Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-06-04
! |L|z|NC READILY
! ABSORBED BY TRADERS
freely Any Rcactionary
Movements, and None of
Importance.
MESS IS IMPROVING
~ Money SIM Offers the OppOr-
nifty for Extensive Speculation
III bituntion Likely to Remain for
definite Period
MESS is IMPROVING
By Walter u. brown.


By Walter ID. brown.
Written FOR the United News).
f." YORK. June s.-Stocks con-
ed firm with scarcely any reac-
arySmovements. and none Of i'm
;ance. While there has been CON
rable realizing. IL has been read
absorbed. and although at times
price level has remained station
as II the position between prices
news developments were bal
ed. there has usually been some
m impulse supplied for another
yard movement. Only on ono day
e April have sales falien be-
l,o"oOO0 shares for iivc-hou
'lon. The undertonc Is strong
there is no change in funGainen-
conditions.
heap money continues 70 offer the
&ortuniiy for extensive speculative
h!hg. and this situation Is .lkely
continue indefinitely. New cant
Is being acquired through mum.r-
bond Issues. which arc e2sly az
bed. hut the requirements II funds
commercial purposes have not as
increased to point where thcy
ia likely have much influence on
es General business. however. is
ahily Improving. or at least is
4dins all the gain II has made.
Forrnce Further Cuts.
ne decision OF the Railway Labor
IRA reducing wages and main,c-
ice ~ way men 80 as 10 bring
m within hailing distance Of wages
d Tor similar services outside OF
way operation is resarc.d IS the
crunncr ~ further cuts. which
make total reductions OF asou.
100000 In the labor cos, 10 the
roads This viii largely orsct
freight rate reductions ordered
Ing the preceding week by the
erstats Commerce Commission.
lie the Increased tonnage which
uid result is expected TO make 10
remaining loss In revenue 1, mo
roads The freight-rate rcduc.
was not based ON exactly ..Ien.
c !!hcs. As horizontal OUT. IL
no attention TO particular need,
is applied 10 commodity rates
IA II ~ TO class rates.
Rates Not Uniform.
some cases. therefore. rates arc
3'n I" pre-war level. but in 9th
they are much higher. However,
vas the best that could be done
me circumstances. and these In
tpitlcs can he ironed gu, after.
"a. /, remains 10 be seen whether
I Railway Labor Board Will have
courage 20 make the additional
se cuts expected OF II. especially
3'ie~ OF the muttcrcd strike threats
eady resulting from the cut al.
dy announced. The board itself
far ~ an experiment just AS thu
erstate Commerce Commission was
Ren II was FIRST organized That
- J had no power to enforce It's de-
ons at hrst but IL has gradually
~ given authority until Il is one
4 Che most powerful arms o. the
pertinent, and. II may be said. Is
free from polItica! influence as
The Supreme Cour, itself II the
ate It's lndcpenden IL viii un-
ihtedly be given greater power
4 authority In the years to come.
Two Noteworthy DecisIons.
s'wo noteworthy decisions have
n rendered by the United states
I,rcme Court during the week One
these requires the Southern Pacific
separate itself from the Central
|cihc. while the other Is mod,-
Ittion OF a previous order in the
hiding case which will permit pre-
red stockholders the same rights
share in the distribution OF the
Eading Coal and Iron properties as
| stockholders have been allowed.
e,n the reimbursement OF the Central
fcihc Railroads capital and in
btcdness 10 the United States gov
aJnent In 1929. the Southern Pa
| Company acquired all the stock
1.-THE Central Pacific Railroad Com
hy. The decision OF the United
Rtes Supreme Court, December.
IL. compelling the Union Pacific
divert Itself of a0y interest in the
|ithcrn Pacific lnUvided that tho
Hon Pacific might acquire the line
! m ogden. Utah. to San Francisco.
/ ned by the Central Pacific. This
i having been accomplished, suit
Is Instituted by the Attorney-Gen-
j OF the United States TO rclinquish
Itroi Of the Central Pacific.
opinion May Not BE Effective.
fhis suit was decided against the
Hornmcnt in the lower court. but
Is been reversed by the Supreme
hurt so that there is possibility
It the Union Pacific. will acquire
|, Central Pacific. This suit has
|.n pending since 1914. but In the
antime tho transportation act has
|,n passed which gives the Inter-
lie Commerce Commission power TO
|,horizc such com b!nations and In
]. tentative groupings the Contra!
'cifc IS allowed TO remain with the
Ithern Pacific. 1t Is possible.
erefore, that notwithstanding the
preme Courts decision the disso-
lion of these roads will never be