt In other lines return TO
th'ir own jobs. striking shopm.u
nave also found work a. other lines
I'ut even so. one big employer OF
common labor. with Headquarters in
Wall street stated today tina, he
FOUND II hard TO get anything but
The poorest kind Of mnskiilcd men nj
Tess than - cents an hour. some.
he said. are already paying as high
as 90 c"niA ala hour against the re.
cent low rate Of 80 cents and the
hour.
There was more shutting down In
the steel Industry reported TO-DAY
with the Steel Corporation nov, run
: ming at around 90 per cen, Of nor
MAJ capacity, with the independents
running from 30 To g.. tn. steel
= trade believes II Will be sixty l,ys
'"' "'''"' 'HuS Dniorc
mere is a return IL norma! condI-
lions.
Continued strength In American
WOODEN to the highest level in two
years Is attributed In wcil-informcd
quarters here 10 accumulation nv
|, New England investors who are ia
mil'ar with the companys increas-
Ing business and higher selling
prices thus reducing rnc floating
supply or the stock and making for
higher stock market prices