Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-02-14
GOSSIP OF THE STREET
STREET CURIOUS REGARDING
PRESIDENTS LABOR VIEWS
Brokers Believe WshedFor Turn Has Coe Stock Market
Nothing Spectacular in Yesterdays Aduance

'HERE was good deal of curiosity
SHOWN in the financial district yes
terday afternoon as to what the Presi-
cent said to the heads of the railroad
labor representatives.
Some brokers said IT was evident that
some one had given the desired infor.
nation. as railroad stocks took an i'm
mediate upward turn. and dragged
almost the whole list with them. It
was generally believed that whatever
tne PRESIDENT said was in favor of the
railroads.
many brokers said they believed the
Iohg wished for turn had come to the
STOCK market. One who was asked why
ne had arrived at that conclusion said
cecause the rise was not confined to a
leW speclalties, but affected so many
STOCKS. Besides, the rise was gradual,
with nothing of the spectacular about it,
he said. "
Speaking of the railroad situation,
an investment banker said he did not
believe there would be any strike or
waikout, but If the men are so mis-
guided as to force an, issue at this criti :
cal junction when the roads are on the
point of being returned he would be
strongly in favor of Congress putting
through, railroad bill with an anti :
strike clause right away. He said the
farmers, who had given their opinion
that no body of men like the railroad
workers had right to strike, were per-
tectiy right. The public won't stand
for 1t, he added.
The public, be continued, have no
TO L .-I
he is dissatisfied with it and getting
another. but when a body of men like
the whole railroad workers threaten to
strike if they don't get all they want,
they are setting up position that their
employers cannot take themselves. He
hten mentioned, as an example. well :
known railroad which went into bank
ruptcy recently.
The government, he continued. when
it appointed receivers. would not for
one moment have permitted the stock
and bondholdArs to go OH strike and
say they would not allow the receiver
to take charge. The receiver took
charge without asking their permission.
There are always two or three Interests
in any strike which are paramount to
the cause of the real strikers and who
must be considered, he said.
Is Stock Liquidation Complete
1t was still an open question yester-
day forenoon whether liquidation i'm the
STOCK market had been completed or not.
Many were of the opinion that there
is still lower level to be reached before
the turns which they expected to de :
velop Unexpectedly and which did later
on. One broker said that spectators
as well as those who buy for invest
ment. never expect to be able to guess
when the lowest point has been reached
and usually begin to buy before the
bottom has been touched. As matter
of fact, it is the buying of these sea :
soned prophets which causes the turn
when it becomes strong enough.
Of course. he said. the merest tyro
Mt the game may and frequently does
make as good guesses as those who are
in close touch with the fluctuations and
their causes from day to day. AS
usual. there are quite number who
claim they see no indications of any
immediate favorable turn in the stock
market.
The bulls. they argued. are not going
to put the market up till they are GER
tain of plentiful supply of cheap
money and while call rates for the last
few days have been satisfactory enough,
it is said there is little money in Sight.
The fact remains. they claim, that there
are no borrowers. or at least very few.
and such being the case. even 4 per cent
money would make little difference.
The weakness and the nervous con =
dition of the stock market early yester
day was said by a prominent broker tc
be caused largely by the closing out OF