Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1916-07-06
BEARS BEGIN COVERING
THEIR SHORT CONTRACTS
Action Result OF Belief That Car
ranza'S Note Is SatiSfac-
tory to Wilson.
DAYS BUYING Is lNslsTENT
Industrial Alcohol Sells With .tssur-
ancc--RcduCtion in Ocean Rates
Believed to Have Reached Limit,
and Gradual Rise Looked For.
II, uRoADAN W ,I.I..

NEW YORK. July when Pres,
dent Wilson let it he known to-day
that he would take q vacation, tn"
bears assumed that Carranza's not"
was entirely satisfactory. ANA they
began covering their shot contracts
without .cercmony They had hopra
fects OF Il real fight would have been
bearish or stocks IN the beginning. be
cause OF the destruction of American
property that had been planned 10y
MeXicans. That is all there wds TO
to-day's market.
Fundamental conditions remain un-
changed. The days business WAS al
most entirely professional. Really i'm
portant people had little to do with il,
and expressed no Intention Of hccom-
ing active until they have had their
Will have the market ali 20 themselves
for a month or six weeks. provided
they do not get TOO reckless with it,.
Stocks that rose the most to-day
We're in every instance those in which
the short interest was large Buyin@
was insistert from The beginning OF
the market, and all the shorts had not
covered when the closing gong sound
ed. Therefore, the rally against shorts
may we'll continue FOR another day a."
SO. Those operators who have ConSti-
tuted themselves leaders OF the vaca-
ton market. and who may properly
be described as high iinauCiers al an
term. are planning a raid next week
if the biz people DO not interfere by
holding Steel, Reading and Union Pa
cific too strong. The real danger of
the bear party lies in stocks like those
three. which have such large earnings
that they really are worth moro than
their current market prices. The bis
bankers can safely buy such stocks as
a vacation pastime. Unless they, can
he made TO look weak. the general list
will be hard to break.
Railroad earnings repor;ed to-day
were OF the same monotonously good
character as those with which tho
Such reports are useless as hull am
nunition, because they suggest that
the very best Is known. and tina; IS
the time real investors get = longing
INDUSTRIAL ALCOHOL
HAVING GOOD SALE
Among the stocks that are heirg sold
Aicohoi Wall Stree; insists ,ha, the Seil!ns
cores from sn tnportant operator In chi,
sssS xs EaFk was 5ourh, nsaT muc if 5w@
levels: Just as in the old DAYS Wall Sire,
sss4 to n s Rqss a sass wh han t F
buying q lot OF Steel when 1; wants 20 make
The Fr'ck story was WORKING hard co.,iay.
with 10000 shares a accumulated Cor his
account in ore house.
The reduction OF ocean rates which was
a result Of President Wilson'S dirlorla'tc
victory IN the u.,boa,, controversy more than
limit. 4 gradual rise o: rates Is looked
FOR as result ot the encouragement hat
pa!sn. 4 rise IT rates also would naturally
follow the tremendous expenditure NJ am
munit!on being made by the allies IN tne!-
big drive That drive Is disturbing The
hull party bv making an end OF tho war
more reasonable Thing 20 talk about
Another mark was scored for the bears in
the arguments Ise0 by the bull party In
munitions IN attempt 20 ROB Tho pro
posed tax on these stocks o. - u4enac" 20
investors IN such stocks Although these
companies nav" been Boosting recently %
the tremendous new orders received. or
abou; 10 he received. they proclaimed their
irlmuC:t? today from taxation on tho
ground tina: .hc hic way orders we-" atcu;
In the a-s: liace the tax j. ratroa etiye and
VIII catch III" big earnings even /! already
in he ;rsnsn-iss In the. second place. 'h=
ne stock ms:Est By holdine those earn
iuEs III subsidiary treasures leaves til.
great oGlE OF such earnings sun uLca-ncd
- tar as parent companies are concerned
The government WI! DC sur" 20 GOT them
on ths!r WAY from the subsidiary TO the
parent treasury.
NEW YORK. July 5-Mercar:ua papcr.
=. -, ,s,sflinr, aiN,yday bills s47. 10
nanG. 800; cables. S47j 7-l5. BAY silver.
clN Mexican dollars, isi. Goyernmeu.
bones. steady. railroad bonds rrn Time
loans. troar SiTty and ninety day.. Ell
~: SIX months. "a ~. Cal! won-;. s,r a.
kLl!nE rat,