The Richmond Virginian. (Richmond, Va.) 1910-1920, 1916-06-03
gERnAl HAWAI- VICTORY
I UPSETS CALCULATIONS
Long War lie Now
Certain.
MUNITIONS ARE STRONG.
Norfolk and Western Continues TO
MIKE New Records On High Earn
fngs-Motors Sold Freely On Belief
That They Are Too High.
BY BROADAN WALL.

New York. June after more
than a dozen high records had been
made in the stock market today and
after the whole lis; had begun to
show buoyancy as result, news came
OF the German naval victory in the
North Sea and started a selling move
Snent in which quotations melted rap
Idly. Losses measured from the high
of the day were as much az three
points In many instances. The mar
kei closed almost at the low figures
with the selling stIli in progress.
In few stocks there was reaction.
hut none of any moment. On the
theory that this naval battle confirms
the opinion Of those who have insist
ed the war would last for years, there
was good buying of munitions stocks.
Crucible. Alcohol. Baldwin Locomo-
tive and American LOGON otive were
among those to show strength in the
last few minutes Of trading.
Cpsets All Calculations.
This German sea victory has upset
all calculations OF the pools. II has
been felt that the Germans would
emerge only 10 be utterly destroyed
Only the German account had been
received before the market closed, but
when the British admiralty came on.
later with a confirmation OF the Ger
tAafi lFFtA l. lAfF street showed real
concern. II was too late for that
concern to 10 reflected in prices The
full force Of the news viii he felt in
fomorrow's market which fortunate
" is one Of only two hours AS the
Sunday papers will he full Of the
naval battle and az the Chicago con
vention will further complicate mat
tiers, il Is only logical to expect 4
+ highly irregular market for A few
Aax tV.,s g..z e.
put in position 70 have free roth AMI
the market belongs 10 any party TINT
wants to take the risk Of assurnin.
control
OF the stocks that mndo new high
records. Norfolk and Western was
most prominent with an advance o.
four points to 133 This REQUIRED m
explanation. as It was on earnings
only Ecct Sugars high record Of -
was also on earnings.
Free selling OF the Motors had be
gun to make Its appearance before
ne German victory was reported
This selling was due to n growing
belief that the motors are getting too
high. For instance United Motors. OF
which there arc 1900. 900 snares out
standing ard selling at $50 a share.
means a valuation OF sa6 200, 900 for
a company whose physical assets are
MOI above $50 000.0 al the most
liberal estimate United Motor stock
was issued at 50 TO the insiders taken
BY bankers at $50 who admitted UNI
derwriters at s62. while the public
has been participating between 10 and
so. This is typical of all the motors.
Startling as these figures are, the
earnings seem to Justify what has been
done in the market. but bankers are
beginning 10 feel that it cannot go
on forever.
Coppcrs Heavy.
Coppers were heavy all day and
in the afternoon professional traders
expressed the opinion that the copper
people must have had advance infor-
nation Of the big naval battle,
Before the battle news was made
public high class railroad stocks he
gan 10 assert themselves under lead
ersnip of New York Central. Penn
sSlvan!a and Northern Pacific The
buying was of gilt-edged chara ctcr
and t1s based partly on big earnings
and l.artly on belief that labor dis
putes would be settled amicnbly.
AT conferences today agreement was
reached among the various commit.
tees OF common and preferred stock.
holder and bondholders Of the Inter
national Mercantile Marine Company
Only minor details remain to he ad-
1usted and that viii be done at a
meeting TO be held Monday