The Richmond Virginian. (Richmond, Va.) 1910-1920, 1916-07-12
IITRr BANKS CARRY
NALL STREET DEALERS
1nna<s Express Dcscs1rrtnatio Not
- Avail Themselves OF 'Delis-
count Fcasnre-
HRADE VOLUME Is LARGE
o11na Has Soldering Effect, and
aN Investors Are Trying TO slip
Out With Small Profit Remaining.
fRr RROAnAN WAII,N

1pew York. July 1I.--Cosing weak
e about bottom and with net de-
Wines in nearly every stock on thu
Z ~ the market in Wall Street today
eRAs Technically perfect. There was a
SAlid reason for every movement,
he bears who last week promised
raid for this week found It unneces-
%1Ary to do more ihan hold their posi-
Mon. Developments carr "a the mar
%e6t down without more than nominal
assistance High prices
with the startling weakness
&4A few issues did incx: Of thu work.
The public has not cashed In it's war
swroflts and country banks s~-e oas-ry-
mt war stocks and industrhais on
nsali margins for traders from whom
ExAll Street brokers are demanding
znr8er margsns, This has meant 3
@unFtAilment OF buying power, a spirit
Nu8 poa11utsyn and unhAppiness on the
TART OF the stock dealing public and
n shipment of funds from New Y ork
80 interior points,
S "a addition 10 tfis there In the ex-
sDregDed determination Of the big
- a7rn to take advantage Of che redis-
ount fea<ure OF the new Federal Re-
1--we System, They say II the treas
aNry IL liable to have som hing to
~ on this poAnt, the banks persist IN
NNheir determination TO DO no redis-
seountins The easier money today was
xortunate for the banks,
Volume of Trading Greater.
Eot only was the volume OF trading
4 greAtsr today. but the number of Is
onoo dealt in was much larger than
visual. Many an iIrvsstor is trying TO
Gaip out with what little profit re-
s-HaAinS to AlSaAa! has soAaTe5
1Asm.
Cruc4nae Steel common is oeirg
watched with unusual care by Wall
Street sharp shooters Cructble was
ont across par chiefly by the report
\ that Bethlehem Steel would buy con-
troll OF IT. When the stock was sell
eng at Is II was confSd entity predicted
4 that II would go TO IS or 40. Wall
4 Qtreet laughed. That particular
group OF insiders sold out from 2b 10
4 ~. A now group tojk up the stock
and put II 20 around 10. The original
bulls rarsd about this new advance
and warned the public TO beware OF
4 tbs stock
Street Laughs Again.
Wan Street langhef again. but this
4 time Wall Street bought ard the sec
ond group of buils unloaded around
par. Now 1t appears that no@hing
II was true regarding Crucihle except
I the orders that put It to about 30.
There are brokers who insist that II
II earning $50 q share. but a large
par. Is In the shape OF factories That
may be '3net junk" when the war
/ ends.
VI Should the U-liner prove a success
Il IL may be that q new lease OF life
u may be given TO the munitions con
Germs II Will be interesting 10 SEE
whether Germany can buy copper II
this country at any price. II is under
q stood that the Allfes made contracts
#an which their producers agreed not
sEto sell TO Germany.
Some selling OF International Nick ri
was based on q report that Canada
would forbid the export OF Nick6 lest
the T-boats carry some OF II to Ger
many Such an order would impure
Nickel. especially 80 SIS Wall Street
believes that the stock WINS multiplied
BY four In tho hope they would buy
1t without realizing that II is selling
~ . high price.