Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-08-19
Street SEES NOTHING
NEW IN HARDING SPEECH
Rank and File Think Little
of Presidents Pro-
posal.
TRADING IS MORE ACTIVE
hnaweli-Chnlmers Negotiations te-
HuIf In AErccment-AlI Chalmers
Anscts VIII lie Turned over To
the Maxwell Company.
by II. g.. isnrnun,.

written for the United NcwsJ
NEW YORK. Aug is-Thcre
"as no abatement to the upward
movement OF 7ho better grade Of
stock today. Directly from the open.
Ing the market gave signs that price.
would continue upward as evidenced
br such stable issues a. United
States steel. Union Pacific and others
of IKE character. The rise in United
states steel TO new hign record
Is. in the opinion OF som. wall
street traders. Just as good i
barometer OF market conditions as
IL ever was. even though The STOCK
Is mostly held by Investors and Is
nor the speculative leader it Wax
10 ears gone by. Trading was agaG.
ON It small scale durln. the morning
49, the few By traders VINO are SIM
in me city were TO await Harding
'n"ssa2" 10 Congress bc!Or. maliuc
commitments on It large scale
Just prior 10 tho .;art az Hard
mss speech all traders Hooked
around the news tlcI.rs awaiting
/
"9cd 10 he Il mos; important message
While the traders and speculative
customers grouped around the news
il'kcrH. trading Was virtually suS-
pended for time and tho stock
''kcr was almost AZ 4 staudstIll.
Line hy iiuc TIA" message MAS printed
con tn" tickCrs and with each line
'Ao crowd grew thinner. Indicating.
according 10 the opinion % the o.
nc" manager OF on. large house. tho.
ih" rank ara 'iic in tho street
dld not think much NJ The Pr"s'-
d"nts PROPOSE! When ,h- speech
vas anishcd one big trader ,.-
marked ~ Is just about VIVA, could
ne expected. Judging from the new
received from Washington 1h.s. past
lie" Days Ther" virtually is not a
new IDEA ia the entire speech"
Trading b"cam" more active II, tn.
closing hour and prices in mos, ia
stances continued nrm. III. ropp.;4
t""k On str"ngTh for time. soYn-
"i IN" better stucES gained ono TO
almost twO points Possibility Of
dividend resumption by some com
pani"F hctor" man! months pays is
ne factor Ia tn" copper group Jus,
no" Among tn" sp.c!alti.s which
d!spIay"d weakness. the uromIneu,
ard Wni7hinSton Pump In regard
70 the latter. rnmors that the present
dividend may no, be retained were
responsible for the decline
The Maxwell Chalmers nego.Ia-
lions ar" understood 70 have resulted
IN an agreement. accord ng to r-por,
IN the street. The plan calls ,o-
The turning over ~ all Chalmers
assets 10 Maxwell Holders Of a
$1,000 Chalmers note viii receive ten
shares Maxwell u stock and $50 ca IN
Holders ~ ten shares o. Chalmers
preferred VIII get six shares Max
wei II and holders OF ten shares
chalmers common viii get one share
81 Maxwell common. The plan is
nov awaiting the approval Of rho
attorneys Of both companies.
The change in the financial struc-
iure OF the bethlehem steel Cor
noratlon, which reduces the numbir
%: stock issues from four 10 two
ana gives fun voting power to both
common and preferred stochholdcrs
VS. the cause OF much favorable
comment on the part Of Wall street
hhbiiants II was considered n
favorable step on the par, OF charlie.
VI Schwab and Eugene Grace and
incir associates, who now complete
w control the policy % the com
panN by holding most Of the voting
stock Under the new plan all stock
holders Will have voice in tho
management