Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-07-22
BANKS REFUSE TO LEND
: MONEY ON OIL SHARES
Predict Additional Reduction
in Prices of Crude
Pcir .cum.
SEE ITOPI; IN ntrIsInS
DeIfove Strike VIII Ito s,ttt.a
Throuwh Courts stand Backing
ID Hnflroad Lni>or Donrd Against
nsy1vnnin system.
SEE HOPE ~ rur,.,,.
HY Il. l.. Ilarnuln

ny Il. l.. Barnum.
NEW YORK, July 2l.-Your oor-
respondent rnado round OF n num-
nor OF largo stock exchange firms to-
uey and developed tho fact. through
direct questions, that thcre In prRcti-
callE NO short intorost In tho mar
kot, but a very substantial long FOL
lowing. This does not Indicate "A
strong technical condition More
over. inasmuch as tho market has
been ignoring tho serious strike
news Of the past few days. II would
not be surprising II there waa soma
selling on a sudden. unexpected an
nouncencnt that tho strikes had been
settled. II the strikes continue
earnings OF railroads and Industrial
companies Will suffer as reeul. Of
high fuel costs and freight congcs-
tion. Thus. eithor way It appears
that tho market is headed for n tenn
porary setback. There Was consider
able proht taking today from the
viewpoint outlined.
1t was also ienTNed today that one
OF the largest banks here lending
money on stock exchange collateral
has been throwing oil stocks out Of
Its loans 1t has even Gu, down 20
small percentage the amount OF
such stocks as STANDARD or. which
Will 10 accepted in loan envelopes.
II Is le!ng predicted hero today that
there Will DO moro cuts IN tho prices
OF crude oil.
Sec Hope In Decision.
Aside from the news that the
Southern, the Baltimore and Ohio
and several other railroads wore try
ing 10 settle tho shipments strike.
word came from Warrington that
tho best opinion there was that tho
way for a general settlement o. tho
strike would be found through the
decision Just handed down against
tho Pennsylvania Railroad by Tho
United S;aics cour, ~ Appeals at
Chicago. That decision indicated
p!aln,y tina; tho courts would sus-
tain tho rulings OF the Railroad
Labor Hoard against the railroads
81 paul dispatches quote President
Budd Cf the Great Northern. as say
ing his company was about 10 form
separate union for It's men add
Ing: We AFRO going TO hav" our or
sanitation OF employees which viii
not Re controlled by or dictated 10
by outside influences. men working
for other lines or other interests"
This Ia on" way out OF tho very
serious labor troubles OF today. The
pennsylvania Railroad and the
standard oil Company here have re-
GENTLY found this plan 10 work yer:
we'll. Cncials Of Pennsylvania say
employees have recently brought In
decisions againnt tho men shoYInE
fairness beyond TryIhing that can
10 imagined from outside labor
leaders. For example. IL was recent
Is voted 10 sustain the company FOR
dieoh arging q man who had called
ono OF his brother workers "scab."
Strikes Hetnrd Improv r,ncnt.
There are two ways OF looking at
tho car loading figures just reported
w. the railroads for the week end
'tng July s agGregntins 1889 cars.
an increase OF 77,7st over The same
weak OF last year. but decrease OF
1887 over the previous week. Coal
loadiuga for the week were $3.50.
Il decrease from the previous week Of
25.872, and IL loss compared with last
year OF 54.97i. Merchandise traffic
was 4s2.079. loss OF 93.OS1 against
tho previous week. but gain OF
Sa.2s6 over year ago. These figures
provo conolusively. first. that general
business IL on the mend. and. next
fhat the improvement is being held
back by the coal and railroad strikes.
One way OF looking at the situation
Is that AS soon as the strikes are
settled there VIII be a rush OF bust
ness that Will make up for the traf-
fc now being held back. Beyond
question there will be All OF the coal
moving that the railroads can handle
making necessary the priority plans
now being worked out by Secretary
Hoover. 1t is reasonable too to ca
pect II rush OF traffic. now delayed
because OF congestion. But there will
be loss. nevertheless. OF much bust
ness which would have moved but
for the strikes.
Coal ImpOrfs Iucreasc.
Buying OF British steam and gas
coal for this market is on the in
crease according to today's London
cables. 100000 tons having been pur-
charcd tho past four days for in
dustrial md public utility companies
100000 tons for New York alone.
Washington reports that plans are
being considered TO use 100 Shipping
Bonrd vessels to bring coal here from
Eagla x the strikes ge; ,vorae
So far only foreign ships have hapn
used. Until the price of coal rcacN~t
Ifts present high level 1t was not
profitable to ship coal here from Eng
land. Thus the strike Is proving a
boomerang to the strikers. But the
hard part of 1t Is that II is also
hurting innocent bystanders who are
having their business shot to pieces
l by high coal prices and freight con-
gestion.
Baltimore and Ohio is making new
high records for tho year on expec
Itations of dividends. The approx
Fnate date for the semiannual meet
Ing is July IL. and the date OF paw
T.ent September !. Baltimore and
Ohio earned "a per cent for it's com
mon stock In 1921. and "a for the
first half OF 1922. No dividends have