Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-08-31
SUBSTANTIAL GAINS MADE.
IN INDUSTRIAL STOCKS
Market Transactions Handled
Well, but Volume Of Bust
ness Is Light.
RAILS HAVE GOOD DAY
additional Favorable Earnings State
mcnts for July. iTogvthcr With
News of Mergers. Declared Rcspun-
sihie for Iurnoycrs of Curriers'.
nN IL L.. Iinrnnn


NEW YORK. Aug. 20 While the
volume OF tuainess handled was not
heaNy, the stock market acted ycry
well today, substantial gins being,
reported In many iudus..imis. Mcxi-
can Petroleum was tho feature or tho
OH stocks. showing an advance oC
over four points ON ru,uors that ho-
lore the end of Tho week the stocI.
exchange would mako its rcpor. on
The lnvestisatinn growing ont Of last
weeks false dividend rurnors II is
not believed that any hcadway Was
made III discovering who II was thu.
sent the false telephone mca.agc To
INC news ticket r"p"rtinG that divI-
denhs had tecn defcrroi However
according To today's rumors. the
stock. EXCHANGE has discovered dur
Ing It's investigation some vory in
tercEtirg facts dealing with the re-
cent bear campaign in Mexican Pc
troieuH.. ], is limited that the trail
uncovered leads to another stock
Exchange.
Rails HIVE Good Day.
Rails also gave 81 good account Of
themselves today partly on ndli.
|. Nonal favorable earnings statements
l. -" July and partly on tho news that
10 y" Interstate Commerce Commission
Il Wlii shortly take up tho question OF
4 railway mergers as proposed in the
! special report made by Professor
/. ripley, OF Harvard. In view OF the
|aBithtion on the part or some shin
|, rers for lower freight rates ana thc
4 need for sin lower railway vg,-cs IN
bring railway wages down 10 Tho
I level paid in other iniustrica railway
|, ehciais are pointing out ha, the Dr.
/, cided improvement In their net ouor-
ting income Is due 70 this or that
L reason. That is All right ~ a mat
|. ter OF tactics. But tho facty are that
/ the change in railway not Income IS
| decidedly cncouraEing That In itself
would satisfactorily explain tho
strength shown in the RAILWAY
shares
Mergers Compulsory.
After careful study OF tho nov:
y transportation act II requires great
|, lima ginntion TO find anything in the
Z part dealing with mergers on which
10 base active speculation for the
|, rise. When the Cuminins railroad
|. bill was first drawn II provided for
|. compulsory mergers o. ALI OF tho
+ railroads OF the country into no, less
!. Than twenty or more than thirty
|, five systems But tcrorc tn. BIN was
\ passed the compulsory clause was
eliminated and provisions were mace
Tor consultations into a limited
number of systems" IT was further.
provided tina, "compctit!on shall he
preserved as fully as possible' in ali
consultations: that before any con-
( solicitations pfhIjustd by the Inter
( state Commerce Commission are Of
\ fected the plan shall have dic pub
) licity and upon reasonable notice.
'1nciudinE notice to the Governor OF
each state. and that public hearings
shall be held. II is further provided
that the bonds and stocR OF the prom
critics tn he thus merged shall not OK.
coed the value OF the consolidated
properties ar determined ty the com
mission This means that there are
to be no mergers such as marked the
sensational speculation IN the rail-
way shares from 1885 on for half
dozen years. The object OF the pro-
posed mergers Is 10 get rid of tho
so-cailed weak roads" II is posi-
hle. too. that when It comes to mcrr-
ing such roads. say as Erie ana Lack
awannn, the shareholders Of the com
I'any last named viii have something
Ia cav in f,n-ts