Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-06-22
PETROLEUM SETS HIGH
RECORD FOR THE YEAR
More Mexican Oil Stock
Traded In Than Avail.
able or Street.
ANOTHER SCANDAL THREATENS
market Writer Asserts Security
should he Taken on Est-Lnbor
'"rn. Corner with BiE Demand for
Workers, skilled and Unskillcd.


NEW YORK. June 2l.-There was
another upward price movement at
The opening OF the stock marke: to-
day In few leaders. but on the adj
NancAs a heavy selling was met. Tn.
.est OF the marbet did not follow tho
leaders. Studebaker made IL new
high. Mexican Petroleum. which
"a Sod Ut 100 l-o. opened at 40. ad-
Nanced to i73. dropped to 49, i-2. re-
covered TO 173. dropped back again
I" lGS and then made q new high re-
cord for tho year at lis =. This IL
an advance Of 80 points in less than
q week
There is only between 10000 and
100000 shares OF Mexican Petroleum
available for stock market trading.
N" balance being held by pan-Nmcr-
lean. During the past week, $4,000
shares OF this floating supply has
been taken on; OF tho street. sup
roscdly by tho pool o. insiders WORK
irg in tho stock.
n"rr Shnrcs Soid Than Available.
This means that moro stock Is be-
Ing traded in daily than is available
Tor stock market purposes. with the
price running Wild. The feeling Is
= growing that this situation IN Mcxi-
tan Petroleum il rapidly developing
into another Stutx Motor avalanche
aud that Tho stock exchange should
do something before there is another
scandal.
With all but comparatively fow
shares OF Mexican Petroleum held by
ran-America Mexican Petroleum
should hc taken or tho lis, and ,raH-
ing should hc In Pan American.
when Is tho holding company for the
stock
Chill Money mt bottom Rate.
can money renewed today at IA
per cent. tho lowest renewal ratio
since October II, 1917, when tho rate
was - per cent This low r..
newai rate started a report carly In
tho day that after tho close OF tho
market. the Federal reserve rcdis-
count rate had bern cut from IL
to {.
There is more uncer,ainrv in tho
steel trade over tn. coal situation
than ct any time since .,pril l. ac-
cord!ns 10 today's Iron ASc How
ever there IS "a feeling In tho S,"rl
trade that IL the threatened railroad
strike occurs. IL VIII cause tho gov
eminent TO take steps 10 end The coal
-slrikc.
lac H>-Produrt Coke In Locomotives.
One OF tho mig roads here is now
from company making gas in this
part Of tho country. This coke is
not good tor foundry uac, bu, it is
proving highly successful FOR loco
motive fuel. The frs, cost f. a little
higher than coal. but 100 pounds o;
coke are equal to- 2.ioO pounds pG Coai
Moreover. FOR each car Of coal used
IN locomotive. there IS i car of
ashes 10 he handled The coke burns
W clean. leaving practically no dir;
or ashes. Then with coke (, IS only
necessary To bring a LOCOMOTIVES n
every four or five days TO have the
ircboN cleaned. whereas with coal
;his must be done every twcn;y-foYr
hours or so. This means greater
earning power for the locomotive aud
loss work for the fireman. The
StcamlnE results of coke. II IL re-
ported. are proving highly satisGac-
tcry.
Good Jobs without Takers.
For the first time in more than two
Years. good jobs are going begging in
Detroit. according 10 todays dis
patches from that manufacturing
center. reporting the head OF the
City's Social Bureau as saving Der
manen,, well-payinE jobs for 900 men
are 10 be had for the asking tfrougn
this Office. but they are going begging
FOR takers" Factories are again
bidding against each other for
skilled and unskilled labor. it was
added. wages being boosted Nv some
companies as high as 81 an aou" for
skilled labor with unskl!ci work
."-s getting not less than IN cents
and overtime. the rule rather than
tho exception.
y halt in the downward trend Of
;a. H.
national industrial conferences. which
has It's headquarters here. For tho
nnonth ending June Us. this organiza-
ton reports there has been ia the
past month decided decrease in the
number of wage changes in general
with a rapidly approaching balance
between reductions and increases In
creases outweigh reductions in The
building trades. y short age Of la
Dor is beginning to make itsu.f felt
which some operators arc attempt
ing 10 overcome BY the payment OF
bonuses %oS 90 per cent above union
wages" 1t was added that the metal
trades, too. also show balance in
favor OF increases, but with clothing
and textiles continuing reductions In
excess Of increases.
shows Earning Decline.
Kansas City Southern. the second
railroad TO report earnings for MAJ.
SHOWS gross at si,6IS000, decrease
ot $4,000, with net operating in
come at 100000, a loss of $4,000. For
the five months gross Of sS.Ots 900.
was down sl.266.000. while net oper-
alns income of sl.i6oO00 was off
s""2'ooo compared with the same
month OF last year. This statement
Is more Favorable than the one made
yesterday by Union Pacific. which
pulled It's net down by increasing
maintenance appropriations. Inas-
mitch as the railroads has been cut.
ting operating expenses to the bone
for months. it was natural tina,
there would be an increase i'm main