The Richmond Virginian. (Richmond, Va.) 1910-1920, 1916-08-12
n cAnPAIeI on
N WALL STREET
1870 Conspicuousiy Absent and
4 Bankers Have Control OF
Market situation.
/, PEACE on HORIZON YET
Ma Have Put In Orders For Thou
sanf& Of Machine Guns From Amer
tcan Manufacturers.
Nv RROApAN WALL.

n New York. Aug fi.-Aet:eH by the
81 nrk market today was a delight TO
ssfoee who looked at II from teen
4 deal pofr, Of view II fulfilled every
i ~ouirenent Of a perfect Friday in
1 all campaign Opening with onrst
HI. enthusiasm in munitions the market
f2ded away ana became almost weah'
4 the late afternoon II turned under
4 ae leadership OF few spectalues and
/. .osed strong and active. Many
Z socialists who have been clinging TO
i ae bear side Of the market were con-
4 sYted by what happened today. The
i ublic is absent and bankers have
I .ntrol. II the market should con-
i aue Its perfect behavior. that is, II
sf rains tomorrow and opens strong
.4ondsy the Wall Street fraternity
nili soin the bull campalgners with
1t IL only fair TO state
hat there are some consideTa ole
/ mixers In the market who DO not be-
e eyre that stocks can rise much this
(. ar. They say the large volume OF
N sner.caa stocks coming from Europe
J I'd the big foreign loans com ined
it'll the crop disaster and posi-
ssiisy thst the war may collapse.
rake II impossible To have another
ssuhsse ball. Fortunately for profess
csAi Wall Street such things are
natter CT opinion ana Just now Wall
I srees leaders are Of opinion that
/ reese very things are bullish.
Motors Strong.
Meters made another bid for quiet
aver today ard they were really re-
ponssbie along with Reading for the
ftrcng close in tAe market strong
land. moved tire motors up. General
motors was advanced IS points 20 SIS,
which ss the highest prices OF record.
Chevrolet moved up n points. Max
sell. Chalmers Willy Overland and
advanced about 2 points
zach. Rumors we're many and chief
" they were concerned with a stock
dividend Of 400 yer cant for General
Motors and a large cash dividend for
Chevrolet.
Action of Reading IN tho late trad
ing was significant because the bank
ers that hold that stock jurt now are
The same ones who are behind the
motors. Everything done today be-
spoke good team work,
Some disappointment Was expressed
because American Locomotive did not
respond more to its remarkable report
Of earnings. The reason was that the
extent of these earnings has been
known. New York Air Brake, which
VIII shortly make an equally remark
able report. rose sharly. but only for
The reason that the public has none
Df the stock
Nothing To Fear From Peace.
Holders of war stocks however,
have nothing to fear from early peace.
II was stated today by a manufacturer
Of machine guns that the allies have
placed orders, not for hundreds but
tor thousands of these guns, deliveries
running past the middle OF 1918. Thi,
Goes not look like early peace.
\ Although Official announcement o
the Mercantile Marine Reorganization
plan was promised. the statement ha
not been made public when the stoct
market closed today and the stocl
therefore hesitated. Strength OF tn
stock is the best proof of what tn,
banking fraternity thinks Of the pos@i
bility OF early peace. 1t may he SAFE
In confidence that they are talking
14o for the preferred stock. Tha
looks like peace in about 1920.
Grain and cotton were both irregu
lar and lower, but crop reports con
tinued to confirm all thatA has beer
said Of, rae sissaSter in-4 the whess
helds and OF the threatened disaste
In the corn and cotton fields of tn
southwest.