Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-07-06
RAILWAYS SHOWING
IS HIGHLY PRAISED
Increased Business of System
Is Without Added
Expense.
WALL STREET GOING Is GOOD
5rorket Opens with optirnistic symp-
toms. Result of Overnight Develop
menta In Transportation strike
WALL STREET GOING Is GOOD
by IL. J.. bar n uin,

written for tho United Newsl
NEW YORK. July 5.-StoCks. es-
p.ciaily tho rails. opened strong
this morning on the over holiday
developments in the railway strike
situation which included tho decision
OF the trackmen not to strike. the
speech OF President Harding uphold
ing the RICH, OF all TO work the
statement of the Railroad Labo
BOARD that tho striking Hhopmcn were
no longer employees OF the railroads.
and therefore. no longer subject 70
tho application OF the transportation
acc and finally the stand taken by
the railway managers that tor the
hrst time in the history OF railroad
strikes those who are now our VII
lore their seniority and pensions
Late today the labor board with
drew from It's position outlawinx the
striking shopmen. action on the part
OF tho board which was regretted by
wall Street. This action on the part
o. The labor board upset the stock
market. But the real cause OF tho
wcakness that developed around II
clock was the break that occurred
In Mexican Petroleum
Salt WATER Hurts Petroleum.
That stock which sold only few
days ako at 2O+ and fraction closed
1T III Ia last Monday. opening at
rs 12 this morning and then broke
I" ls1 1t on rumors that salt water
had been discovered /, would he
hard 10 find an ONCE boz In Wall
street who believes there IS any NOR.
salt water In the wells Of the Mex
can Petroleum COMPANY than there
vas last week when the stock was
selling considerably higher when tho
short Interests had not been entirely
run In and when tho pools monthly
statement az earnings showing "a
much carntt for the nvo months .!
1922 as Cor The whole ~ 1921 ,,hea
high record was established
Todav's Irnr Ago says that the
lron ana steel industry has felt the
Uncertainties Of tho pas, week. that
-. thc hopes that the coal strike
would be settled nave not been full
fi!cl and the railroad strike has
started. Up /" q few day~ ago s,
""s pointed out output ~ steel and
iron vas The highest sincc 1920
Juno copper sales wcr. $50 O0O 600
rounds against 2Oo.oOo.Ooo for MAY
For the Jun" quarter the figures wor.
$40 100000 arains, $50 600. 900 FOR IN.
hrst quarter OF the year
Failures Fewer in Number.
Almost every day fresh evidence
comes To hand showing tn. GROUND
covered In the Improvement In gen
"ral business Todays instalmen, Is
The juno rEures 81 commercial fail
ures throughout tho country which
arc tn" smallcs; for any month since
LAST Scptemher There were 1856
which - SIN - per cent ahead Of
june. 1871 but 80 per cen, below tn.
peak reached In January or 1929.
Compared wiki May OF this year. this
~ decrease o. ca per cent Com
pared with tho June quarter of 1921
mere Is an Increase OF 30 per cent.
'oHt compared with tn. FIRST three
months Of thi, year tho Agu-es AT
hGnh FOR ,hls June quarter show
decrease ~ 20 per cent.
y. "a ". NnknR ProEr~ss.
Attention has frequently been
called In this column 10 the pras-
r"ss being made by the Norfolk and
western a. a result OF tn. Increased
business coming from the nonunion
coal mines along the company'e lines.
flSures are now ~ hand showing
that for May all records in net were
broken. the surplus over fixed charges
OF s3.i32.O00 for the month being
equal 10 l-e per cent on the ti2i.-
$4,000 common stock after allowing
for the dividend On the per cen;
preferrai
gay. viii DC as large as for May: but
with the larger business naturally
there Will be an Increase in mnlnten-
ance. For the first five months OF
Tho year the company earned within
sl,os1.00o OF the full year per cent
on the common stock allowing for
The preferred dividend
Since February monthly surplus has
heen increasing as follows February.
<l,loS.ooo: March. $751; 600. April.
SlloS.0o0: May, s3,l32.O00
One very favorable feature Of the
detailed statement a; hand shows
that gross for May amounting TO
ss.oo5,Ooo was larger than year ago
ny a5 per cent; that maintenance OF
way and equipment remained practi-
carly the same: but that the cost
or conducting transportation" the
item more than any other in the out
come account rejecting efficiency or
the lack OF It. actually decreased
sd'S'oOo despite the $2.363. 900 increase
in gross This item required only 25
per cent Of gross this May. against
40 per cent year ago. Conducting
transportation cost is made IN Of
iapor and the cost OF fuel