The Richmond Virginian. (Richmond, Va.) 1910-1920, 1916-08-24
ST STANO ON STEEL
TO keep IT DOWN
- Not Ready for Proper Sort OF
R<eaehration So Stock Manipulated
70 Keep II From Hitting Par.
sUorroN AT NEW HIGH MARK
Dnuccd Crop May Have Some Slight
u inject on Southern and Other Large
q Cotton Carrying Railway Systems
WHY'S Overland Weak.
BY BROADAN WALL.

New York. Aug, 23,--United States
lNel sold within a fraction Of par
ebay and II required sktllful manlpu-
4 Ation TO hold IL below that price.
fAe evident purpose was 10 save the
messing of par for a day when the
whole market could be made 10 cele-
brafe as il could not he made today.
Ncthing was the matter with the mar
ket. but rather free proht-takinE In
the presence OF good reports from
I washington of an early settlement Of
the labor troubles with the railroads
Bankers said tonight they expected
The announcement tomorrow Then
there was the statement OF Churchill
!. II the British Parliament that he
wanted to charter all shipping ut once
1t admiralty rates TO prevent another
advance in freight rates. That chilled
he International Mercantile Marine
stArted soon spread through the en-
tire list.
Cotton made new high Agures to-
lay. Cotton is likely to have de
pressing influence on Southern Rail
ray stock. for most OF the damage
70 the crop is IN the fields south Of
he Mississippi where the Southern
operates Atlantic Coast Line also
viii be affected and Louisville aua
Nashville.
Looks Good to Munitions People.
Passage by the Senate - The fv3nV
bill approved hv Pres5Ier' WILSON
paves the way for government expen-
dftures in the near a4f. .ls
6s6, $50 schedule for l0p~ar Hsrt~
Of the national defense The muni-
Hons companies expect 20 -.f
share Of this aud. cUtu ms a rer
the great purchases OF The allies Il
makes the speculative outlook Ia that
direction very pleasant
Steel directors expect to add material
~ TO their profits as q result Of the
appropriation. Bethlehem was strong
and is approachinE It's hE ala gsaaga
price.
Mysterious runors were in circula-
uon Of big financial story 20 come
out OF Bridgeport, Conn soon +
was said that one local newspaper
had published some facts bearing on
The matter ana Tint the cDt.5c etf-
ton had been suppressed. Ii seems
that some important company aa-
been taken over by its creditors Pos
Ahiy a receiver h#- ha r. .,..sf7-#-
by some modest court that does rot
employ a publicity agent. As the
corporation was s5ld 70 he one with
too many war orders al too low a
contract price. Wal street was rsing
MI day 10 guess the .5entitv Of the
concern.
Willys-Ovcrland Wcak.
WHY'S Overland was N... agsfn.
but directors were strong .r thot-
statement of big profits and hiFver
ones TO come. They say tur4 are
earning 40 per cent and u.a6af the
new money for working a'.fe} -
handle the unprecedented business
They are all keeping an eye on Herr,
Ford and most Of the co.upertes ~#ar
! Ing low priced cars seem 70 think an,
financing 10 be done should he don
now
Coppers were strong in expectation
~ renewed buying movement 70
the account Of the allies Scvera
copper men let themselves he qnotat
~ hopeful ~ the future a director
nf Alaska Gold admitted that thing,
were none too bright ror that con
rern, but he has hopes
Underlying all market movement
OF the day was the railroad situation
As soon ms this Is settled some fruror
tant announcements are 10 be made
Not the least Of them VIII re tn
Union Pacific extra dividend which i
now being withheld for povertv'S sake
Railroad men 20 not expect "a So
an increase Of rates, hpt thew hon
70 get the promise Of one.