The Richmond Virginian. (Richmond, Va.) 1910-1920, 1916-07-08

1oW York. July War stocks
ee iiquadated freely again today
Nv their heavtness kept the whole
down. The munitions depart
ut OF the war list was most active
r evidence AcCumulatEs showing
u the motors arc also being HGui-
Nd. Coppers, too. are appearing
ner freely IN sales and some of
Do sales are credited 10 men who
SN been saying they never never
D43d sell their Coppere- Trading
~ almost entirely professional as
W public does not want to sell and
Doo that while the munitions ara
ong liqu!dased there Is no chance
Ia ether stocks TO advance.
mportant banking interests are
&nnod with this because they are
Ming to buy on scale down n
n4ee lot OF railroad shares and
81 Most of the day trading was
u mAnipulative character; the gov
n0snt crop report furnished some
1A11 Of a decisive character favoring
- bears.
#|ssIe IL stated that the total wheat
I(foDs this year w1 probably be 240,-
Noe.eoo bushels smaller than last
S1nnr. corn 10000 900 bushels less ana
]Eafa 600. 900 coo less. These are big
4gures and Impressed the market
more than they should have done. for
rae comparison is made with a year
|6k phenomenal crops such as no
Mariner ever dreamed u seeing. Crops
sAnAs year are ample and would lie
Honsidered large under ordinary cir
with the carry-Over,
they viii furnish enough tonnage 20
'1nstify all that bankers hope IN ro-
&Ard to the railroads
ssss- Eatc Of tfe Nickel Plate Fetiroad
~ the New York Central confirms
another rumor that has worked hard
FOR years IN Wall Street This sale
ID significant Of the intention OF rail-
road directors 20 accept without
question the publ!c's mandate NAT
railroads must he managed as the
public Institutions that they arc and
mot as private enterprises, as soma
'xAiiroatf peop3e ercs' Imagined tses
were. This means better Standing for
railroad securities. They begin "a
8Approach bank stocks ia meritlns
public support
Munitions are being sold for three
distinct reasons
The first one te that professional
operators find them the most popn-
lar scarecrows In their work Of get
ting prices in general TO a lower level
Munitions Business ON Decline.
Second II Is the fact that the
United States government proposes 20
pay the cost Of fhe Mexican affair
ont OF current taxes and not by 8
bond issue. Some leaders IN Con
Eress are opposed - this program
bat the President and his cabinet are
- unit and Will use alI their infn.
ence to force through Congress I'm
- Ira 1En ii ~ Q
prohtinE by the war
The third reason Is that the allie:
are properly making more and more
Sof their own munitions Naturally
tire orders 10 American concerns viii
fall off.
This is as good for America as #
Is for Europe because It would an
settle all business II ali the money
In the world were drained TO tho
United States.
Persons who have, made q close
study of the war believe that Il Wi
hast for several years yet Il is pos
like the American coppeI
srompanies Will yet earn from The wa
and pay out In dividends moro thar
their present market prices Bu
Wall Street Is afraid 70 take a chauc,
and so the munitions must go ant
In their fall keep the whole list un
smettied for n time In spite OF de
malls, II Is true that the munhlon,
and particularly those tina
took munitions up as n side issue
have stopped all extensions and ar,
,H1anning to convert TO other uses then
zHaaehineFy This may he 81 hiHff .
BRIGHTEN tho allies into sending n,
0sNers along but nevertheless II IL
s6eing done