Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-06-29
WALL STREET BELIEVES
WALk0UT TO Be F|zzLE
Buyers Opinion Reflected
Substantially in Dealings
in Carriers Stocks.
SOUTHERN EARNINGS GAIN
Great Dixie Transportation Systems
Mny Report shows Gross Of slO.-
$4,000. Gain OF S73O.OOO over Cor
responding 1921 Month.
SOUTHERN EARNINGS
by IL. l.. iINrnum.

crh racine, New fork Central ana
other rails on the belief that the
threatened railway strike would
soon nzzlc out, leaving tho carriers
In the strongest position in years. In
the industrials and oils. however.
practically al! OF today's stock mar
kct activity represented pool opera
tons. The Judgment OF II majority
of those here who look on and thus
are able TO give unbiased opinion, is
ihat until considerable downward
movement has taken place In the
level OF stock market prices IT will
he better To sell on the strong spots
than TO buy on tho declines
Insiders In Steel Hold Fast.
There are good reasons FOR beIiev-
ing that insiders in the proposed in
dependent steel mergers stu have
tteir stock. Tho blow up came be-
fore they could get out without de-
n'oralizing prices.
Jesse J.ivcrmorc is not going TO
have any more money TO lose IL re-
ports OF HIS heavy losses continue.
According 10 todny's gossip from
ChicaSo, LivcrmOrc and his friends
lost 3s.joo,000 by being shor, Of
Mexican petroleum before the recent
rkyrockctin.. OF This total Liver
more. according TO ihcse reports. is
said TO have los, s2.006.0O0. Those
In Wall street who know what ihey
are talking about declared today
that instead Of losing money b. the
sudden advance In Mexican petroleum
l.ivcrmore actually made money.
bivermDre knows TOO much stock
markciw!sc 20 have been caug,i,
heavily short OF Mexican petroleum.
He knew what every well-informcd
man knew, that MEXICAN petroleum
Was virtually coruercd because OF
the stock held bv p,,- american.
Then II hc had gone short OF Mexican
petroleum on Hycr he would not
have stayed short. He holds the
record for quick running when "A
trade goes agalns1 him. Bu, tn. facts
are that he made money instead OF
losing 1t by the rise IN this much
discussed stock.
Look for Quick Conf Settlement.
strong efforts on tho part Of the
administration at Washington to
end The coal strike. together with an
Increase IN the output OF coal and
cox" al nonunIon mines, has made
Inc stee! trade around Pittsburgh
believe that the end OF the coal
strike Is nor far on the Iron Age
says today. In reviewing conditions
during the past week In the iron and
steel trade. AT the same time how
ever II Is added. steel prices continue
TO advance because II liz believed
that higher operating costs Will con
'inue. In this connection Il was
pointed out that tho building trade.
railroad car builders and automobile
manufacturers We're all bidding
aSains, the siec! trade for labor. q
factor which Is bound TO result In
higher operating costs.
l'crc Marquette declared an extra
dividend OF per cent today on tho
. per cent preferred stock
Crude rubber advanced today To lG
cents. up IL cents against ycster-
days closing price. and gain Of
cents compared WIS last week This
was due 10 tho decision reached at
The Amsterdam conference by Dutch
growers 1" restrict production. i; is
understood, too. that an English SYN
dictate stands ready to put UP money
10 withdraw 100000 tons OF rubbc,,
from Tho market.
Texas Company today followed tho
lcau OF Sinclair md Standard oil of
Indiana ia advancing gasoline ana
kerosene prices.
May rest Lnbor Hoard shop Ruling.
II the threat sent to railway presi-
dents by -" 'p1Ggy ana
100000 trackinvn that Il strike viii
start on July l and Is. respectively.
IL the orders OF the Railroad Labor.
Board 20 cut wages are carried ont.
the new equipment recently pur-
chased by the carriers will come in
Randy. The railroads. TOO, in the
event OF strike. are likely by test
cases to carry to the courts the re-
cent decision OF the Labor Board
that work cannot be farmed out
Some shopmcn are likely TO stay
at work. IL is believed in RAILWAY
circles here, and then some outside
men are likely to apply for work.
inasmuch as the wages TO be paid
even after the cut are higher than
paid by other industries The higher
wages Will also make IL possible for
the railroads TO easily get all of the
trackmen needed except at large CEN
tiers. and there it was said the rail
roads could get along with n few
men. With the Pennsylvania en-
ployes voluntarily agreeing to take a
reduction mainly because of the
lower cost of living ii IL not under
stood here how the men who threaten
TO strike can possibly win.
Easier Money Evident.
Easier money is reflected in to-
days announcement that the bonds of
corporations to be called and paid
OF during July before the date OF
oi''S aggregate Sl4f.II9,00O
against only S2S,2S2,00 for June OF
1877 and S4,s390O0 for July of 1921.
In putting out new securities bear
ing high interest rates during tho
war and after war. period farsightcd
companies included in their mortgage
a call clause. Northern Pacific was
one of these. That company will nav
on next month at 1913 IL the sl0t.-
b24,ooO 1-2 per cent in Apru of
1871 bonds sold to meet its maturing
indebtedness incurred back in 1901
in connection with the purchase of
the Burlington. These bonds are NOT
due until 1885. but the company will
take advantage OF easier money mar
ket conditions to reduce i,s dyed
charges. Bonds called for paymcni
next month before date OF maturity
establish new high record for ali
time because of the large Northern
Pacific Issue; but without that Issue
'hc amount is large.
southern Il booming.
Southern Railway Is another rail
road that apparently has not had its
earning power hurt by the coal
strike. todays statement for Nav
showing gross Of sl0.S42, 900, On in