Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-07-12
GOOD BUYING OF RAILS
WITH MANY CUSTOMERS
London Is a Heavy Purchaser,
Despite Walkout of
Workers.
HIGHER PRICES FOR STOCKS
prospects of Bcnching Amicnblc
Agreement In Coni strike Are En-
Observation-Disclosures Ionn PruposaI,
Greatly Interest Thinkers.
by II. T.. Bnrnun,.

'y IL. IT, IInrnun.
NE" YORK. July ll.---Iiighcr
prices were made for stocks today
|as result OF tho overnight, de-
|velopmehts here and abroad Foreign
exchange recovered on cables that
{ierneny would make her July 10
separations payment and then DO al
,io"ed 10 declare moratorium for
INC rest OF the year. Wall Street
was also greatly encouraged over
3,tSH outlook for success for Presi-
lent Harding's plans TO rehumc coal
mining Immediately with n commits
1;ion formed 10 take up AT once the
Iwholo coal problem. including wages
3'he wage ycalo OF April ! to continue
|intil tho commission reached de-
|sision. both sides agreeing 10 ac-
|;ept the decision.
wall Street frankly admitted. how
Ever. that tho railroad strike had
f'cHched point where both mail and
rciRht were being held UP. This sit
IiatiDn. II was admitted Is worse than
81 been anticipated from the state
Hents made by railway officials on
Iluy !. when tho strike started. that
I would be months before tn. public
would feel the rnccts OF the strike.
Rails Arc Active.
Despite the Increasing seriousncsY
pr the railroad strike there was good
buying Of rails her" today both for
domestic and foreign customers
Iioures with close London conncc-
ions were buyers Of NIL n! tho inter
rational rails such As Baltimore and
ohio. Northern Pacific. Great North
a'En. Union aud Southern Pacific, New
Irorh Central. Pennsylvania From
] no beginning Of tho strike London
las Iakcn ;hc stand that the trouble
sou not last long. and that for tho
onG pun ahead tn. scaeoncd d!vi-
send paying rails would give good
iccount OF themselves. This evident
is the same belief OF investors ana
bpcculators here
Wall Street was greatly Interested
n what Jean n. Parncnticr. sent here
~ 'he French government To- dis
Hss IN" nil!ed war debts. had 20
NY ON landing He said he brought
acts as 10 whore France stood. and
'oped nc would get facts from the
var debt rcfunding cnfnmisslon APP
'oint"d by Presiden. Harding.
y shipment Of cighty-nvc boxes u,
! goa arrived her" on IN. Cedric ,o-
- Morgan * CO. This second
= nipmcnt OF I2.b0O.OoQ 10 tho Morgan
I'm from London from the British
government Is believed 10 be FOR
81
nHeht october on tho fi.573,OO0-
var '" '"s '"e
American Brass announces tina. IL
as increased the selling price on ali
~ US copper products i-2 cent
'k"H"d. This Ia TO cover the increase
- tho selling price OF copper. Tho
ihshcrS are, however, that this com
phhE IKE all others. accumulated
"copper" At the recent low prices
Europe Secs the Light.
Banking interests in 81. paul arc
cry friendly Ia ST. Paul preferred.
Is understood, owing la the splen-
!.d crop prospects 81 the territory
long that company'S lines ST.
'aul Is also being helped by resump-
ION 81 copper mining and from tho
cav casiSound shipments from the
ives, OF lumber. ST. Paul preferred
pas sold as low this year as 90 and as
Fgh as -. Las; years high was
si2. For 1920 the high was s5;
3or 1919 +, was rs; for 1913 Il was
5S5-S. for 1917 II was l25l-2: only a
few years before that 4, was 200
bat was before dividends were
/ Kissed.
With Germany granted mora
orium for tho rest OF this year in
Connection wiki rcparations pay
'lfUNSs Win llt ntau oil tne French
lleht rcfunding delegation due in
today. with France say
ing 10 England. according 10 ,oday's
fables. let us OFF part OF our burden
nd We will be lcnient with Ger
1any." with England saving to
lFrancc. "let Germany off part OF her
burden and We will DO lenirn, about
-Four debts to us." II Is obvious that
he time has now come TO talk of
many things. OF shoes and ships and
ealing wax and cabbaRes and
3tings."
Since the day last month when
he bankers committee met at Paris
10 discuss the terms OF German
Dan II has become Increasingly evil
lent that the international war debts
|ire monkey wrench in the ma
:hincry of international business
from ioaay's cables IL looks like the
+ fcision has been reached abroad
hat there is no uso trying to get
he machinery going until the mon
Key wrench has been removed; that
with our congressional elections
looming on next November there is no
Use trying to get Va around TO the
point of canceling what is owed us
~ agreeing TO indefinite postpone
nent: that any way. IL Is UP TO i;u-
cope to first reach some agreement
jeforc coming TO us with proposed
|rea djustment of German rcparations