Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-02-23
loom IN WALL STREET
|ETURN OF THE RAILROADS
F0RESHADOWS BEAR RAIDS
cternn Operators Forecast Heavy
Selling Owing To the DcmOlizn-
tfOn, Due to Government.
ny HUOADAN WALL,

NEW YORK, Feb. 22.-Transactlons
Wall Street the past week have
cen almost entirely professional and
lie buying has been chiefly tho Gov.
ting OF short contracts. This has
Ieen particularly true in the railroad
y ST. Short contracts have been out
landing for many professionals for
) much as two years in the rails.
any OF these contracts were put out
hicfly to get the interest that brokers
{IIow customers under such circnIno
tanccs. The high rates prevailing
aye made IL u very profitable trans
eclined much Most 90 the covering
being. done q: u profit even though
uothtions nave advanced during the
peration.
fac Industrial list and the result is
hat the stock marie; is left with
SHORT interest Of Importance in any
epartment The technical condition
therefore weak. Ri" advance that
as been in progress The last few
avs Is inviting not only liquidation
Or the account OF persons who hesit-
ted to sell on the recent decline. hut
$50 fresn selling for short account.
Rensons for Selling Stocks.
In addition to technical! conditions
n oere oi Are esverni reasons advanced
re being turned back TO private own
rship. Veteran operating men gay the
oads are nothing but wrec,s2gc from
! physical and organization point of
lew. They say that not only have
he road beds been neglected and roll
lS stock and power bcen allowed 20
tleriorhtc. but the organization spirit
as been destroyed. Thousands OF
Jerks are filling unnecessary position j.
nd one OF the first acts OF tho private
IA ma cement Will br 10 let these per-
Many OF these individuals will not
axe kindly to this sudden change in
helf fortunes and thousands OF Idle
zen and women will be seen about
! he country and especially In cities
Ehere railroads have large offices,
city has 5000 already and
kanics intend to wait until September
before reducing salaries OF the en-
f!oyaes who will be let in their posi-
ohs; They arc not even considering
nc! are hgur!ng on ~ the extent %
ne cut that Will be Announced
- Ihreats OF strikes Will not have much
ifcct for they realize that II VIII prob
ply take a biz strike TO settle the
Dads ANYHOW. ana i, viii be good
Us quickly AZ possible
II IS Impossible 10 ~ any yaIus ~,
my railroad stock ITrfI after the IN.
ftrstate commerce Commission groups
ammo; be done until the Av- IL passed
.uthoT!z'ng II. Even. II the Law Is
asned, II Is going 20 take months 20
ana OUT on what basis earnings can
Pc, calculated. for IT'S language is not
H.! mandatory. Enough is left 10 the
discretion OF tho Interstate Commerce
commissioners TO ,Eakc serious trou-
PIE for optimists In the stock market.
Why Some Hull, Are Buyfng.
Entcrprising bulls in Wall Strent
Fave been. buying. low-pric.d rails
he public in the excitement that is
Expected following the passage OF the
railroad law. There is not much dan
l;"r OF bullish excitement with the
Fedora! reserve bank condition as low
rs u Is and with the rumor that the
l:sdiscount rate mas be advanced 10
per cent.
Dehation is the order of the day, and
4 long with the deftation OF useless EN-
In the railroad offices and the
)afation OF necessary currency in bugi-
Tess circles there Is & deflation Of ma