Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-02-21
RAILROAD week
IN WALL Street
country's Carriers Soon to Be
Permitted to Stand on
Their Own Legs
SUPPLY VERY LIMITED

New York, Feb. 21.-The New York
Evening Suns closing financial review
today says:
over Wall street and the short session
of the stock market presented little fea-
ture rejecting either animation or in
itiative. The undertone to the price list
was firm but price movements were in
the main narrowly irregular. 1t was
probable that the loose threads of short
covering and profit taking were being
caught up against the observance, Of the
Washington birthday on Monday, At
the beginning of the second hour there
was an infusion of buying strength in
the railroad department which more or
less affected all issues in that list but
more particularly the lower priced
shares like Rock Island and New
Haven, both of which pushed through
"a.
1t was logical enough that such should
be the case in view Of the likelihood of
the railroad bill being put through the
House at the conclusion of today's de =
bate. Discussion of the bill has been
limited, although attempts at filibuster-
ing were said to be in the making which
might entail delay in bringing the meas :
ure to vote to the early part of next
week.
Evidently there was no great ner-
vousness that such tactics would be
successful, since it is recognized that the
demand for legislation against the re-
turn of the roads on March 10 has
become, SO widespread that its, politi-
cal Significance transcends the threats
of the labor elements directed to those
xubn x1nfo for tho no cSo0a ~ tho
AS for the industrial shares the tend
ency was to heaviness but trading was
very restricted and devoid of import
ance one way or the other. There was
weakness in the foreign exchanges not
withstanding the continuance of out
ward gold shipments from this center
An additional consignment of $4,000,
600 went to South America and $50, ,00C
to Mexico. Shipments to South America
have been brought to more than $40,
000,0 900 since January 1.
Rejuvenation Of Rails
This was railroad week in Wall
street. The fortunes of the transporta .
ton lines which are so soon to be per-
mitted to show what they can do with
their own legs after wearing the brace
of federal control for two or more
years supplied the principal theme for
discussion.
The securities market responded
promptly to the new influence, with the
railroad shares leading in forward
movement which was as brisk as the
limited supply of stock of that de-
scription rendered possible. The dem
onstration gave rise to no end of con =
lecture as to its scope and as to whether
it reflected a definite revival Of specu-
lative and investment interest.
A summary Of the provisions Of the
bill agreed upon and reported by the
House and Senate conferees elected
approval and disapproval in varying de-
gree. The points touched upon in the
summary and the detailed provisions
of the measure itself will be eluci-
dated by the debate which opens in the
House today.
Meanwhile the feeling which pre-
dominated and which proved to be a
sharp stimulus to railroad stock values
was one of satisfaction that the pro-
posed legislation gave promise of speedy
enactment.
That was the main consideration.
The status quo with respect to rates
and wages will be maintained for a
period of six months from March 1. On
this point the labor element based its
opposition to the passage of the bill,
but that such opposition will be futile
was accepted as foregone conclusion.
A tribunal of nine members ap-
portioned equally to represent the pub
lie, the carriers and labor has been
created with power to adjudge disputes
between the companies and their en-
ployes to the end that interstate COM
merce shall not be hampered. Boards
of labor adjustment may be established
on the volition of the railroads and
employees. Decisions of the board must
have the concurrence of not less than
five members.
The Guarantee Clause
From the point Of view of the rail.
roads and the investment public the
outstanding clause was that providing
for return Of 51a per cent on the
aggregate property value of the roads il