Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-03-15
COMBINATION EyC|TEs
! WALL STREET OPERATORS
Covering Has Weakened Technical
Condition and Panic Prices on
Stocks Prevail.
BY BROADAN WALL.

NEW YORK, March 14.-ln tho past
yelopments. any one Of which would
In normal tunes have been sufficient
TO check the worst, kind OF u boar
tmarket and start prices upward. The
: combination has had tho effect Of cx-
citing WAY Street and forcing Wild
covering OF short contracts. but many
persons arc still in doubt as to whether
tho Improvement Will continue. Even
tho most pessimistic OF tho bear party
mus, admit ,I that tho situation is vastly
: improved. The covering that has taken
Z, place has weakened tho technical con.
dillon Of The market. but stocks are
so low that most Of them.are still SELL
inG at panic prices when one looks at
.lhcir values.
-Four Big Developments.
The four big Developments In the
order OF their Importance to tho stock
First the demand Of the Senate for
an ex5,.anation from the Federal Re-
servo Board OF tho usurious money
rates that have been charged py tho
: banks;
Second. renflrmation ~ the Supreme
Court Of the old principles that In yaiu:
be taken. and not the original cost;
e Third. the Supreme Court decision
that stock dividends arc not taxable
h Fourth, announcement that the Brit
ish arc to ship some $200.0o0,0o0 OF
Haiel y u this gold
TO arrive III the very near future.
Public Fails to Realize.
Announcement OF these various THINGS
caused excited moves in the stock mar
iesed io BY os Investment st ti anthorItles tina.
ciate the Importance OF what has taken
Place the courts u sna the politcfsns have
been nGhting the great corpora,'odhs.
With tho annoa8ssd infsnniIon the o! c oe
poratiors are ali right. II Is tho frst
time Fundamentals have been taken 70
the Supreme court sIase ntersss
ahead and work with the belief that
What they sa5n VIII Bu SflUng asiaon
which was repressed ig now released
again. and It is released at umo
when America is the richest este e vo1oaey
! wealth. but In actual cash
When the Supreme Court rendered
its decision on the va aaad on on e o1d
doctrine. but IT applied II TO new
situation. and It means that practiea,ty
t rs' re dandeereaAptaiised There
J is no, railroad in America that can
be reproduced for the stock and 9ono
s,slsnf asa exis. Of Of stosK dv
dends being declared to make the out
vt nding securities square WIN tue
. values they represent.
Tho stock dividend decision OF the
supreme Court makes q declaration OF
slch dividends by the raiIroaos An s sass
matter and confirms many STOCK an1
dclils already declared. Among tnS IN
,iustrials there are corporations whose
assets have grown out OF property
10 the stock issues. and ere VIII y"
Declarations evening UP these shua-
lions. r,,ord
20 u perfect orgy OF STOCK d ,,,, eiHh,
lin saving these dividends nave no
value In themselves, but they 90 nase
apecu,atiye value for stock market Eur
Iposeg. for the reason That the'r Gee
iaration will reduce the market pttSess
Aof shares. and 1t is well known iaa
|,he public will buy stosNs n IN re- sbars.
|cvon though the lower price nay De
h higher price when the whele prop.
rrty Is taken into consideration.
,s, eme mat nobody has been able TO
n~n,oin. except on the theory that most
nsonlc who deal in stocks never holheE
about their value.
importation of Gold
The importation of gold TO taHe caIs
II the AnElo-Frcnch DonuS ha.ausc
!, the sentimental influence W Eola,
uven'ir IL lis not allowed TO minGle
with the other money OF the coun.,
me, nese and method OF shipping the gold
tn America, but the highest possipie
authority gives reinsurance OF ts carry
arrival and large volume. 20,
,country.wide snowstorms. wiii mean
,onds and washouts on the railroaas.
rU% moor earnings for the hrst quarter
* the yenr. but the excessive N.o1st.
n ,so TOT TO be desired in America this year
h.n GOOD railroad earnings In the hrst