Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-05-21
STOCK MARKET CLOSES
AMID SHARP REC0VER|Es
innocent Arc Slaughtered by Pro.
tessional Traders and Alleged
Unfair Government Action.
FREIGHT COLLAPSE IS BLAMED
hcpnbiicnn Agreement to Levy 10
Pcr Cent Stock Dividend Causes
Hmrry and Would Cause Panic
Is Prediction OF Broadnn Wall.
ny BRoADAS WALL.

NEW YORK. Mny 2o..After estab-
sSms ,bn now low prices ln many is
late trading today, 80 that f,nai
prices showed sharp recoverIes from
mo bottom. and many net advances
M were ,o scored ranoro Li6erty Issues made
LOT tho account Of boleaguered in
westors and business men continued.
me covering movement was entirely
professional.
Tho Wall Street situation is due
TO tho unfair action by politicians
ana bankers and tho government.
Ihis action may BIO taken with the
post or Intentions. but 1t Is running
thousands OF honest investors and liz
enrieheninR professional traders and
bucketshops.
llcctcd this particular time TO club
loans. or course. thors arc bust.
ness men who are prohteering and
causing the presen, acute distress
is not duo to boarding. but TO the
collapse OF the railroad freight
Bystcm.
Bankers know this thoroughly. and
yet they Join with the Federal Re-
sorve Bonrd in demanding that busI-
ness men reduce their loans. They
know tho business men cannot re-
lease their commodities. even If
willing to do 30. and even If they
liquidGted Immediately. And sc,
raising interest rates.
Innocent Being SLAUGHTERED.
ness mon can do is 10 sell their LIB
erty bonds and their other invest
ments. Tho innocent are being
slaughtered with the guilty. and not
plishcd. because with MI or this
slaughter not n ton moro OF freight
IL being moved
To mako mntterx worse. the Re-
publican caucus today agreed to
iovy 10 per cent retroactive tax
on stock dividends TO pay tho sol.
dior bonus. Such tax would. OF
Wall street and commercial depres-
sion throughout the country. Tho
politicians think they have done
on this tax. because they know that
tho senate Will not pass IL. and
therefore they have killed the soldier
bonus bill.
tional Committee collecting con,ribn-
lions for the presidential campaign
appeared In Wall street today. and
from aoinc good Republican Offices.
One stalwnrt Republican who is "a
celebrity in wall street was APP
preached Just az hc was reading, on
tho ticker that the Republicans had
tax on stock dividends. lie Informed
the em!Esary that he not only would
contribute nothing this year. but
would vote tho Democratic ticket it
a decent candidate were nominated.
Later In the afternoon he got TO
thinking over tho n,ix-up in The rail-
road situation. and decided that he
could do nothing for tho Democrats
either.
/ No Panic In Market.
The amazing thing about the stock
market liz that there is no panic.
Really this Is not surprising, Tor
there In an abundance OF money. and
II is being used BY tho ,isnt Peg 20,
prlcea The decline in Liberty bonds
has. killed ali prospects OF cheaper
rents for builders can borrow no
money on new houses In compet-
tion with Liberty bonds selling on
better than OK per cent basis.
Meanwhile. our former allies nre
graciously gathering In tho Inter
national commerce that Is being
dubbed out or the hands of Amer
lean citizens by the Federal Reserve
Board and tho lnterstate Commerce
Commission.