Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1918-08-30
WALL STREET GETS JOLT
FROM BANKER M'CARRAH
Tolls Brokers Amy Attempt to Start
Speculative Ad ance Would
Curtail Supply.
CLOSE WEAK, WITH LossEs'
Bankers Committee Wants Nothin.
to Interfere With the New Liberty
Loan-Change 20 Be Made IN
Leather Board.
ny BRoADAN WALL.

NEW YORK. August 2s-Banker
Gates McGarran gave the Wall Street
bull a playful tap between the eyes
with a sledge hammer to-day and
caused II to stop. look and listen while
he said something. He said that II
any attempt were made to start spec
ulative advance, the banking commit
tee Of which he is chairman would see
that the money was cut or. So the
market backed down Il point or TWO
In nearly every department to con-
slider. The. close was weak, with net
losses In all the leading sharps.
AS a matter OF fact, what Mr.. Nc
Garrah had to say is not of concern
TO the people who are responsible for
the rise the stock market has enjoyed
In the last few weeks. They do not
know there is n bankers committee.
They are not borrowing. money to buy
stocks, but are taking them as IA mat
ter OF Investment. Others are help
Ing the advance by doing nothing hut
hold fast TO what they are fortunate
enough to possess.
There has been practically no specu-
lation in Wall Street for weeks. The
bankers committee issued the warning
simply because recent activity and
strength combined with the good news
from France that is sure to be coming
from day. to day might excite specula-
ton. The bankers want nothing to in
terfere with the new victory loan. The
victory market will not interfere.
Capture of Noyon had no influence
on prices because it came about the
time the warning from the bankers
was as good as usual. and French
cities bonds ruled higher and French
exchange made n high record.
BUYING OF COrPERS
\ SIGNIFICANT MOVE
One significant thing was the good
were in demand. and for a time it
looked as II there would be n copper
market OF some Importance. but that
died out.
directors to be put on the Hide and
Leather board next Tuesday, as eX-
einsi,veiy announced N this column re.
Lindsay Hopkins OF Atlanta. The
Street suspects that the Hopkins par
ty Is selling out It's stock, but positive
partisans of the new group OF stock
holders.
GENERAL MOTORS HAS
WIDE-OPEN BREAK
General Motors had another wide
b heesk OF ten n points
is ended. That is probable. and now
there is discussion of the new deal,
whereby the General Motors is to alb
rant has been given for the reports
anoat, but persons usually we'll inform
ed on the affairs of the company be-
iiNcu SniteQ MOlOES VIII De taken IN
soon. They say that In all probability
three shares of General Motors, pre-
ferred, and one share OF common will
be given in exchange for every ten
shares OF United Motors.
RAILROAD REPORTS
SHOW NET INCREASE
Railroad reports for July came to
hand In numbers and showed almost
uniform increases of net. This was to
be expected. as the new rates were in
erect all of July. Pennsylvania made
about the best showing. with a net in
grease for the month of $3,9a4,229: ST.
Paul. with a, decrease of S439.790, and
Canadian Pacific. with decrease of ST.
5sss95, were exceptions. For the lat
ter the explanation is that il did not
get increased rates until August ST
raul had some extraordinary eXpendi-
lures that cut down its income
NEW YORK; August 2e-Mercantie paper.
per cent Sterling sNty-day bills sara
nominal; commercial sixty day bills on
SIE; demand, s.,75n; cables si.75 els
Mexican dollars. rs Time loans strong:
sixty days. ninety days and six months 1
per cent 49,