Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-05-30
STOCK MARKET STRONG,
ESPECIALLY THE RAILS
Approaching Holiday Cuts
Down the Volume of
Business.
WAGE DECISION DISCUSSED
Wnii Street Believes Report VIII Ic
Accepted and Nothing VIII Come
or the Strike Vote to be Called by
Poorly OrEuni1cd wOrkSrs.

By II. l.. Bnrnum.
NEW YORK. May 29.-with to-
morrow "a holiday many raiders and
brokers did not appear Ia the street
today ana While the stock Market was
very strong. especially for The rails
The volume Of business hendIcd WAS
smaller. BcfOr. the opening rumors
were widely circulated that the to-
hacco stocks were du" 10 have an uu-
ward trading on pool operations af-
tcrwaid, losing practically all OF ,his
gain.
Wall stree, spent most OF the day
trying 10 get Il line on wGer: the
railroads stood as result Of the
wage decision Just handed down. &C
cording to the dispatches. "A strike
vote will be called by the maintenance.
% way workers. who have just had
their pay reduced 1872 per cent and
similar action Is expected by the
shopmen and clerks, who's. wages. II
is predicted. VIII he GU, b.for. the
End OF this week. Executives o.
Western railroads met at Chicago be-
hind closed doors to consider the
frc!Ght-rnte reduction ordered by the
Interstate Commerce Commission
last week. while presidents OF East
.rn and Southern lines We're IN scs-
sion at Washington for the same
purpose.
See Acceptance of Cut.
II Is generally believed here that
the railroad executives VIII gladly
accept the rate reductions after max
ing some kind OF formal uro;cst
and that nothing viii come OF the
strike vote TO be- called by the poor
IS organized maintenance OF way
workers. As far as is known here
acre Is no Intention uf cutting tn.
wages OF tho highly paid and highly
organized tra!nrcn. including en-
S!nccrs and conductors
In its decision made public today
the Railroad Labor Hoard pointed
out. that. according TO the latest
available government statistics. the
cost OF LIVING from December Of 1917
to March OF 1921. increased only i7.2
per cent. while tho hourly rate OF pay
OF the UIaintcnacc Of way men under
the decision just handed down viii
SIN be ey.f per cent above the 1917
level. with the purchasing power OF
wages up 40 per cent as freight
rates are IA many cases s;iil more
than 100 per cent above the 1917 level
allowing FOR the reduction already
made and 10 bc made on July / IL
would not seem that either the main
tcrahoe OF way workers or the ex-
.cntEes really had any ground FOR
complaint against the decisions JUS,
handed down by the Interstate Com
merce Commission and the Railroad
Labor board.
Statements ConfuAing
Iodays insta!!mcnt OF railway
earnings for April were CONFUSING
Chicago and Northwestern. for es.
ample reported gross OF &lGGG6. 600,
an Increase Of $4,000. win net IN.
etauns income of $l.0l0.OOO and in
crease OF s2.229. 600. with gross Tor
me four months down S3.iagOOo and
net Operating Income OF 352c2 600
ROCK Island with 29.lS3O0O gross. n
1883 OF *i.2s2.00o reported a deficit
htter fixed charges of s33s 900
cams. nst income for hpyii of last
year or $4,000. Varying statements
TOT April and the four mouths w,r.
'eFoTted by number OF other roads
including Great Northern Burlington.
st. Paul.
There was also confusing state
.'"'s on the wage situation. While
wan street was considering the
"""'u Just handed down by the Rail
road Labor Board word came from
Akron that the Flrcstone Tire ana
Rubber Company had Increased the
pay OF All OF it's men 10 per cent ana
thht the exact result In the com
pah!s income account could not b.
injured our until II was learned TO
what extent the wage increase wound
bc Offset by the lower freight rates
Naturally railway men who heard
OF INC strike vote 10 be called by
inc maintenance OF way workers
were not pleased at the news from
Akron, but were pleased over the
dispatches from Philadelphia an
nouncing that the wages Of surface
motormen and conductors were TO b..
cut 1-2 cents an hour
Copper held strong today sales OF
the metal for June delivery being nm.
nounccd at IA cents
Realizing that the danger point in
the country's surplus of coal o5
oOO.0OO tons might be reached within
TOUR weeks, operators OF nonunion
mines speeded up during the week
ending May %, the eighth week Of
the strike, getting out 100000 tons,
an Increase OF 100000 tons over the
previous week. according to today's
information from Washington. So
far the operators of union mines
nave been selling their surplus. ana
the only economic loss to the coun-
try resulting from the strike has
been the loss Of purchasing power
OF the striking miners. 1t is under
stood in banking circles here that
the administration, like the operators
OF the mines. realizes the increasing
seriousness Of the situation, hut has
postponed taking hand fearing a
puSel panic WIN inc fetc
and railway wage problem now set
tied or about to he settled, ii is un-
derstood that within the very near
future tho administration will take
UP the coal strike situation with
the nope OF effccting a settlement
For years there has been talk of
regular periods THAT American com
mon Is about to be put on a dividend
basis There seems TO he more rca-
sons Tor this talk heard today than
ever before. Officials of the com
pany say that current earnings are
above the ten-year average which is
per cent for the stock; that there
are no back dividends due on the Z
per cent cumulative preferred shares:
that there ia large stock OF raw
materials on hsnd accumulated at
low prices; that working capital as
result OF the recent sale of the
adding machine department is
strong; that for the past ten years.
many millions belonging TO the com
mon stockholders have been put bacI,
into tho property which might bor,