Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-03-23
UNEAS|NESS CAUSED BY
ADVANCE IN CALL MONEY
Attitude of New England Cot
ton Mill Employees Over
Cut l. Factor.
WALL street Hears Republican Lead
Arc starting Concerted
Movement tn Hiring tbout Iowrr
Transportation Charges.
liN Il. /. llilrnIIIIl.

NEW NDEE. March 2-.-ln the
most reliable Mall street quarters
tho feeling prevailed today that the
long expected reaction in the stock
market was close At hand. one news
factor 20 create uneasiness was tn.
attitude OF some $4,000 employees OF
New England cotton mills over the
- per cent wage cuj already am
nouucod To become effective March
- Despite the 30 per cent cut Of
December. 1920 and tho 90 pcr cent
just announced 'hesc wages are Srill
- per cent above the prcwar level
and the union leaders OF these mon
are declaring that they arc 'unaltcr-
ably opposed to any reduction iu
wages or any 'enEtheniuE OF hours. "
with many mills closed because OF
Tho reduced demand hero and abroad
and many other mills running on
part time tho operators say that the
time has come for reduction o. tn.
present level of costs
Another unfavorahle news develop
ucnt was the strike order issued by
coal mine labor leaders. Jndouhte,-
~ the increase IN selling prices an
nourced today ~ The United states
steel Corporation is due i'm part 10
higher cost Of fuel tina; will result
from coal strike. II coal * stored
There will p" additional labor cost
in rehandlinr. aud IL Il Is held in
cars, there win hc GemUrraCc
charges In tOday's annual report.
Chairman Gary Of tho steel corpora
lion. says that 30 per cent OF the
cost Of Iron production IS in trans
portation charges. Before Transport
tatIon charges are reduced there
must he cheaper tucl. Wall street
heard today tins; Republican leaders
AZ Washington. -caljzinc the impo--
tance TO general trade az lower
freight rates. were starting con-
certeG movement 10 bring about
lower transportation charges.
Call Money Advances.
tnessinass was $50 caused hy the
advance in call money rates from !
per cen; The renewal rate. 20 -
then ;, ;her 10. As indicating a
frame OF mind, one member Of the
stock exchange, When the rate
touched -, 6 large borrower. re-
marked. The banks have the money
and do not have 10 lend IL. We have
20 borrow. That is the only excuse
To- The advance. Guess We Viii
have % mike ~ sor1e oc ;h4 losses
OF me banks in their bad loans O! re-
cent years"
Sril another cause n uneasiness
Wa -2noss from reliable banking
circles head carly IN n day that s..
quorum II directors could be oh
'sl-=t M Northern Tsrlao dividend
would - reduced from pc. cen, to
at ins meeting scheduled tor .
o'clock These bankers seemed 20
think that reduction IN the dividend
had been discounted in the r.cen,
decline IN Northern Pac!fc. that
STOCK selling today :; - and q trac-
ton. while New Yor. Central an
ONE! per cont stock, was being
quoted a; $ -, and Atchison nav.
ing al 81 81. However, ;he 5es,
Judges sc.rel 10 hing ,nai q re-
duction III the Northern rac!ne 6lvi.
dehn mad no; .2=r discounted &c far
as the lrou.ic was concerned. and
hence, there was = general lucIina
ZION 10 walt and see VIVA, happcred
Long after :he clos" - the Market.
u was announced tina, ~. rate had
been cat 10 per cent.
Improvement IN steel Trade.
Improvement In the steel rad.
10th in demand and in the ra,e OF.
operation was reported for the pas,
week today by The Iron age. :, was
s,a,ea tha' me situation regarding
prices was stronger. although some
business had rcC,uti.' Daet.. placed
lower than the I-ccs.,,y Increased
prices with opinion in ~. trade al
Nided as 10 the basis and cont!uya
non OF the higher quotations I'm
NfnE"meHt was reported in yaUroad
and automobile buying
;" Tar this year orders have bean
p!aceH BY oar railroads for 1886
freight cars, compared with a33ls
for the whole OF 1921 the smaIles,
hstFes since 1900. For the I'VE years
ending with !'Ia. tina, IS. before The
H..