The Richmond Virginian. (Richmond, Va.) 1910-1920, 1916-08-02
REPORT PROVES
III DISTINCT SURPRISE
1unaes Crup OF Less Than Thirteen
Nl11liona OF Bales For
Year.
pvAHcEs SITS PER BALE
Nnnrs ANNOUNCEMENTS That War
1lunt Go On For Years Received
h WIN Intercst--Loccmotav Big
Rr BROADAN WALL.

$Ss# New York. Aug l.-Stocks ciotea
Ikrong and active today after MIDDAY
{ME~Akness due to disclosures OF Dig
&&xnings by automobile concerns ana
Sa21x Tire worst cotton report in twenty
40 years. Union Pacific and Steel
&1od the market in the Anal rally.
The cotton report was distinct
0urprise even to the Oldest stanstc-
lana 1t showed a condition or fz.S
Der cent on July Is. which means
snrop OF about l2.e1s.o0o bales. This
SeOmpares with condition OF Sill per
Aoent and an estimated yield OF 49,
s4ee.Doe bales month ago. Colton
I'D \ perpendicular advance OF sl..S
m hale on this report Heavy profit
taking carried prices back. but the
swaarket remained strong. Wheat
sWmpthixed with this report ad-
Nnncing nearly four cents a bushei.
Despite the bad condition disclosed
HI cotton and wheat Wall Street
Knows that crops OF the country In
general will be great enough to give
more than an average tonnage TO the
railroads. This knowledge was the
basis of the lively move in railroad
stocks late in the day.
Bears Have Pretext For Raid.
Maxwell Motors gave the bears
pretext to raid the market by the
peculiar form OF its dividend an
announcement II was stated that earn
ings for the past fiscal year were
above $1,000. 900 and that the execu-
tive committee had recommended
10 per cent dividend on the common
stock. The stock broke two points
almost Immediately. and II It had not
been for the steadiness Of the general
market under the leadership of Union
Pacific and Steel, the WHY'S Overland
incident of a few weeks ago would
have been repeated.
About this time StudeoaRer also
announced that in the first six months
OF this year II had earned at the rate
Of about IS per cent on Its common
atock. The company announced
dividend at the rate of 10 per cent on
its common stock.
Munition stocks were well pur-
chased although warnings were IS
sued to beware OF Crucibie because
Of bad statement soon to be issued
In connection with the company.
Peace SuH Far Away.
The Kaiser's announcement that the
war must go on indefinitely had
brought more people in the financial
district over the theory that peace Is
years in the future.
Steel companies report a renewal OF
heavy buying for foreign account The
Just entered another very large order
Tor shells. The American Locomotive
Com pany's annual report of earnings
ID soon to be made public and the d.
rcctors are limiting that Il will show
as much as IS per cent earned on the
atcck
People are beginning TO pay atten-
ton to the strong position OF Union
Pacific The report OF an extra cash
txs4A ~ ahnr - 30 yet
the end of August or early in Septem-
Der persists. Union In being made the
leader OF the railroads on the theory
that all labor trouble has been more
than discounted Announcement OF
tbs strike vote is expected to be the
Signal for general advance In the
rails
Paper Stocks Accommodating.
Paper stocks are being accumulated
regardless of past financial troubles
for all OF them are making big earn
tngs II was announced today that the
Great Northern Paper Company Ia
making new contracts Mt prices $40 a
ton above the contracts made a year
ago.
Copper stocks were not materially
Improved, but the market for the
metal was reported stronger with con-
sumers willing to make contracts at
nigh prices and with the producers
holding Off
Some selling OF Oil stocks having
properties in Mexico followed an
ncuncement that Carranza had issued
decree forbidding any one except a
citizen OF Mexico owning property in
that country. In Mexican Petroleum
this depressing influence was coun-
taracted by report of new series of
4 conferences looking to the consoiida-
ton OF the leading Mexican and Cali