Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-06-28
SPECULATIVE OFFERINGS
ARE GREATEST IN HISTORY
Stocks In Practically All Railways
and Industrials Have Reached
Low Levels.
PRoFITEERs STILL ON JOB
Bucket Shops and Crooked Mining
and Oil Companies That Have
Sprung Up Like Mushrooms in
Wall Street Being Cleared Out.
nY nnOAnAN MALL.

NEW YORK. June 27.-Whi!c bust
ness goes smash the Interstate Com
merce Commission goes on iiddlinS
\ over the railroad rates. The Federal
Reserve Board maintains it's weird
theory regarding deilation. The prof
teers so on profiteering III spite Of
the occasional arrest OF some COM
paratively innocen; brother proiiteer.
The stock market continues 10 crum
pie and investors go on erumblinS.
put nobody does anything 10 correct
the situation. The country seems to
have expended all its energy in the
war. People seem 10 be wortitN more
over the possibility of gasoline being
exhausted al the end of los years
today.
Never in the history OF America
or OF any other nation or country,
were the speculative opportunities so
great as at this minute. But the
polHicians and the statisticians and
all the other troops OF "icians" have
hypnotized the public into a condi-
is no such thing as an investment
security left in the country any more,
LOT the word investment implies con-
hdence and there is no such thing.
Railroad ibOndS Regarded Safe.
But the speculative possibilities
loom up like mountain peaks. Even
the railroads and particularly the
railroad bonds have become a;trac-
railroads shall get rates large enough
10 permit them TO operate. That au-
tomatically makes the bonds safe.
There is not railroad in America
but is worth more than its bonds.
Even the Erie is. The only spccula-
i've possibility in railroad bonds
therefore is as to the time when in
decline the bond prices must rise.
by the same token, that bonds are
cheap, stocks must be cheap although
no hope can be held out other than
the hope that the storm is near an
end. IL any one VIII subtract from
present prices OF stocks the value OF
assets added since the war began it
the history OF Wall Street were
stocks selling so low-not even in
the widest panic When prices re
cover Wall Street Will be crowded
investors and who will be stepping
on one another u their eager desire
TO buy stocks and bonds. There is
no discussing evil stocks because the
some bankers are talking OF fur
ther declines IN the market ana that
Is Il possibility. 1t is always posi-
bic that stocks may go lower.
But after such a drastic decline
and after all the laws of supply and
demand have been repealed either by
Congress or the President or some
public authority at Washington. IL is
certain that there must be a reac-
ton in favor OF common sense and
lair play and a reimbursement OF val
ues in accordance with true merit
Cleaning Wall Street Of Crooks.
About the only thing OF interest In
Wall Street last week has been the
move to round up the crooks The
only remarkable thing about this
move is that it should have been de-
layed so. many years. Bucketshops
are nourish!ng in the street in open
defiance OF the law, ana crooked min
Ing ana oil stocks have been sold to
The public in vast quantities without
The least secrecy. The New York
Stock Exchange has failed in it's
duty as a protector OF the public and
some new institution is needed
. Stealing must not he condoncI sim
ply because it Is done in accordance
win custom Speculation is one
thing. but robbery is another. and
ihere has been II vast amount OF rob-
berry III the stock market that the cX-
change could have prevented
AS there is vast shortage OF rail-
road equipment at Il time when there
should he n surplus and ms bank
loans are high when they should be
low, many persons view with alarm
The approach OF the crop moving ne
riod. The stock market has been
viewing that period with alarm for
several weeks That is why prices
are where they are. Wall Street is