Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-03-15
BUYERS STAND READY TO
TAKE ALL OFFERINGS
Heavy Selling Due TO Fear
Tax Payments Will Disturb
Money Market.
FEEL LABOR CRISIS Is At HAND
Conferences BcEin To-day to Deter
mine Wage Scale of Anthracite Coal
Minrrs-Raiis Develop strength I'm
nir Trading.
By u. J.. BRrnIin,.

By u. J.. Bnrnun.
NEW YORK, March li.-Iieavy
selling in III" stock market which
developed yesterday was resumed to-
markable power TO absorb all Of
fcrnrs. Apparently there are buy
as standing ready TO take all Of
ferines az any concessions In prices
Consolidated Gas and other public
utility shares were tho features OF
today's market. The courts ordered
which has been held by Consolidated
,S egs'1om 'SS / tho ssher rates
Supreme Court. Bui tho decision
reached by the court was that the
So-ceni law was dead. Announce
mcnt was also made today that a
rehearing OF rnis case had been de-
nicd by the court
bonds ONcrsubscribcd.
II was learned today that the Of
fc!inE o; $4,000 600 Sinclair bonds
had been oversubScribcd three times.
one arm told your correspondent to-
day that IL had subscribed for $3.50
coN'uvH OF these honds. but has been
allowed only 10000. The company
viii not need this money for months
or until the outstanding notes are
called next autumn.
one cause OF today's heavy selling
in the stock market was fear that
tho money market was going to he
disturbed by tomorrow's heavy shift
payments ana government financing.
Despite the large amount OF money
nov piled up here TO meet these re.
scarce today. with the banks refus-
ing to lend freely even at per cent
IL is beinE predicted. however. that
money from now on is going 10 work
easier. Call money ruled today
Another cause for today'S hcavi-
ness at time in tho stock ,nisrk.t was
the feeling that crisis lis at hand
- Inp TO-, 4
foreign exchange was also Il factor.
Propose Wage Cut.
setter demand was reported today
Tor domestic inquiry for copper, with
foreign sales for the hrst Two days
OF week nearly 100000 pounds
Japan has options expiring within
the next two days.
Realizing that they could not sue
labor which Western manufacturers
arc obtaining. Massachusetts shoe
men proposed wage cut, But en-
cut and the case was submitted to
the State Board OF Arbitration and
Cancellation. This board today
handed down n decision reducing the
WAGES OF employees in forty-fo fac
tories 10 per cent. II now remains
TO be seen whether this wage cut
VII TbE be as Gee ,,,i by The employees;
have just closed indefinitely, posting
notices that the plants will ''remain
closed until the employees realize that
TINS mill Is not being run from union
headquarters Wages of certain en-
ployes were recently reduced 10 a si0
week basis. But the men refused
10 accept the cut and demanded "a :,
per cent increase. That started the
trouble, with the foregoing results.
Conferences Will begin tomorrow
TO determine the coming wage scale
OF anthracite coal miners. The miners
are asking Tor 20 rcr cent increase
IN pay over the existing high war
'ttn
up by business men. house owners
and government officials. arc strong
Of the belief that the situation
sadis Tor cut IN the present wage
news government officials who have
hcen working on the coal situation
nave about given up hsit O.. avert
soft or hard coal fields
Lnbor Hns Intelligent Leaders.
,,i, nSSwever' II IS well TO keep in
raiiway situation then existing gov
srnmeht officials not only gave up
nope OF avertins strike, but orders
had for the strike had gone out from
union headquarters. with the hour
ana minute for stopping work ,amed
fut there was no strike. 1t was called
on on, az me very last minut. because
me men and their leaders recognized
, nnii tht EnNrif.Hen,. backed up by
h Tn PC Sen,!in.4i. vas hsainst them
lclligent leaders These leaders are
nghting naturally Ia maintain ms
mnch as possible OF the high war
time wages But they know perfect
game. They know that public semti.
MINT IN Tie threatened strike over
wage adjustment is against them,
th"l p.litlcians, realizing the bad ef-
lcct OF a strike on the general husi-
ness Sltuauon VIII side with the pub
-=tS' MAJ ne miners are now getting
." per cent higher wages than he
inre the wars that this is not the
timc OF year favorable for a coal
strike from the miners viewpoint
mar me existing demand FOR coal is
no. qmIy comparative small hut tho
surpius supply is large. that there i,
81 hrssent a large army OF umem.
WORK; that the public in rcnsrai roai
res that ono OF the worst stumhIiro
n.ochs 10 return OF business ac.
uNlty is the attitude OF certain or
snniaea labor to refuse readjust.
~ faui aispa,chcs reported an IN
Canadian iaciNC's annua! statement
ior 1871, published today. shove,
sto 5Ji s Sssned ff22Tr INC $3.50; oOo. oo'
s422 same from special noon a a.
S2o from regular iransportation
.-'.eH ioTk central. Great Northern
R eadfrR AM, ifdei, ~, sou'hen rscihc
strength In the late trading .rher,
was no news erf>ct!nE INC raNs. How
ever, me publc IS ~ tho BELIEF ia
me raiS arc going higher .rnis hc
nci ~ haS"d uartiv on the cnnvic
non that the ra1road Labor Roar,
Is going IN hand down q deriepn,
reducing wages and 'h.t frofrh
rates VIII not re reduced In ,he com
ins Interstate Commerce Co,nrnis Ia
accession II business picks IN iirdc
!, auch conditions, as Is exn4rtcJ" ~,
railroads will he able L, rakn 49,
best showing IN years :"
NEW YORK BONDS