Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-08-02
attention OF STREET
R|VETEO ON RAILROADS
Prominent Financial Men In
clincd to Stand With
Carrier Heads.
THE corT'oN MNnKrr uo,,s
Quick Announces rrirc f,ut.-Sc,
nnrbnrk REPORTS for July SnIrs or
"'-'~R'Hh, Ito Per Cent In
crease Over I.Rst ycpr

nun tho motor and rubber stock.
weak and The rails strong. with st
'anl common and preferred making
now high records for tho ycar 4
new high record was made for the
hForare price OF twenty-five rails
wall Streets attention today was
r!v"ted on tho meeting ar railway
presidents hold In tho directors room
OF IN" New Haven up ~ Grand Cen
ira! station. This meeting. which
was the larEcs: one ever held by tho
Association ~ hallway Executives
started AZ II o'clock Secretary
. Hoover was thcr" for twenty min
nt"s 70 present tn" plan of President
Harding 'or S"''iing tho shipments
firik". u adjourned for lunch a,
1890 AMI started again at 80 drar,
r"rl" 20 President Hardinr's let
tor From what could hc learned dur
Ing IN" lunch hour Foutlrn"u, was
S,rorc!T against accounting rroSidcur
liardlnE's recommendations which
provided for tho immediate return
OF IN" striking ThoDrrcn with senior
~ rights unimpairrd and with both
sides agreeing !" submit other point,
In tn" controversy 70 tho railroad
lahor R"ard and accept itS decision
Tn" market closed with tho Meeting
"'ill on and with traders disposed to
await further DEVELOPMENTS
Wnti street Win Presidents.
=
S'f'"' stands with tn. railway rros'-
dents However men were found IN
the financial dlStric, who. on yncond
thought. w"r" strongly ~ tho heli.f
'hai tho executives who were op-
Ios"d :" restoring seniority tights 81
the striking shormen were making
mlsiae" In This connection IL WAS
roln'od out that IN" presidents. in
having ignored unti after tn. s,-I;<s
"af g" lt"t The orders .: tho Railroad
La hor Epart 10 cancel oG,Eid" repair
work, wsr" psrrly r"sror,ihl. tnr
bringing on ne z,rlke. ana hence
they ""r" not in position TO nun
ism 20" men FOR STRIKING IN such
quarters N. f"oIirc was that tho real
motive % the presidents who were
h"inl'E ONT ""e 10 h.r" - many new
men as possible ard thus weaken
IN" lahor union In az much as tho
railway pr"Stdcu'S have 'h"ir union
~ IN" form % ia" Association OF
kaiiway Executives. with highly
'rain.d man ~ its head the feeling
was mat e., was useless To try t"
weaken tn" shipments union. seed
less - add. this was no, tho popu-
lar side ~ tho argument In Wall
street
Will" waiting FOR some word from
tho meeting ~ railway executives.
Wal street WINS given something 80
think about IN tho government cot
'Hl report ~ OF Ju.N rS'rrN1N
the Journal ~ Commerce estimated
tho condition on shat dat. az T4I
an Improvement owing TO splendid
weather conditions NJ - p"r cent
for 'he month Todny's government
oSii'nat" p'aced iha condition At only
EOS, indicating CROP or ll.ti..o0O
bales against yesterdays estimate
hr tho Journal NJ Commerce q! H.
$4,000 hsler. Naturally. the cotton
market boiled However. in som"
quarters II was recalled how tho
government, slinrcd ur on S. late
estimate ~ last years crop. making
II under S.ooN.o0 halcs. whereas thr
final figures showed 7.a53.ooO. II was
also recalled that the Journal OF
Commerce. with its highly trained
1900 field correspondents, had an on
viabl" record In making estimates.
ton ~ ,odny's high price Was too
high
since England hogan on June N
last 20 send us gold to pay in'sr>At
this autumn on her war d"bts 20 our
government. no less than s30.n+5.OOO
OF tho yellow metal has como in
from London.
Buick announces rric" cuts run
ming from s35 10 s22o This cut was
predicted in automobile circles last
week.
American Hide and Leather reports
for tho Jun" quarter after d"pr"cta
t!on Il dehcit of $4,000 against a
dehcit 81 $4,000 for the March quar-
ter. and a surplus for The June quar-
ter Of 1921 ~ s25l.oo0.
Sears Roehuck reports for July
sales Of si2.ctiooo an increase over
last year Of 1is per cent For the
seven months tho hEurcs ar" Sa4.-
$4,000. decrease OF 81 per cent.
Montgomery Ward reports for July
sales Of s5l1oooo, against S4.3oa,00o
n year ago. an increase OF Is per
cent. For the seven months sales
were st6,alo,ooo, an increase OF u
per cent
:. There was not single million
'share day during July: nevertheless
transactions on the stock exchange
for the month were l5,14s,ooo shares.
aGains only 9.295,ooo for July of 1921.
For tho seven months with prices
advancing the turn over was 1872
$1,000 shares. against 1O1.SO4 900
shares for the same months OF 1921
when the price tend was downward.
owing to violent liquidation. The
average price OF twenty-five rails
made the low for the month on the
3 at 6i.s3. and tho high. which was
the high for the year on the 81 at
500 Twenty-Five industrials ad-
vanced from the low OF the month
OIL "b.ht on the . 10 iNG.iS on the y ]. I
The average for the nifty shares ad-
vanccd from the low for tho month |!
Of 1870 on the : 10 $3.50 on the ~
which was Il new high for the year
and which compares with the low for |
the year made on January 10. at
6G,2i. The average price of forty |
bonds mado tho July low at 1926 on |
the first and tho high at sl.22 on tho !
Fl which was Il new high for the !
year. The low for the year was |
1901 on January 3. Tho turnover in |
bonds for July was 100000 non |
against f242.o00,OOo year ago with !
the seven months showing s2,63i.- |
$4,000 against only Sligo. GOT 900 for |
the first seven months OF 1921.
Mellon Recommends Harding.
Corporation borrowing for July |
footed up s227.975.oo0 against sara
100000 for June and $170,474. 600 for !
July of 1921. For the seven months /
the figures are s2039,311,00o against
72.726.000.
Secretary Mellon has recommended ,
the reappointment OF w. p. G.. Har-
ding as governor OF the Federal Re-
serve Board, and predicts that presi-