The Richmond Virginian. (Richmond, Va.) 1910-1920, 1916-09-21
II ENGINEER DIP;
lguD OUT SMALL FRY
STEEL HOLDS ITS GAIN
DoveRnnenf's Dissolution Suit Against
ulcadine Not Considered = Bear Ar
euneaa. Whichever Way Court May
EInAny Decide Case.
ny BROADAN WALL.

& New York, Sept. so.--The program
~ the bull market was not changed
NAU reason of anything that happened
A<odAy On the contrary, interests
most optimistic on the future were
4Drecisely those responsible for the de-
raine. l, was nothing more than one
% the shake-outs incident TO every
Hreat boom IL Wall Street when he
I publtc has become a bit too ertnusi-
A1ttc and too many weak holding have
nccnmulated
81 Todays dip, engineered BY the bulls
s<ANmselvea. fulfilled the purpose in
F9nnded. II got rid through tho In
OF stop orders OF great
nany small Try. scaling down at the
slnme time over extended accounts and
lSuttinE brokers loans II better shape
R65s was exactly what the conserva-
&1ves wished to do before the bull
movement was resumed
A. ii turned out, the bull forces
11ers SO FESTIVE that they were unable
% wait until the end Of the day be-
/ zore demonstrating their power again
The upturn in the copper shares. led
~ Anaconda, In the closing half hour
was one OF the most impressive things
that has occurred during the extra
ordinary market OF the las. six weeks
# The only week spots were some OK
The highly speculative pool issues.
Those mostly in touch with what Is
9uang on in Mercantile Marine have
beNn insisting for several days that
II good deal of important distrih utlon
had taken place, and on this accounf
have been bearish on the stocks for
- turn. But the Reason for the de-
cline is only technical one. The
pIo S. certain in
sn1ders who sold out a. the top of the
ooom last week have wanted TO get
their stock back cheaper.
Stop orders are in sufficient album
dance In Crucible Steel 20 somewhat
0ase the uncomfortable position of the
abort interests. However, not enough
long stock was brought ont to permit
these bears to emerge from the woods.
g(sonS.der4rE That the public is more
lArge.y committed TO Steel than TO
anything else on the list. the course
~ this stock was the supreme test
~ the popular nerve In the face Of
the general reaction. That Steel
aohould have lost only two points OF
~ twenty point advance and should
have even regained half of this tri-
s1alng loss at the close was remarkable
4asfimony not only to the confidence
s1olt in the Steel shares themselves.
hut to the unshakeabe optimism re
card ing the future Of the market gen
serAily.
Early in the day Reading started
4 out as II II proposed to do something
Nbut later followed the movement IN
ether quarters The early buying was
Rounded on the news that the gov
Il Afnment had filed a dissolution suit
NaM the Supreme Court. This was f
&EQsatnder to the speculative publl'
&AhAk whichever way the court decide
1Io market will take the decision ia
enbly A technical victory for tn
npany would. OF course, be con
6Ssed a. bu1Iish at least in Its i'm
Rnodiate market effect while a vic
&A0gy for the government. which woult
force a distribution of the very valu
able coal company's holdings woult
be more bullish still
There was good buying in all the
4 rail issues. The result of the New
York prima ries scarcely had any mar
I ket bearing because It was realized
I that the meagre Progressive vote 70
u both candidates was no test at all o
which side would receive the bulk o
1 Progressive support.
1t was very significant of the cas-
u In the credit situation that call none
should have dropped to Ia per cen
4 after q week of million share days