Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-05-05
STEEL CORPORATION
BOOKS ORDER IN JAPAN
10000 Tons Is Largest Expor,
Sale Recorded Since Trade
Reaction Started.
LIVING COST SHOWS DECREASE
Contracts for Residential buildings
During March Arc Estimated n,
H2l,S50.0tD ms hKninst S60.Gp2. QUO
Year Ago.
LIVING COST SHOWS DECREASE
lily Il. l.. Iinrnnm.

ever. the price advances In these
shares was not as great as ycs,cr-
day. Today's market was the broad
est OF tho week. more different is
sues appearing on the tape. Tho
5, much advertised advance in crude
oil prices did no; appear. Those
.'syvho do no, see in genera! trade con-
-dluons any basis for tho further up
ward movement IN stock prices
argued today that the statistical
position of oil was against n price
,sadSance AT this time. Certainly II
-.rte expected advance in crude OF.
~Sdpes not materialize q setback IN
SAtisc oil shares may be expected, and
9tf1 the oil shares break the rsst OF
LIE market is not likely TO hold.
----One OF today's most interesting
s1tews Developments regarding trade
Conditions WAS the announcement
eStssat the United States Steel Corpo-
tion had booked for the japanese
government: an order for Iu.SVV tons
OF rails. This is iae largest export
order booked since the trade rear-
tion started.
Financial situation Better.
Discussing general conditions be-
fore the House Committee on Bank
ing and Currency, secretary Mellon
said today that the financial s.tua-
tion was rapidly growing better, and
WAS now well Oh The way to normal.
especially rs il relates 10 IN. aSrl-
cultural sections. MIR. Mellon made
this statement while urging the pas
sage OF the bin continuing for an
other year after June 80. 1922, the
"a y w /, Ton, Al.
lending government money 10 the
farmers.
= a. S. Franklin. president OF In
ternational Mercantile Marine. re-
turning from n SIN weeks trip
abroad. stated today that his COM
pany was not giving any considera-
ton TO the subject OF bringing
money here from London to make
payments on tne - per cent back
dividends due on the s5l.725. 0or
cumulative preferred stock. lie did
qualify this 10y saying that no action
would be taken in this matter in
the near future.
sale OF a stock exchange scat was
reported today at $4,000. That was
the last price reported.
Gail Money Drops.
With financing connected with re-
cent offerings OF large new bond is
sues out OF the WAY and with tho
first of the month requirements all
provided for. call money. which
opened at Alp per cent, dropped
to i. Brokers We're paying per
cent for th!rty-day money For
longer periods il-4 was asked but
little money was loaned at the higher
figure. Youngstown dispatches re-
ported that officials and engineers
of the seven Independent steel com
panies planning a merger We're in
that city and district :or a threc-day
inspection trip. The Youngstown
sheet and Tube, the Republic Steel
and Iron. and the Brier HI! plants
Will hc visited.
\ decrease OF go per cent In the
cost OF living occurred between Juno
10 today's figures from the Depart
men; OF Labor. Between December
OF 1920 and March 81 this year. the
decline was ~ per Gent. These fig
ures undoubtedly are being cons!d-
cred by the Railroad Labor Board In
the pending case as TO whether or
not railway wages should be reduced
more than the IL - cut of last year.
Yesterday an increase o. 1915 TO
!i.oSs was reported !u tho freight
car ioad!uEs for the week ending
-Nl'' - tp''' pa III ~ 4lN lht Us
week the loss III coal being made UP
by an Increase in steel. iron. build
ing materla! tonnage. Today the idle
car surplus rs Of AprlI % is report
ed as 52S,ssi an increase for the Nvccl;
Of as.s'l. OF this sIrplur. 22G, soy are
Goa! cars on January !. Of this y.ar.
The Idle car surplus was s93s39 Then
there vas a :'aduai decline TO aal.7AT
on March Is, before tn. coal strike.
since then each week mas shown an
increase.
New High Building Record.
Contracts for residential buildings
during this March are estimated =,
S!2l.55o.0o0, against sGO.5g2 900 a venr
ago and $50, 9as 900 FOR 1915 yhts
is new high record AS FAR as New
y Tk Is concerned. II is understood
that two months free rent IS now be.
ing offered for years lease on new
apartments and that no moro money
wa be loaned on new apar,meo,
buildings until the ones now hnjre
Constructed are completed, and II -
~,asHh whether they can all be rent
I-ed.
= Gasoline prices were advanced
- cent gallon today IN various parts
= Of the country.
- America Wooden announced today
- iaat woTsted prices have been a6-
:. ranced from 10 TO so per cen, a vard
:. With the bulk OF tho advance. he.
~ Tween 10 and 20 cents. one OF ~.
:. vice presidents carefully e,nlai,e
.spat these advances reflect tn. in.
" Grasses that ts"s taken place rcrc,i.
..1E' III the price OF WOO! and 40 no,
!. mean Increased profits cgr 80.
Y pany.
: Today's New York world wos,.
s/lpgton dispatch predicts .hat CAV.
: eSsnor Harding OF the Federal
rHeserve Board. VIII no, be 70
s-9ppointed by Presldcn, Ija.di,,y
t~hut that tho position viii 20 10
: Eueene Meyer. JT., now head Of IN.
.~Rer Finance Corporation. II mis-
: B<edfction mater!alizes, weu-informod
VAN Street will be greatly disan.
; Dointed. Governor Harding, head o.
the Federal reserve system. has
: made enemies. Tha. IS duo largely
/, To- tho fact that he was a real bank
se'. before he took service with the
.E2vernment and during the war and
crisis IN the money ,narke,
Sbs naturally exercised the judg;ncn,
Or trained banker. In wcN-in.
formed quarters. Eugene Meyer, Jr.
as known in Wall Street as man
who before the war was a very sue.
cessful stock market speculator. one
who was always trying TO be CHASED
Us banker. but one WHO received
very littlo encouragement from real
IA