The Richmond Virginian. (Richmond, Va.) 1910-1920, 1916-08-22
BREAKS ALL
DRDs, SELLS At 95
10y Water Steel Common Is
Now Of Great Intrinsic
Valuc.
3orREEr Is TAKING NOTICE
~ 20 Wake Up TO Fact That
"a Wilson IL Really Schcrrucd
0uccecd Himself in white Hocse.
nv BRoADAN WALL.

~ York. Aug 23.-.-IIr sd Sse.es
common closed +olEy a. 80,
~ Is the highest cr'ce ~ which
1ser sold. other h:Eh 'ecords
M made, notably n both the Ma
tssues, in TaciEt Mail and At
11e Gulf and West Indies. Count
the stock not rerorted, Wall Street
Gl Ii fully a usil:oa shares today.
" whole list vas huoynnt
lkeasons s5r the Behavior OF the
rkct arr well known to the readers
this column In a general way II
~ be said that the market is boil
9 because nearly ali the industrtals
~ earning at the rate OF from 20
&D 10 per cent Of their market price.
ScAnse belief in long war has con-
nnced Wall Street these earnings will
6ntinne for several years and be-
AUne the plirht OF the railroads Is
4ping all the speculative money In
~ Industrial LIST.
The public is absent except for the
nnll fringe that always hangs around
IN Street The big public that 9
ntng to take the bit into its teeth
geeentiy and run away with the mar
te4 In staying away till prices are
Rk1Rher The American Spectator and
g<afticuiarly the American Investor is
H. proud and naughty individual and
n
okrong box
Former Record In 1909.
n I'd was in 1903 that steel sold at
DIX SIS. which was the highest price
|Wnfil today From that price If fol-
|x1Onn In the thirtis7s ana the present
advance began IN the fhirtics. Steel
III the great Investment issue of tho
slFcrid and II shames the Wild mining
3G4ockx by performing more antics on
The Wall Street ladder than ans ~
.&hem. Because il Is SO immensely
S&Aiua bic intriusicaNy II is able 10 keep
s1ts reputation and now tho whole
market is glad to follow steel which is
sahe most erratic stock on the list.
Measured ny current earnings II is
Extremely cheap from speculative
|poinf OF view. and measured hy actual
S0Acney put back into the business It
m selling materially under its ln-
strinssc value
Wall street Taking Notice
h what appealed to high anance to-
Sfey particularly was the remarkable
action CT President Wilson in CON
<mection with the Ia Dor dispute Wall
E1Street which two months ago
Thought there was no possible chance
|Sf his reelection. is beginning to say
EAe liz playing politics or perhaps it
VII Workmanship. so we'll that he real
21y may be elected The Hughes cam
&Bafgn liz disappointing the street This
MI important TO the specujat0r and TO
@&he Investor because Il means that
5xhe business world is losing It's fear
S&k the administration and very !arge-
EAx because the administration Is
Showing a disposition 10 give business
NJ square deal The result is that the
NNIection is not likely TO interfere with
EtAe biz program mapped out by Wat
H3Dtr6et for this fan and winter
HI What was done in WAL street To-
#MMy liz all the more remarkable be
$NMuse 1t was done In tho face of
&6hArp rise of wheat TO new high re
EA0rds. The disaster in the whoa
#4leJds in the northwest and Canadj
II greater even than was reported b,
~ Emitted States government on An
11t Z, for the bad conditions report
H36 have continued The Gala nifty ha'
Ioet its hurtful influence from a stock
&3narket point Of view because Of tins
threat carry~ovcr from the previous
gear. and because Of the high prices
NaAsured for the small portion that vii
Nbe exported.
Complete settlement Of the RAILROAD
HSs6iHpute is within the possibilities o
the next few days. and then according
TO Wall Street precedent -takini
will be the order Of the dav. but tn
Sxcampaign now in progress Is planne'
4 10 last for months and sethacks vii
be only temporary.