Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-07-27
INDUSTRY IS IN BAD WAY
ON ACCOUNT OF STRIKES
Hoover Places Business Far
Down on Fuel
List.
BOND MARKET Is STROSI:|
s1,ooorSn In Victory 43-4S Change
Hdhds During First Hours Scs-'
non' Due to Si,OOO,OOO,OOO Being
Called In.
bond MARKET IS sTpo>,;
by u. L.. Barnum.

Ing occurred today by a large
traoer who Is expecting TO go away
on vacation and hence liz cleaning
up losecE of from 2 10 points orr
more occurring In Stndebaker At
iantic Gulf. Mexican Seahoard Cen
trai Leather and a number OF other
SHARES. The bond market. however,
was strong. 100000 of Victory
33-is changing hands during tho
hrst hour on the ncws that Secretary
Mellon viii pay on tl.oOO. 900. 900 OF
these notes. which mature May 20, |
1879. on December Is 1922. I'm !
d"nDtediy sh"rt-tc~m notice bearing |
lower Interest rate will be usnt
Tor this retuiding. This government, (
financing. together with the Offering
I" "" mad" OF Treasury noics. mean,
10 wall street that Secretary Mellon
IS confident that easy money Will
continue.
i"day's weekly review by tho Iron
ASr SAYS that the priority order of
IN" interstate Commerce Commission
mas thrown tn. steel trade into
condition OF utmost uncertainty NJ
rs pointed out that, under the war
pri"r!tics Of four years ago. steel
wa" cio@e >to the top. being a war
necessity. whereas under IN. order
lnst Issued II IL far down on the
list and hence mus, wait uutu NOR.
eNSch'''i com inning linrs have been ,
supplied. There 10 no question I'm !
Wall street. from the news received
from steel ccnt"rs. that this Industry
~ IN bad way because OF IN. coal /
ana railroad strikes. and that 4, Will
rapidly E"t worse unless drastic ac-
ton ~ taken
Urn-ws Dividends.
One Interesting news DEVELOPMENT
or IN" day whS the announcement that
. the Pittsburgh. Cincinnati, Chicago
sand 81 Louis had resumed DIVIDENDS
per cent being declared TO cover
IN" period from January OF 1927 10
aa'" This company is part Of the
. pennsylvania system. and i,y diyi-
d"nd action IL understood her. To
mean that Pennsylvania too. will In
IN" near future resume It's old dIvi-
dcnd rate
ChlcaS" dispatches say that the
Eui'k aEcnis meeting there are pre-
"lci!n; cut in prices. with Other
General Motor subsidiaries following
?, 1t "as ais" predicted thai Studcbakcr
would cut priccc. i
CAL money, whIch opened at 1.
dropred to.3i-c per cent,
STRIKING contrast is found be-
tween IN" Jun" earnings published
t"day H. Iw" railroads specializing
4sln """i Norf"lt and wcg,.rn. "A nom
""i'" wa rom, reports S9.t1t. 600
rioHs. an ~ -rraSc OF s2il7uaD oy.-
lat scar. viva 4 surplus. after pay
lnI operating "Sp"ng-s. taxes and
rNct 'hnr2cs including interest nt
s'.tSa,Npu. gain ~ sc.!s5 0Go Fur
tHc SIX months gross ~ si5.Ga6 900
sh"H7 IN Increase OF 81 3s0. o0c white
I've surplus. after liked aharSes OF
H. r'r' Shpvs gain n no less
than 3e.sSo.00a
Decrease In Earnings.
on To. o,her hand Delaware.
l"hk'Wanua aud Western report,
juno gross 90 ya5Ol 900 aEains, 81
iff.co0 for the same month NJ las,
N'hr, win not operating income OF
'n'' t"i0."op. against 5l,3G1 900 For
N" sh months, gross 81 $35SSo 600
compares Win tIsa7s n00 and nc,
"u"rai!NS Income ~ si.37i,0OO with
''.aci O0h- i;uTal". Rochester and
I''S""rI Is dependent upon hi;umI-
7H"HH Goa for G3 per cent Of It's total
tonnage. But il ~ not benentlng ,n
tn" stInc extern, as Norfolk and
Western from the operations of non
UNION mines. That company reports
Tor June yro9s % $4,000 "A de-
crease %! t2lS.h0O. with bare operst-
ms expenses unearned by .ls6.ooo
For the six months the company re-
ports !s.oie.ooo gross, decrease of
. S"'"Vo, with net operating income
OF Aioh,ooo. an increase Of S73.obtt
railroad officials here are pointing
out that the roads OF the Northwest
viii prof, in the end by the coal
STRIKE, because they will get a large
volume Of traffic which. hut for tn.
! strike, would have gone part Of the
Z way by water
S,udcbaker directors will meet
next Monday. and i, is expected that
3 th"N VIII maintain the regular div |
dcnd rate and declare an extra a. |
or SO a share. Tn. comnany ia I'M
derst""d I" haze earned profits n S.
.o"c.o"" or Sl3 share in the second
@qrarter. against sG.i9 for tho mrs,
sanarter. making 1880 for the hair
year against $500 for tho whole OF
1921.
Sails for Europe.
Jesse l.iverm"rc. admitted to he tho
i'most successful trader In the stock
market since the days of .iRarncy"
{. Earuch and James r. Kcene. ia pa.
ling To sail for Europe ON Allrus, /
In these days when a buying or soil
Ling order for This market can III.
; given in London. executed, and rc-
,port Of the price obtained made back
sto London all within few minutes
: "'ooo miles OF water does not keen
"A trader In London from knowinr
what is going on here. Nevertheless
q trader Ike Livermore is not al his
best unless he Is standing over tho
ticker Watching the price changes Of
individual stocks with the amount OF
stock appearing on each transaction
IN is in this way that Livermore and
other big traders get the feel" of
'hc market, that is. whether tho
strength is on the buying or selling
) side. With Livermore sailing FOR
2 London next Tuesday. therefore. il is
!, safe to assume that he IT, not ex-
, 'ectinF any substantial price move
-meht either up or down in the near
future. n he did he would stay at
: nome tor he would rather trade than
rest or eat. However, II Is known
, mat This leader Is decidedly buIlish
~teS the long pull. Those who buy
: COCKS and sit on them with leather
: : .@ousers'' Livermore remarked to-
!. ncy. 10 close associate, will make
aohey But they must be sure to
get trousers made OF leather. ones
aade OF wool may not do"
Francis G. Gafrey, receiver for AL
, !an A. Ryan. who was OF course
I Syan's choice, inasmuch as RYAN an.
RI he