Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-12-21
BUSINESS ON EXCHANGE
FLOOR REMAINS QUIET
Professional Traders Halt
When No Roadway Is Made
in Selling Stocks Short.
U. $. bond SELL OFF FAIR
Liberty and Victory IsSueH Sell ON
News That Biii VIII lie Introduced
Tor Soldiers Bonus Ink ItnIncd On
Manufactured Goods.
Hy IL. L. Iinrnun,

ny ~. u. Buruunl.
NEW YORK, Drc. 20.-Finding that
no Roadway WAS being made By SELL
ing stocks short professional traders
married time today to get their bear
ihEs. As a result business ON the cX-
changc noOr WAS very quiet. In the
bond market Liberty and Victory is-
sues sold off on the news that a bill
mad been introduced in Congress for "A
soldiers bonus To bc raised By Il tax
on manufactured products for whole
sale and retail trade. In the last
analysis, this. Wall Street believes
would mean another bond issue, which
OF course would hurt the market
standing OF the Liberty and Victory
bonds.
Call for Various sums.
Some OF the many plans that have
been proposed for a soldier bonus call
FOR two billions of dollars; some for as
much as i've billions. The lowest cs-
innate for soldier bonus requirements
would require Il sum more than twice
what II is hoped VIII be saved by
arms Limitations: some OF the largest
estimates would use up all OF the
money which 1t II hoped VIII come IN
through the new tarin. From Wall
streets viewpoint disabled soldiers
should yet all and,morc than tx COM
Ing TO them in the way OF compcnsa-
ton. But 10 Indirectly sell bonds 10
y,
from Wall Streets viewpoint would
lac ut this time financially indefcnsi-
BILE. II would not only upset our gov
crnincnt budget at a time when every
body knows the need OF drastic econ
omy, bat II would set Il poor example
TO foreign countries. who now owe
us large sums on which even no in
tcrcst IL being paid
Fnrmrrs' bloc Disturbing.
Another DEVELOPMENT of ,h.
day that is greatly disturbing Wall
street bankers deals with the efforts
OF the farmers bloc in the senate and
In Congress TO force through bill
requiring that one OF the 1--we mem
hcrs Of the Federal Reserve Board be
special representative OF tn. farm
crs. II this is done there - no reason
why tn. steel industry and the coal
trad. aud others should not have spe-
cial representation on the Federal Re
serve Board. Where this would lead
liz obvious. Director Harding, who
was successful banker in tue South.
IL perfectly able 10 look after In.
best interests OF the farmers without
Injury to others
Burlington has applied TO the In
tcrstate Commerce Commission tor
permission to issu. aud sell $4,000
900 first refunding 50ycar 8 per cent
bonds and TO issue and hold In the
surplus earnings spent during the
past ave years !or improvements and
btt;ermcnts chargable to capital
account. Burlington, which just de-
ciar"d large extra dividend Is
doing what 4; can 10 get rid OF It's
very .ront aud loss surplus.
iious - Ohio and Michigan hav-
Ing wigg connections with New York
stock exchange firms have had these
wires removed FOR ovrrcharI!ng Gus
toners. This Is only the beginning OF
such announcements.
Will. call money touches 6 per cent
every day or so bankers here are of
the belief that money VIII work easy
after the first OF the year. II such
beliefs were not held bankers would
hardly be buying large blocks of city
and State bonds on a Ia 10 - per
cent basis. These purchases are more
convincing than any argument that
money will work easier.
Holding back freight to take ad-
vantage OF the per cent government
tax that comes OF January l. is be-
lieved TO be the explanation for the
72.is2 increase In the idle car sur
Plus reported by the railroads for
the week ending December 8. com
pared with the previous week. There
were on the date named 52S,I58 idle
freight cars on side tracks. OF which
3sh,ot. We're In good order and the
balance I'm need OF repairs. The good
order idle cars showed an increase OF
S5.ll6, which means that the number
OF cars needing repairs liz being cut
down. These figures have an impor-
tant bearing on the action being taxi
en- by number OF railroads in closing
their shops.
Railroads employees who are now
protesting through their representa-
tives over the farming out Of equip
men repair work haven't leg to
stand on ns far as logic goes. They
are before tho Labor Board today
taking the stand that the railroads
have no right to farm out this work.
and shortly they Will be before the
same board, arguing that wages be
Increased or kept at tho present high
level The position OF the railroads
. is that their men are charging more
than outside labor.