Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1919-09-10
TIDAL NAVE OF BUYING
HITS BEARS HARD BLOW
to Steel Commons Rise
Shorts i'm iiigti-Priccd In
duStriaIs Seek Cover.
III MARKET NEWS FAVORABLE
Equipment Stocks Strong Anticipate
ing Formal Confederation of Es-
adjustment OF Joint Selling Agency
for These Companies Abroad.
Ei BRoADhN WALL.


bowed IFS true colors in today's trad
||ag. II was :. sad revelation for the
PEARS. who hid been counting upon
| he talk OF steel strike 10 help them
|Put OF bad position.
The street did not wait for the labor
onferener at Wash!!nston 10 get
through with It's deliberations. The
community had made w their minds
hat there vas nothing serious in all
nc steel labor situation 20 warrant
holding stocks back any longer
n There WIS only needed some strong
Initiative 10 translate ;nis feeling into
potion. This initiative was supplied
r. some OF tho larger houses. who sent
put wE TO their customers this morn
Ing t.At it was time to buy. ana that
he f6toel shares were the best pur-
Phase OF any OF them.
In response to these advices there
Ewept the short interest on it's feet.
Eteel common went up 3 points, and
me bears in Cruciblc. Baldwin and
htheC of the high priced industrials
they could got.
Transactions Show Increase.
II was significant OF the drift OF
kaings chat transactions were nearly
Eouhin those of the day before. The
Eard with great enthusiasm during
no greater part OF the day. and at the
pose the major portion OF the gains
tt all stages It vas much easier 70
Ecu than TO buy. Many stocks reached
the best prices they have attained
lince July. and the feeling at the end
ras confident.
An the news was favorable. A fur
laer increase OF 100000 tons in un-
Illed orders Of tho steel Corporation
for the past month was declared on
he porphyry coppers, and this helped
Tho copper shares, although trrcre had
hever. been any serious grounds for
tpproheDdtng any Other action.
Tofnc,>os Arc Well bought.
All the tobaccos were again very
Eeil bought, and reflected the confident
ecEng tho part Of the insiders
ioward tho outlook for those prop
lights. United Retail Stores oano close
10 ~1ualinS It's former top.
Tho equipment stocks were all very
tooora;ion o: what is known TO only
fompa "a c.vnly few, namely, the plan
Tor Join, selling agency tor these
tompanies abroad. American Loco;no-
have alrcady establ.6hed a close rcla
ion. and the ar-an.cmcnts are eX
Eectcd to include the other important
lar and engine builders
| Word did no, come until after the
lose about the passage OF tho Edge
III! In the senate This is the mos,
Eein!ng the foreign trade situation.
II provides for corporations with not
less Cham $4,000 900 capital to engage
r. foreign banking and 20 extend
lred!t TO European purchasers Of
american goods.
Have Governmental arrangement.
Those corporations will have the en-
lOuT;IgcDlCat Of the government. II
his HIN becomes a law Il should have
W !mmcdiatc stead?inS effect upon the
i%cnAusys and SHOULD do much TO re-
Ecvc waatcvcr uncasincss there is IN
banking circles over the decline in the
IMPORT trade.
|ut did not have chance 10 show
lheir appr -c!nt!on o. The action OF the
lenatc. Money was easier. with call