Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-08-24
AVS FEDERAL RESERVE
BOARD HURTING BUSINESS
rnafor Robert Il. Owen Dcnounces
Policy of Debating Credits
Adopted by Body.
|orroN OPTIONS GO DOWN
|kinhoma Statesman, Who Helped
Frame Act, Declares Board Is
bringing About Industrial De-
preston.
ny BRoADAN. WALL.


NEW YORK. August 23.-In spite
inks and the Federal Reserve Bank
rong and active Ira Wall Street
Pday. They vera sold freely from
ne beginning by pools and insiders
that before noon material Losses
ere. recorded. Trading fell of. but
ineered under leadership OF Read
tx to cover UP sales of Baltimore
Fld ohio stock by pool. The market
osed In tho midst Of this rally. &,
Cotton fell off sharply again and
terlihg. was cents lower. approach :
Is It's low point Of q few days ago.
ews from Poland was negative.
IL Authority on Finance.
Senator Robert L. owen has come
it in denunciat!on OF tho Fedora!
cbcrvc Board, and has followed ex-
lily the thought expressed frequent
in this column. senator owen Is
-om Okiahomn. but ne knows finance
amy Il Wall Street banker. lie gays
ie reserve board IN using the bank
hot FOR the purpose Of stabilizing
edits. but for the astounding par
own confidence and II is bringing on
n industrial depression that may be
{seremely harmful unless promptly
fnecked."
Senator Owen was instrumental IN
av!nE tho Federal reserve law
.asscd. The law was passed for thh
rotcction OF business men. !: has
cen turned into most dangerous
'eapon TO destroy them. All the
newspapers and magazines that are
nder banking Influence praise the
patriotic" action OF the reserve boa I'd
u attempting to deflate credits ig-
oring, either through ignorance or
nder duress. the fact that the board
the most damaging influence in
mer!can business today. II hclps
" an authority like Senator owen
- speak out. But the damage hos
|cen done. business Is crumpling
-, slump In Cotton Options.
The Federal Reserve Boards policy
,as caused slump In the price OF
ntton options. The board will h.ar
Tcm headquarters soon.
IN all m. smash up OF stocks hat
,tendci the recent Red advance on
warsaw. stocks ia London held nrm
ccause the British banking policy
TO conserve business. Rsc,vcs
re created 10 use In emergencies
ne Fedora! Reserve Board has used
Emergencies to Increase rcscrveE.
England is grateful. ''
kepor, pcrsisiE that an important
announcement Is coming out Of Mcx-
20 soon in regard 10 the oil STOCKS.
;uantic Gulf and West Indies were
-" 90 am tpudy, DUt aS u In a
hlh' the street did not know whether
+ WAS weak AZ an oil company or AZ
shipping concern. Both It's per sou-
Mites are In losing lights for bust
ess' me company has taken the un :
opular side In Mexico. The Amer
an investors. protected by tho nrsttsh
oFcrnment. had about won their n-ht
OF iair play when the Atlantic Gulf
sp"used the cause OF the connsca-
"",rrs TIC Oils were all heavy today
t'er the nrst bust OF trading.
90, Fool Manipulation Opens.
INC poo! manipulation in Rcnd.rc
-'hh 700 open 10 oe mistaken There
.as no special reason for the n, :
ance o! Heading except the fact that
owned In large quantities by the
baltimore and Ohio. a pooI I'M: n. q
ccum'ilatcd large quantities OF Bri.
more and Ohio shrew diy guessed
eai strength in Reading would d..
st,ec,ed IN the weaker stock This
anccd the market for Baltimore AMI
mo broadencd pcrcept!bly. one
hvt docs mako for Improvement, of
ne ihlter stock IT IL 4 great freight
"rr,er' and VIII reap much benent
rom the advance OF rates /. lad
~ of passenger business wished
by the government that (, wilI
&c sIad to lose, thus making roo,n
or freight. But II cannot escane r. a
nh nap o, me Cincinnati. Hamilton
Who alone protItcd by that deal b,ys
MANAGED 10 do so thus far
lhpincihle Oh announced tina. n,
!ad at last brought in tho new vol
the Kissing Star district OF T.yns
- Wen Is up 70 the best expecta
.SHs' yielding 5000 barrels "a say
ne stock was quiet.
ne recent buying OF Southern Pa
me ~ based on n belief amonr law
ers that Tho company cannot rc.ain
.,,i" on anu lumber lands. y seErc-
'auun announcement Is expected. The
'n,inphny has large investmeni in
irSlco mat would be extremely ,ich
cSFeEat!on material IL peacc w,, !.
~ t"ni!shed IN that country and Tho
'oo men say II VIII be established