The Richmond Virginian. (Richmond, Va.) 1910-1920, 1916-05-26
1lllS oVfRD0ARD;;
MARKET N SCRAMBLE
Olsxuss Cpnnes Frcm Beticf That
Reading Has Been Manipulated
by shrcwd Spectators.
Or4t4sh Government Adds Ten Per
Cent Tax 20 All Inonmcs From
American Secur4ttce-<steel Con-
tracts VIII Run Mills Untn 1918.
By BRoADAN WALL

New York. May 2s--Tha stock
market has been fed with SO much
optimism the last few dAys that today
u began TO show signs Of indigestion.
In the last few minutes OF trading
these signs were pronounced and
some sharp losses ware recorded from
the high figures OF the early part OF
the session. The early advance was
not great; however, the new result OF
the day was an advance in many is-
sues, particularly in war stocks and
In motors
Even Bethlehem Steel became &C
tive again, showing an advance OF
Il points. The Can issues. Cructble,
Mercantile Marine, Alcohol Aneri-
Brake and nearly all o,ne stocks
having TO do with war orders we're
active, and a, some time during the
session were materially above the
close of the preceding day.
Most disheartening OF the days
developments was the abandonment
OF railroad stocks. Reading was
evidently responsible for this. Heavy
prof;-takinR in that issue caused the
street 10 believe that the stock had
been advanced purely as a manipula-
tive deal. and the following that had
gone into other railroad shares was
quickly lost Coppers did we'll most
% the session and the street was full
of a report that the new pool IN
Kenneeott would lead 10 an aggres-
ssve campaign In which all the stand
ard copper companies would partici-
rata In the last hour. general
ceiling of distrust swept over the
street and the market closed With
traders scramb bling to Get out.
This scramhling was precipitatei
by announcement that the British
government will add an additional tax
OF to-. per cent on incomes derived
from American stocks The purpose
Of this tax IL to force private in
yestors TO turn over their remaining
American securities TO be sold an
-nthers have been seiA
Orders Enough to Run CntsI 1918
In connection with the rise in
Sta. II vas reported that Henry G.
Prick will make a statement In q day
or two 10 the effect that the United
states Steel Corporation has enough,
orders on hand 10 run It's mills al
faN opacity until January /, 1918
Bankers who have watched the
market carefully are OF opinion that
the change in sentiment was dle 10
realization on the part Of the pub
tic that the war is really to continue
for long time and that peace ia
nowhere in sight
Furthermore the story OF super
submarine coming % New York from
Ftarts Fl f4ettset4teti ttf-tt n er
romance. Naval engineers say that
with the Lake type of boat used by
the Germans. 1t Ia possible to per-
form the proposed feat, and that the,
would not be surprised u see a Ger.
man submarine rise In New YORK;
harbor any6ry Appearan of q
snper-submarine in this port woult
throw the stock market into spasn,s
10 reasons 100 numerous to men.
lien.
new food Of inquiries for wal
materials has made its appearance
and every company that can do tn.
BUSINESS is getting all IL can handle
Those who are getting orders direc
Just now are the Bethlehem Steel. the
Midrale and the Can manufacturing
eompanies. Companies which NIGH
he called accessories of munitions
such Is small parts and fittings 70,
shells. trimmings ion harness bits
horse shoes and thousands OF odd,
AID ends that are necessary for ar
army are getting orders that con
vtsntly grow larger.