Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-02-25
WALL Street APATHET|c
LITTLE ADVANCE IN RAILS,
DESPITE BILLS PASSAGE
Appeal or Allied Farmers and Union
Labor to President TO Veto Measure
a Disturbing ERctor.
ny nuoADAN Wall.

MEM YORK. Feb. "i.--wall street
was disappointed today when the
s,ork market opened Iuitely without
material advances IN tho railroads. Il
WAS evident that the genera, situa-
;ion VAS worse than even the profcs-
a'onal traders had thought. Such
,.rws should hay" been good foiS:t )
on l0-point rally even In "A brar
market, bu, the most that happened
was u point or 80 In few rails that
some professionals were tryins> to
manipulate.
This disappointment resulted III
rather heavy selling OF the industriais
at irst, and later OF the rails. The
bcarlSh influence os thiS scl!ins WIZ
cumulative. and the mTrket became,
more active tho lower II went. The
''c!ose was active and weak with Tn.
lcwcst prices OF the day recorded III
Inc, last minute OF trading.
IS There are several Eood~'reasons for
selling stocks even though tncrc may
20 some good ones for buying them
An organization OF farmers allied with
for selling today by petitioninS tho
President to withhold his4 signature
from the railroad bill until they could
present their reasons FOR veto.
Ttn!iroud Executive. Satisfied.
The bill az passed is very satisfac-
tory to the railroad executives. They
propose 30 begin dlschargin- cai
p'oyccs a; once when the properties 90
back into their hands. provided or
course tile bin is signed by the rresi-
dent: and they have full authority L"
= handle their properties.
In tho midst Of the rising raNr"nh
misunderstood the 81" per cent
guarantee" contained In the new law.
The government does not guarantee
to see that they earn that much
money: i, simply agree that they will
be permitted 20 earn that much II they
can. and II tho Interstate Commerce
Commissioners can be Induced - iiN
rates so as 10 make such earnings
possible.
One DuIIish Feature.
The only rc;,! Duiiisn feature % tn
rev law IL the permission 10 ;Tanc
combinations. There are, great pos
get great deal Of excitement out OF
,l.m. This began today when 81.
Paul and New Haven rose sharply or
the ,hcory that they would become
su;nably tho Now York Central lines.
The Hill stocks that were engaged 10
marry last week were not enthusiasts.
,or both Grca, Northern AMI Southcr TN
Pacific su!kcI TO lower Levels.
Some market Observers who have
been bcarish for weeks and who cN-
pee; materially lower prices before
tho market turns. thought tho railroad
BIZ! combined With TN" ness nttitud.
OF the Federal reserve board should
have caused rail-: Thes" min"
' tn, ob,erv%rs arc much gore bear
isf than ever. for now thcy fee! sure
ON Narch il the ars, .ns;uiimcp; OF
income tax payments VIII be due. and
between now and :hcn very few per
sons with money VIII be FISHING X
n tho stock market Banks VIII 30
called on 10. large amounts OF money.
Thts combined With the far; that the
condition OF the Federal reserve banks
Is poor. causes little hope Of caSc In
speculative funds.
Republic Iron shocked the Street
AFTER the close With AN annual report
for l&lS showing that II did no, earn
The dividends IL paid by some Sl,eil,-
400. II paid S3.3sf.GS7 and earned only
S2.lilla6. Other small steel com
pani-s are understood 20 have done no
q or