The Richmond Virginian. (Richmond, Va.) 1910-1920, 1916-08-23
lGlIs SCARS
TO new HIGH MARK
- Up % % L. Yesterday. and
VI DohR socks Doomed In SYM
paehy with Movement.
|. ONE FLY IN OINTMENT
1noas structure Very Much Dc
pcndcna Upon Outcome of Negoia-
L 1nuns for Settlement of Great
nv RRoADAN WALL.

M New York, Aug. 22.--Another new
Nth record for Steel. this time al
sA7 Ia, and about a million and
noarter shares traded in on the In
chsnge. gave Wall Street INC appear
q oncN OF boom times again today
Other stocks reached for high records
and some accomplished them. Even
! the railroads woke up and at one time
u the afternoon the professionals
started TO get out OF indgstrials, be-
sNevtng that the labor troubles had
III been settled and that rails would
lead the market They got over that
notion after a few minutes and went
back to the industrials, which closed
u the midst Of the most buoyant
movement seen since last October.
Concerning Steel. there Is little TO
~, except 10 repeat what director
said today, namely. that the present
quarters net earnings would be fully
m good ss the June quarter, and that
more dividends may naturally be eX'
pecfed.
s steel has already added more than
$4,000. 600 TO It's market price since
the June quarters report was made
public Every point advance in the
market means $5,oS0,oo0 to the Steel
stockholders for there are $3.50. 900
shares The current years earnings
will b1sond question. exceed $500
eea, 0a0t so that professional Wall
Street has good foundation for It's
optimism
Two More Mergers Planned.
Two more mergers are being con-
Ndered. One that involves tho Pack
ard Motor Car Company and the
WHY'S Overland. and one that pro-
yides for the absorption Of the Rail
way Steel Springs Company by the
American Locomotive Company SAFE
Of SIS 600. 600 par OF WHY'S Overland
stock TO a syndicate was announced
today and IL broke the stock. Six
dollars a share. This break, coming
about midday. disturbed the Street.
for II was not understood until tho
announcement u the sale was made.
Ii is known that one leading officer
In WHY'S Overland has been cashing
In for months. but IL now appears
that he Is selling in order that the
new interests NAV get control or near
Iy control. Judging from the identity
Of the syndicate members. White
Motors may be included in the
merger.
The American LOCOMOTIVES Railway
Steel Springs merger was announced
and denounced on the ticker today,
The announcement lis correct, but 1t
90 out too soon. Some persons don :
has9 as much ~ the stock as they
WOdtd AiNt 8ft2 III FttDltQ a }ilN ~
them to let the general putlic know
about the FIVE per cent dividend that
has been decided upon for Railway
Eprings preliminary 20 the merger.
The present plan Is 70 give Locamo-
tive stock share for share for Railway
6tccl Springs but that may Ne chang
I'd before final settlement ~ the
terms Steel Springs has about 81
7 Ooa,o Of cash and cash assets or
"a ia ell
International Nickel had stnkinf
spell that alarmed It's stockholders
hut Ii rallied sharply when the stool
broke to 40 Nickel ia not SAT
stock 10 sell short for il happen
go have just now the greatest volum'
~ orders on record,
To Sail Under American Flag
s International Mercantile Marine dl-
rectora arc planning the construction
of four giant liners TO sail under the
American flag. They would not have
TO divide profits with the British gov
eminent and it will be interesting q
sec whether the British government
VIII have anything to say about tht
prescnt program OF building M th'
American end OF the company an(
let the British end fade away
Union Pacific. Erie and Readu'
led the market In the middle after
anon. all of them advancing sharply
Wall Street was very much impVesSef
b. the ease with which those stocks
10 long dormant moved up The move
was illogical and therefore. was soor
over. II the railroads yield and grant
an eight-hour day without definite
bargain with President Wilson re-
garding a freight rate advance thcrt
ts no reason why rails should b'
Aought II they DO not yield and
give the public the impression thai
there is going TO leo strike. not only
the rails, but the whole market struC.
7 fure viii have q snNcrn. shOck.