Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-06-30
GOOD RAILWAY SHARES
ARE BEING SNAPPED UP
General Business Continues TO
Improve as Result of
!. Heavy Buying.
00,SIS Dividend Checks Are Sent Out
bs u. 3. Steel Corporation 10
HoIders Of tho Compnny's Common
stock.
nuLLIsH GOSSIP IN STREET
By II L.. Bn rum.

by H. L.. bnrnum
NEW YORK. June fS-Somc very
hullish Information regarding Next
can Petroleum was put out Eefore
tho opening OF the stock market tn lis
morning, but tho same people who
put out the Information sold stock.
Tho larEe>, selling was traced TO the
same B-oad street banking ana
stock exchange firm which was be-
hind the big upward swing in Next
can Petroleum. There was also heavy
selling in other oil stocks. traders
arguing that II the American oil
shares had been purchased on the
stories OF salt water in the Mexican
wells, American oil shares should
nov be sold on the very largest
earnings being reported by Mexican
Petroleum. Rails were again well
bought today by the public.
The dieting supply OF good rails
IS dwirGllng day by day Some day
soon the rails are going TO shoot up
and stay M, because they are going
into tho hands Of investors 10 stay
there. II is only question of time
until cood railroad stocks In this
country hold the same position as
tho rails in England In England
railway shares are held as closely
~ investors as our good railway
bonds arc here.
BuIii,h Gossip.
There was some very bullish Sos-
sip around Wall street today which
came over private wires from Wash
inGtou, Treasury officials being
quoted as saving tina; despite the
coat strike and threatened railroad
strike. general business continues 10
improve as a result OF heavy buying
OF erchandisc in preparation for
winter business. II was also heard
that some very hullish Information
on the general situation. past and
future, VIII be given out in banking
circles here late tomorrow for the
Saturday morning papers Despite
all OF this hullish talk. however. pec-
pc who would he buying Industrial
stocks II the upward price movement
was going TO he resumed shortly
were actually sellers.
Wall street docs not lelicve that
Pres ideCt Harding has any plans To
submit 20 the coal operators and
miners ut the conference called for
Saturday morning Al the White
House. II is believed however. that
this conference Will open the door
for settlement. and that the door
VIII NOT again De closed until a set
ncment has been reached And the
same views hold good regarding the
conference OF the railway executives
and railway labor leaders called 10y
'he Railroad Labor Board FOR tomor-
ruly.
Hallway labor leaders are already
showing an inclination 10 call of the
St-iNe and accent the Wage cut II the
railway executives resum. pay for
overtime work and drop outside con
tract shop and maintenance work.
Which the Railroad Labor Beard ma
dcciaI.d was a violation OF the new
trans p"rtatiou act. tnduLbtcdly ii
the railroads went To court their
legal right To make contracts with
outside Arms would b. upheld How
ever, there j. question whether it
would not be wise for the railroads
10 obey This ruling OF the Railroad
LABOR Board, which was created un-
der the new transportation LAW for
tn" purpose Of bringing about q bet
ter understanding between capital
and labor. The letting our Of work
is an evasion 10 get away from The
rulings OF tho labor board. with
wages down July there Is less in
centiVe to farm out work Today
burlington notified the labor board
That !, would cancel it's contracts for
outside work. and similar action was
taken by southern Pacific ana Atchl :
son. Only comparatively few OF
the railroads farm out their work.
Dividend Checks sent ont
DIVIDEND checks. payable today. "a
TN" number of sS.5l > ntvc just been
S"rt nu' ~ ~ i.urtcd States steel
Corporation 10 holders Of tho com
rtnN com mon StOCh. This - de-
.rease ~ 72ee compared with thre,
months ago when los.Sll checks
were sent out The number ot hold
ers OF common STOCK a. the Gloss
~ the December quarter was 1o7.-
AS. new high record for all time.
The H',5is checks just sent out COM
pare win lo5,SiO for June OF 1921
with S7229 for THIS time in 1920
with - OIL for 1919 with % 507 for
i"ls. win i3si2 for 1917 or when
III" hirn record pricc FOR all time
was made FOR the common stock ~
l%s 3-s. Between 1917 and the end
~ ias' year. or while the number
Of Shareholders was Increasing from
f%.ai2 90 she hign record of l0I+3g
tn" price o. steel common declined
from l36 IS 10 7hI-i the figure last
lamcd the Tow for mis- period. being
reached asst June From 70I-4 last
June there was "a recovery 10 100 {
the nIsh FOR 81 made on June :
IN the meantime the number 0,
shareholders was decreasing
The low poin, IN the steel indus
ivN was made last july Since tina
TIN" there has been steady improve
men, These figures prove conclu
siYeiv that the open market prir,
az s'ock iite steel common. whicE
ms not been subjected to iu-id
manipulation. accurately forecast
trad conditions. Quarterly state
ments are issued regularly by tn
Steel Corporation In good Years an.
had, together Win tho forcroiuE dc
nres and non'hy statements OF un
filled orders
.