Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1916-08-23
ANOTHER HIGH RECORD
MADE BY STEEL COMMON
II Touches D71 y. and Gives Wall
Street Air Of Former Boom
Times.
EVEN RAILROADS WAKE UP
Traders Soon Get Over Notion That
Labor Trouble Is Settled. and
They Go Back To Industrial Issues.
ScNSral Mergers Rumorcd.
EVEN RAILROADS WAKE Up

NEW YORK. August 22.--AnCthor
new high record for Steel. this time
At a7l-2. ana about l25o.ooo shares
traded in on the exchange. gave Wall
street the appearance OF boom times
high records. and some ompl:shed
them, Even the railroads woke up.
and at one time in the afternoon the
professionals started 10 set out OF
induSirials, believing that tho labor
troubles had all been settled. and that
rails would lead tho market They got
over that notion after TOW minutes
and went back 10 THE industrjais, which
ant movement seen since last october.
Concerning steel there is little Ia
say except 70 repeat What Il director
said to-day. namely. that the present
quarters net earnings would he fully
as GOOD as Tho June quarter, and that
more dividends naturally may be en-
Steel already has added more than
the June quarters report Was made
puht& GySry no5HS o aHNnncg n IN SIN, inG
stockholders for there ar" 3.o>p.o00
shares The current years eafninSs
will. beyond question. exceed E$og.vpu'.
zoo So that professional Wal! street
Two more mergers are being con-
Sjdcrcd---onc that involves IN" fackard
Motor Car Company and the WHY'S
overland and one that provides Tor
the absorption Of the Railway Steel
Sprincs Company by the American I.o-
Comotive COMPANY. Sale OF s4'uVo'-
syndicate was announced today. and
II broke the stock s. q share. THIS
break, coming abou; midday. disturbed
the street, for II was not understood
until the announcement OF the SAFE
was made 1t IS known that one lead
ing officer IN lys-Overland has been
cashinC In for mouths. hut II nov APP
pears that he is selling In order TINT
s,,tA ~
nearly control Judging from the
identity Of the syndicate members.
White Motors may be Included in the
merger.
The American Locomotive Railway
steel Springs merger was announced
and denounced on the ticker to-day. +
The announcement Is correct, but II
got out too soon. some persons have
not as much OF the stock rs they /.
would like. and 1t seemed n pity 10
them TO let the general public know
about the : per cent dividend that has
been decided upon for hallway Steel
SPRINGS preliminary to tn" merCer. I
The present plan is 10 give I.oCom"ilNc
stock share for share Tor railway
steel Spring, but that may ho changed [
before final settlement Of the terms. /
steel Springs has about $5ooo.coo Of /,
cash and cash assets on hand and is /
extremely proiSp%WT ;cna, ,,d s,r,,rr
spell that alarmed it's stockholders. I
hu, j, rallied sharply when the stock
broke TO 40. Nickel Is not Il sale STOCK (
TO sell short, for II happens to have ,
Just now the greatest volume OF orders I
on record.
International Mercantile Marine di- |
rcc,ors arc planning Tho construction
Of four giant liners to sail under the
American fac, They would not have to
divide profits with the British govern
nent. and il will be interesting 70 sec
whether the British government will
have anything to say about the pres
Ont program of building up the Ancri- /
can end of tn. company and let the /.
British end fade away.
Union Pacific, Erie and Reading led .
the market in tn" middle afternoon, all {
If them advancing sharply Wall
Street was very much impressed by
IN" ease with which those stocks, so :
long dormant moved up The move f.
was illogical and. therefore, ~as soon
over II the railroads Yield. ana grant
an si=ht-hour day without a definite
bargain Win President Wilson regard
ug 4 freight rate advance, there is
40 reason why rails should b" bought.
4 they do not Weld, and give the pub
lie the iIptession that there Is going
10 b. Z strike. not only the rails. bg;
Inc w1o.@ rn-rEc: structure, FIM nave
severe snptE.