Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-07-08
RAILS HAL TED BY DECLINE
OF MEXICAN PETROLEUM
American Oils Gain OH Talk
of Foreign Curtail-
ment.
STEEL. SHARES ARE STRONG
stndrbHker Mounts Higher When Rc-
port OF Additional Dividend by
Company Ii Observation-Disclosures U.s.
Ing Outside shops.

Dy II. j.. narnurn.

started yesterday was checked when
Mexican Petroleum began to decline.
that stock which closed at 1894
Yesterday. selling down TO 1919
during tho carly trading. This price
IS for,y-hve points below the recent
Nigh made on the corner. II seems
TO ihoEo who Dough. rails yesterday
that Mexican Petroleum has more
nuisance value than any stock on tn"
i'm. However. todays renewed de-
cline In Mexican Petroleum on further
talk OF 1alt water resulted In sub
Htantinl galna for the American oil
sharos. which of course would he
hslped with curtailmerr OF oil
production In Mexico
Steel shares were strong today
partly on rumors OF plans under way
for q consolidation OF Southern iron
steel and coal properties including
Iron Products Corporation. Slos1-
Shefleld Steel and Iron, Gulf states
Steol Pratt, Consolidated Coal
carona Coal ana Umpire Coal OPP
tons on 'orir ~ these properties II
~ns runorcd huvc already been OBJ
.ained.
studohnkcr made new high fo-
the year in the carly trading. touch
ms 1891 against this years low OF
~ Is. and lad years low of 80 as
Tho high for all time was 15I made
in 1919. Reports wero heard today
meet late this month an extra divi.
dcnd OF per cent and perhaps 2
VIII be declared. making either /.
per cent or II for the year.
neports of Germnn Morntorinm
|. Today's most important news de-
I relopment came by cable from BerIi,
70 the effect that Germany. following
the renewed collapse IN marks. was
thinking OF declaring moratorium
German marHs opened AZ n new low
record o! IL, dropped 20 1885,. and
then recovered slightly. with III.
mark selling about Ave for a cen, II
j.. not surprising that the German
government is afraid Of financial
ruin Francs also made "A new low
record for this movement, which ,ray
mean thar France. after all will see
the need OF working with other coun-
iries 10 noat n reconstruction loan
Tor Germany. According to ;oday's
WASHINGTON dispatches the admins
' tration is in close touch with the
situation a. Berlin and realizes that
Il !s serious,
:. S. kresge reports for June sales
81 tei5,ooo, an increase Of 1929, 900.
For the Elk months the Hgures are
s.b,s9s.Ooo. an increase OF S3.7l9oOO
r. w. Wooiworth's sales for June
were {lo.1t20Oo. an increase Of 81
$4,000 or 1871 per cent. For the six
+ an increase OF I7.es4.oOo or lc.s per
cent
New Haven Contracts.
New Haven has contracted with an
outs!dn nrm FOR rebuilding 5000 bad
| order freight cars TO provide for tho
present situation. and for the in
creased business expected. Evidently.
while the shipments strike continues
me aEreemen, reached with the Rail
road Labor Board about nor making
contracts TO place repair work out
eide Will be ignored. This Is what
the Michigan Central proposes 10 do
~ general manager frankly stated
Today. We have closed our shops
indefinitely" he said. and since tie
men defed The Labor Board we do
no; feet bound by The agreement
covering contracts on repairs and
are considering leasing our shops or
placing work with outside Arms"
Eiectr!ci! and artificial gas pub
&c utilities as OF June 10 had enough
coal on hand on the average 10 run
hfty-thrre d. 80 = t...f.. ,, Of
commerce i,,'v!ieh ioda. 1t was
added that some companies. because
OF Inc supplies being received from
nonun!on mines, VIII have enough
Goa! 10 last twelve or ffteen weeks
There was slight decline dur
ing the past week in the average
'price OF eight principal iron and steel
products. the figure now being st7.0a
against Si10t. week ago s42.12, the
low mark for the year made last
April. $500 the high for 1920 and
s37,il the average pre-war price The
decline in the past week was due to
the drop in Bessemer pig prices
Youngstown advices received in
wan street today say that the steel
ana IRON mills in that district are
complaining of shortage OF labor
and the prediction is made that there
VII soon lac general increase in
wages Common labor in that dis
trict Is now getting 30 cents an hour
with straight time for overtime Ac-
cording TO the last annual report
or the steel corporation tho number
OF men employed dropped from the
high OF 275.55: in March Of 1870 to
1908 In July OF 1921. when the
bottom was reached in the trade de-
preston. Since then the number
= has gradually increased. Between
October OF 1913 and the same month
of 1921 there was an increase in the
4 average daily earnings of all en-
j ployes Of from 32.93 to $3.50. a rain
[ OF 81 per cent. Then there was a
gradual lowering Of wages to the
present level.
Number OF Unemployed Decreases.
of employed for tho past week is
reported here today by the Detroit
employers Association. The total of
employed is now 1S1 $50 against lSo,-
fSI1 week ago today when an in
crease over the previous week OF
2,497 names on the pay rolls was re-
ported. Tho increase from the low is
now $4,000.
Today's Washington dispatches
no
port that food prices based on the
returns of twenty-five cities are ris-
ing
Before tho opening OF business to-
, oayi wall Street heard from all Ill
.eEtions that President Harding on
TIs return To Washington would he
JhioFmeG that the miners and ope-
raiors were unable to agree and that
hrhc" II WAS now time for the gov
comment 10 step in with q plan for
trlnSihR abo.t.a settlement
- Today Cleveland Nires sav tbat