The Richmond Virginian. (Richmond, Va.) 1910-1920, 1916-07-25
STREET IN
HANDS
80 Manipulate Industrial Alcohol,
baking IL Out" to Secure
Bargain Prices.
d REPORT TOMORROW
- lfnnitaons Orders Anticipated
- Early End of War Lis Looked
- hy Wall Street--Sseel Leading
eDcaE For the Day.
Nv BRosDsN WALL.

New York. July 24--True 20 the
IT. nc3ent traditions Of Wall Street, the
Dck marke, opened strong today ana
] I61d strons until the newcomers, at
S4nncted BY the good news they read
IN the Sunday papers. had been salts
80. 1t then reacted sharply. This
ne4ion lie characteristic of bull markets
when under strictly professional con-
troll As a result the street was
nniehtiiy encouraged and the profess
/ nsonAls began buying In the afternoon
~ the low prices and expressed theif
\ REORGANIZATION 70 buy more on any
.snAow Of weakness tomorrow. And
akrong indication that the market 10
N the right hands was seen in tho
action Of some banks which brokers
@nAtd were calling loans In which In
dustrial Alcohol appeared as collat-
eral
u The reason for thts reported action
yuas 10 plain that Wall Street rejoiced
that the big hanks should really want
the stock so much As have II shaken
out of them That's all the action
sof the banks meant. There Is no
other possible reason for them not
wanting II in loans, for II is earning
NJ the rate OF nearly half Its market
price. and II II Is not good collateral
1t current quotations. nothing is good.
IL II IL s. USIGll OF D1A6 illuhN6tifiIbss
however, that the government will
\ praha bly, not investigate,
Steel shares were leaders ali day.
In the morning the high price was
made on the stock OF United States,
i ana all the little steels behaved well.
In the afternoon they all cold off fol-
d lowing their leader
The steel report 20 be published to-
morrow is expected 70 show about
SIS. 600, OTTO net earned in the June
quarter
In the motor stocks there is a short
interest still uncovered Additional
earnings will be making their appear
Hnce frequently in the next months,
ana the bears are sure to have lively
time. For instance. they have sold
I Maxwell freely because they question
the report OF 10 per cent divid lend
10 come on the common. The MAY
well annual report will show nearly
10 per cent earned on the common
Aahffer providing all preferred dividends
A. the company has no bonds, II car
asexsiiy pay 10 per cent
In WHY'S Overland brokers who
hare taken the trouble to check up
Gales claim there Is short interest
Sscf 10000 shares for the account OF
aSnne group of operators
Announce Out Prices
& Short sales OF motors have been en-
Gouraged by the announcement OF cu,
prices. The companies say they car
araannfa cture so much cheaper by In.
creasing their volume that they WIFI
make nearly as much per car mex
year at the lower prices and make Il
an nearly twice as many cars. This
Maxwell Company the wear before las
made s23o0.0n0 on 10000 cars. Of
about SIS a car. The price was re
duced s95 a car, and last year the
profits were. or. rather will be wher
the year ends on July 81, about s5,-
100000. The reduction Of $50 Just
put into effect is expected to result In
still greater earnings. In spite of the
big figures. the motors cannot yet be
regarded as investment issues, and
purchasers of them should not fall
asleep. at the wheel
AL sugar stocks are being accumu.
lated by insiders
In a general way wafl Street ex.
poets big orders soon from Europe fol
both steel and copper. for nobody ir
high places expects an end OF the wa,
for several years.