Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-08-05
WESTERN UNION SETS
NEW RECORD FOR YEAR
Encouraging Predictions Made
of Early Settlement of
Coal Walkout.
500 PER CENT STOCK DIVIDEND
''rn'hnorc Paper Company DrcIar~a
b'E FfEure-wnlI street Bnnkcrs
agree There should He no Further
deduction In Rcdiscount Rate.
by ". J.. I,nrnurn.

by ". J.. Bnrnum.
NEW YORK. Aug. 4-Tradlng on
the stock exchange today wss very
uuict as result 81 the conflicting
reports regarding the situation In the
coal and railroad strikes. Beyond
question the railway presidents ara
putting their best foot forward ia
INC statements being given out to
ne pr"sS. itChisOn says II nov has
90 per cen, OF its shop force AZ work.
that last week was the fourth larG-
est In the history OF IN. company
In the amount al traffic moved. and
mat this large amount OF business
Mas handled without any trouble
i'cnnSylraE!n reports that II has 50
per cent " it's normal phop force at
work, and that IT Is experiencing no
Jroub." ia hhndlinE traffic. which.
with the exception OF coal and mixed
freight. is running ahead OF last
Year.
From tho Association o! Railway
Executives came the statement that
in" country has $1,000 locomotives;
that In 1912 2sa per cent Of the total
we're In bad order: that the percent
ago for 1920 Vas az: for 1921 I, was
:3.7: on July 10 OF this year the per
ccntage Of bad order locomotives TO
the total was only 23.3. These aga
ures tell their own story as TO how
the strike - progressing The rail-
roads can draw from tho idle car
surplus for carg. But there was no
idlc locomotive surplus when the
shipments strike started. II was on
she ability OF the railroads TO keep
their locomotives In good order tina,
the strike was 10 l." lost or won by
the shopmcu.
Encouraging Predictions.
Az fpr the fuel situation. there
we're encouraging predictions from
Philadelphia and elsewhere that this
troubl. would be- acti!ed early next
week when ihr miners and operators
meet Il, Cleveland II il plain that
this trogu!, from TIA. viewpoint ~
general !nduatry. cannot he settled
too soon.
Western Union made Il new high
record for the year today. showing
an advance OF ton points within IN"
past two weeks. Today's nigh prizes
compares with the lOW for The year
OF 80. Tho directors meet III" second
wees IL September 20 act on me
dividend. For the six months o; ;his
year the company reports earnings
equal 20 3 8. per cent on the Ss.,-
$4,000 stock.
Call money bounced around today.
81 one time the rhte was per cent;
Nthen 3l-., then 3 IN. amount OF
money available for loans exceeds
III. demand here ard elsewhere.
Time money Was quoted today from
per cent 10 ~. according 10 the
period desired.
49, -. ,"ui si",k DG.,u. !.".
Wall Street bankers agree with
Secretary Mellon tnat there should
'e no Iurtnrr reduction an the us
,uun, rate here Further lowering
OF the rcdiscouat rate II is believed
here Wan not lower the market rate.
The general feeling Is that already
In many directions the results OF
uycr-chrap money are TO be seen. II
money rates are reduced much lower.
II is being argued. the business mc'.
o. the country VIII be given false
sense OF security. Then when In the
natural order Z events the rates
must he raised. it Is being argued,
there win be unnecessary trouble.
1t Is much easier TO lower money
rates bankers here are arguing, than
To raise them. ina, is from the view
point OF tho good OF general busi-
ness
There we're ten strikes and seven
threatened strikes submitted 10 the
Department OF Labor at Washington
according 10 today's Information from
tina, center. OF these seven were set
tied and twelve are now being ironed
but.
a 500 per cent stock dividend has
been declared By the Strathmore
Paper Company. OF Boston. This is
on common stock. And yet paper
companies are talking about raising
prices.
Monday is q bank holiday in London
and the stock exchange there, VIII
he closed.
Last week Consolidated Gas in
creased It's annual dividend rate from
Z per cent TO 8. Now tho Laclede
Gas Company resumes dividends by
declaring quarterly payment Of
/ 3i per cent. That company paid
per cent per annum from 1910 through
1918. paying It's last / IA the first
quarter Of 1919. Tho public utility
companies arc coming into their own.
Cut I'm Tire Prices.
Akron dispatches report the Miller
Rubber Co, cutting tire prices from
10 TO l6 per cent New tires arc also
announced one so by 3l-2 to sell for
sl2.5O and one Ford size to sell for
$40.
Bond men here arc specializing as
to what use Secretary Mellon will
make OF the S25o.000,00O interest to
DO collected this autumn from Eng
land on her war debt. The law says
that the money collected on these
foreign war loans must be used 10
buy in and retire Liberty Bonds and
other interest bearing obligations OF
the government. but that price to
be paid must not be more than par.
Tho Liberty Bonds are now all sell
Ing above par.
Business conditions are rapidly ap-
preaching normal and the improve
nent Is expected to assume decided
proportions this autumn. according to
survey OF the general situation just
made by the Journal OF Commerce.
Telegrams received from banker
Jobbers and merchants throughout the
country admit that business has been
slowed down some temporarily by
tho coal and railroad strikes. but the
general feeling Is that this situation
mas not injured the prospects for a
large autumn trade.