The Richmond Virginian. (Richmond, Va.) 1910-1920, 1916-08-26
AVE Of PESSMlSn
STRIKES Wall Street
Ue0cks Go Tumbltng In Face Of Osnf
nous News from Washington As
TO Railroad situation
FoRD's GOT EN- GUESSING
4la New Gar Looks So Much Like
Hlgh-Prfced Article Market Gets
Hue Over Motors--Day of Copper
IL Coming.
BY RROADAN WALL


ehe stock market closed today II
looked as though the railroad prees-
dents and their employees INTENDED 10
sosn In making war on the people OF
The United States Invasion by Tor
eipn army would be less dangerous
than a railroad strike and for the hrst
time since the dispute has arisen II
looked as though there might possibly
3 be n strike Cool headed dnancieTs
nersisted in the belief that il was
bluffing on both sides. but admitted
that II was a very superior quality
e Of hlufana Everybody IN Wall Street
Ia angry at President Wilson for what
they consider his diotatorlal procedure
in the matter.
So the stock market went tumbiiag'
The stocks that led II up led II down
Reading, Union Pacific ana steel were
a. weak as they had been strong.
Cotton went skyrockeunE to the high
est prices seen In five years. Net gain
for the day in cotton was above So 80
per bale in all options Wheat climbed
to the highest price on record since
the great corner Of few years ago,
and closed the day with options from
&C to SC higher per husheL There
is no longer any doubt that there has
been disaster In the wheat and the
cotton fields.
Wanted Reaction.
Wall Street Was in hgmor 10 make
the worst 81 everything because II
wanted a@reaction. Therefore It ar
guea that Even IL the railroad presi-
dents DO give In to the eisht-hour
day demand of President Wilson and
get their rate increase In return that
will make simply an extra tax on busl-
ness.
AS a matter Of fact technical con-
IL Az
a reaction and the list is acting Just
as a wsll-behaved list, should act in
n regular old fashioned bull market.
Whether there Ia a railroad strike
or not. the market will recover after
readiustments are made in trading &C
counts 1t seems that the public did
rush In to some extent at the last
minute and brokers find their loans
increasing rapidly. The bank state
ment tomorrow should show a mate
rial increase In loans and In net de-
mand deposits.
Before the break came there was
good buying OF coppers and munitions
Wall Street believes the day of the
coppers has come and especially so
because the metal for December de-
livery was advanced today to 2so q
pound. There are reports OF big or
ders soon to be signed FOR the allies,
Strength OF the munitions was due
partly to the fact that the United
States government has approved or
dcrs for q good many million dollars
worth OF ammunition, subject 10 the
Presidents approval OF the army and
navy bills now on their way through
Congress-
Those companies that have learned
how to make munitions are figurint
on big profits also from Europe.
Forri's Got 'san Guessing.
Henry Ford was responsible foi
-ymuch OF Wall Streets trouble today
for his new car looks so much Ike
the six. seven. eight and nine hun
dred dollar cars that nobody could
tell the difference as q few Of them
roiied along Wall Street Nearly
every trader who set his eyes on one
went TO the nearest brokerage Office
and sold few shares OF motors. A.
1 result the motors list was heavS
and the days decline really started
In this department Of the market
Wall Street also became very an
happy because Of the preliminary an
nouncement OF the July earnings O
International Mercantile Marine
which seemed to be about two mil
Hon dollars less than for June An
gust earnings are running no better
The reason Is that freight lis now be
ing carried in accordance with con
tracts made when rates were tempo
4 rarily reduced. September earnings
wifi be back again 10 normal ana are
expected to break all records AT
estimate of them today VIZ ns higf
~ eight million dollars for the month
Wall Street went home in a frame
OF mind that does not augur well foi
the opening tomorrow. unless there IL
some dtstinctively optimistic news
from Washington,