Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-05-18
OPTIMISM or WHELAN
GIVES BEARS SETBACK
market Rallies When Prominent
Figure on Street Scouts Talks
OF Panic.
ny nROADAN wALL.

III uROADAN WALL.
NEW YORK. May 17.-Money fell
nroS,ups PCT cent this afternoon and tho
10 such an extent that advances
were seen In nearly all active issues.
MS recSrcry In tho market was
s OF ran by the arrival from Europe
sion Of tho opinion that panic talk
was not justified. This bit of optiin-
ism frightened the bears and even
caused some OF the important bank
tic talk.
EARLY in the day the market was
hcavy and professionals did what
they pleased with 1t. There was the
OUTLAW outlaw strike still unbroken. the
Washington. and the possibility Of
the closing down Of several factor
ies Tor tho lack OF raw material. II
was generally admitted that the
OF Mr.. Whelan Just before noon turn
ed the whole list. The close was
strong and active. with money at the
low point Of the day.
General Electric Lay on.
The General Electric Company dis
covered last week that strike was
70 be called at it's factories at Lynn.
Mass. There was scarcity OF raw
fore the company today announced
that 1t would lay off 1900 mon In
definitely. This will give them time
TO think the strike over: Many other
factories Will be compelled 20 follow
sui; unless the railroad strike is
broken Immediately The Western
Electric is expected to shu, down iu
Chicago plant. not because Of the
threatened strike. but because OF an
the inability to deliver 5hn!shed pro-
ducts because OF the railroad con-
gestion.
Tho Federal Reserve conference at
Washington. is Nxpected to mark the
hank insists on forcing further re-
strictions OF commercial loans at
time when merchants are helpless to
iilnidate because Of the railroad
Will be introduced In Congress
amending the reserve law or abolish
Ing the syHtem entirely. The bank
Was instituted 10 help business men
level OF loans Is due almost entirely
TO the railroad strike. Higher money
rates VIII no: help matters
Rail Owners Agree to Rnise.
10 presiden, Wilson'S labor board to-
day Of their Willingness to grant
increase In wages. l, is inmat.rial
10 the railroad what wages are rald
because the United states govern
inent has taken charge Of their opera.
tion by law, and stands obligated
under the terms Of the recen, act o.
Congress- TO grant such rates az VIII
permit profitable operation. There
f.-c. any increase OF waEes must he
There is no money with which to In
crease wages The labor men have
quarrel not with the, railroads.. but
with the Interstate Commerce Com
mission. which has delayed It's dec!-
sion on rates. The situation Is des-
pcrate. and demanding quick action
because OF the outrageous condition
In the money market that has re-
suited from the freight congestion.
wha, Mr. whclan had TO ray i'm
pressed The Street because II con.
trasted go sharply With the doie'ni
talk OF II. r. Dawson and Frank a.
sIonal traders particularly "hen
United Retail stores suddenly began
advancing and did not stop until 1t
rose more than I'VE points.
Hears Get Setback.
Other stocks fell in line and tho
advance. which began In the tooae-
cos. had pern,hated the entire market
before tho close. ], was tho hrht as,
,inct check that the bear party mad
received recently in their campaign
OF pcssim!sm.
Tho SHARP advance in french eS
change helped the market sentiment
also. The world Is beginning TO real
ize tina, France, ai, an, spnn an n5oa, 90
the money for rehabilitation OF the
devastated regions. and that the
French will be rc.mhugseh later tor
this expenditure by Germany Even
GERMAN exchange showed improve
rnen,. .,
Cali comes from the West FOR TO-
600 freight cars to handle the con
gestion OF food products in the Mid
die States. The East Will also have
10 furnish funds for moving this pro
ducc. Unless tho reserve board finds
itself able to realize this situation the
East will be hurt severely not on!
through the shortage OF rolling
stock, but through the payment OF
large and unfair interest rates.
New low records were seen again
IN come OF the government war
bonds 80
rally to hold for severa! mas an"
roads r as Pere Marquette: Sew Haven;
Missouri Paciac. Rock Island and
Texas and Pacific.