Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1916-08-18
RAILROADS ARE HEAVY,
BUT |NDUsTR|ALS BOOM
Intimatcd That Several Magnates
Went TO White House by Way
Of Wall Street.
SELLING THROUGHOUT DAY
Pools Keep on Advancing Market
and Find II Easy TnSk-Bound to
Continue Its Upward Swing for
Several Months.
~, BRoADAN WALL.

NEW YORK. August l7.-Railroac
presidents went to Washington thi,
afternoon. expecting tina; President
Wilson would attempt 10 force then
into giving an ciEht-hour day to the
mon without arbitration. Some OF
them started by way of Wall street
What they did there in tho brief time
before parting may nave been rejected
IN the railroad Est which closed Will,
not losses 7" -"i'" of the fact that thu
industrt"l' '' ominG as they had
not boom, .ul year
throughout the afternoon by bankers
having Intimate relations with rail
road presidents and chairinen Of boards
The pools. however, kept on their work
of advancing the market, and they
found it an easy task for what has
been done the last few DAYS appeals TO
the imagination Of traders. They sec
fortunes sticking out Of every stock.
and the herd of now bulls is grow ing
rapidly. Although III" market un.
doubtedly Will continue is. inward
would he good for IL.
Action Of steel. which moved to-day
TO new high record of % =. is sug-
ceStivc of the move steel had when
il first went into the SOS. At that time
those who were wai;in: for a reaction
got no chance TO purchase, because
The stock did not sell back TO the price
as then. Steel is being handled by the
strongest financial powers Of the world
rhey arc the same bankers who are
participating in the British loan.
That loan. by the way was over
subscribed before publicly announced.
The necessity for raising 100000. 600
Of credit is likely TO have the. same
ournuiation Of moncy to pay big divi-
bends quarterly. There must unGucs-
tionably be considerable selling and
shifting OF security holdings. and this
coming just when the railroad pres'
dents are gloomin= around the White
House. is enough 10 Justify any rcac-
ton the market may have,
Mercantile Marine was the most
active feature Of to-day'S market The
report Of plan 70 retire the preferred
and its dividend by exchanging for
common stock seems 10 hc founded on
Marines common sold to-day a, the
new high record OF IS So; The com
parativc heavtncss of the preferred
stock gives color to the rcpor, OF this
proposed change.
Late IN the day coppcrs became ac-
tive in such manner as 10 lead TO IA
to divert attention from tho heavincss
of the railroads Sales OF $4,000 900
pounds of copper was reported: and
other large sales must be expected now
that the British are in funds.
lnasmuch as the foundation has been
laid for the most extensive bull market
in the history of the world. any re-
action growing out of complications
in the railroad wage dispute will he
taken advantage OF by professionals to
accumulate stocks that have been sold
out OF the enthusiastic rise OF the last
few days,
MEM YORK August l7.-Ncrcartilo pa nrr
-, Sterling SiNty-day bills S47i5s. dcnIauh
NI3a. cables. So" Gle Har silver tG'.
MvNiran dollars. 81. Time loans. steady;
sixty days, - us: ninety days, 80, It i':: six
mon'hs. %."i can nancy. steady. ruling