Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-08-13
RADE COMES To SUDDEN
|LT AFTER OPENING HIGH
Short Covering Noted
In Wall Street Throughout
Days Session.
THRACITE SHIPMENTS DROP
|'S Reports 5,482, 700 Gross Tons
'%"inst G.O3I ,037 for June.
~ fo- June Is in Pea and
Steam Size IIImps.
Hy IL. l.. Ilnrn,Iu,

u, II. L.. Hnrnmm.
"W YORK. Aug. i2.-Stock
neo little higher this morning.
on rallied and then trading
nc 10 halt waiting for the state
"t which j. T.. Morgan e. co. were
'ec'cd TO mako to III" effect tina,
situation growing out OF the new
&eiopments in the Mercantile Bank
America had been satisfactorily
sh"d up. During the day from
TO time there was considerable
'rt covering. despite the flood OF
'nrDihg rumors circulated through
The financial district. These rr-
rs were checked up by your cor
p"hn"nt In absolutely reliable
'rters and the conclusion was
"n tina, when IL becomes necns-
Tor traders who are working for
'cr prices To circulate stories tina,
h"t true. IL is time to look for
IntthinR good To buy instead OF
KING out stocks To sell short.
Must Use Prrcnution.
his is not saying that the time
arrived when stocks can he
Sht with eyes closed. II is pos
q that in taking care or the sit
ION that developed this week ont
he frozen" credits connected with
ne financing Of foreign trade thus.
charge VIII. at the first favorable
'"rtuni,y. let 20 OF some OF the
II thus taken over. What ~
ant. Is that the situation which
tel"pod her" this week was great
"E'rd"nc by tradcrs nlaying for
'er prices. and tina, such tactics
conclusive evidence OF the weak
or the market position of those
ploying them Under such market
'dirons the time has arrived when
right kind OF securities can be
umulated.
HAT there Is good invcstmcn,
iing going on even in tn. face Of
weeks Hood OF disturbing ru-
RS !. evident from the way the
pms Kind OF new securities are
ng. To-day the Chase Securities
operation. handling the Offering n
100000 ,wcnty.hvc-ycar IL
fhds of tho Philippine government.
bounced that all OF the bonds hal
|.n quickly sold and the books
sed. Yesterdays Offering ot So.
| 900 Western Union bonds vas
IscTlutN three times.
Anthracite Falls or.
anthracite shipments by the an
'ac!te roads for the month OF july
counted to 5,iS2.rGO gross tons
ainst 6,03i.o37 for June of this
'lr. and 6.2sa.l0o for. July Of last
.r. The loss for June wac in pea
III steam sizes. Considering that
|lerai trade was ut it's lowest marx
Il month. II IL surprising tina, the
ling or was not larger. In many
|cct!ons signs are appearing that
IS Will prove the worst month OF
|. year in general trade. that au-
|'t viii show an Improvement and
I this Improvement viii continue.
Il was learned today that accumu-
led stocks OF merchandise in South
|,crica ana the Far Fast are pass
|; into consumption. In the Ar
|1tine Republic, there IL SIN an &C.
|nulation o. slow moving lines,
h az textiles, hut machinery and
cr goods classcd as semicsscntIals
/ finding a ready sale. This does
mean that we are getting cash
these goods a Wall Street man
,iiiied TO speak said today. But
are getting negotiable instru-
nts OF credit. which are more east
handled. I would not say BY any
ans. that We are going 10 get nor
i business At once. But the sit
kion Is better"
Irnrns From Reliable Sources.
wall street learned from reliable
.shlngton sources before the open
|; OF the stock market, that tho
opposed administration law giving
|, revived War Finance Corpora
In power 10 market the railroad
Der now held by the government,
Is likely TO go over to the December
sion, owing to strong opposition
Ia has developed From the Wash
;ton dispatches IL appears that I'LL
|, Congressmcn ana Senator's are
reed that the railroads should &c;
|. back rental due from the gov
iment and have the Sl,444.009.009
per given to the government for
|. money advanced for improve
hts during Federal control ex-
,ded for ten years as provided for
the new transportation act.
However. ii appears that some
.mbcrs OF both houses are asking
be shown exactly how the white
,bit is going TO be taken out of
|. black hat so that there will be
increase in taxes or government
.bilitieS. They are also asking II
e proposed plan is not raising
,ney twice on the same set of inn
ovements that were made by the
ilroads. However, this questioning
titude on The part of Congress and
e Senate did not effect railroad
,cks. These shares were strong at
c opening. making up considerable
yesterdays loss. Those best in
rmed in Wall Street feel that the
ilroads. without getting any fur
er financial assistance from the
vernment. have already turned the
rners.