Arizona republican., 1916-07-13
MARKET NEWS By R. Allyn Lewis

It is evident from the way the Willys Overland dividend was re- ceived that the public thinks the stock was put on the exchange and the par reduced from 100 to 25 to sell and not to buy. The II point break in Alcohol does not help the other new industrials. The holder and the money lender are beginning to look back and see where these prop critics sold before the war and what their earnings were. They will find a good many of them have been to a degree that is dangerous even with the present decline.
 Time money in industrials is al most unobtainable and as the public are long of industrials a real shake out seems inevitable before any up- ward move.
 There has been some liquidation in rails today. noticeably in C. & N. w. and Norfolk x Western. Moodys analysis on motor stocks has called attention to the fact that this busi- ness has practically reached its max imum and that from now on we must expect declining earnings with heavy competition.
 This break in Alcohol is going to hurt all the new industrials. It will be thrown on loans as collateral and will tend to demoralize money lend CTS on similar stocks.
 The main factor in stock specula- tive mind at present judging from a canvass is the money situation and the probability of the advances in call rates. Interior money is reported commencing to flow toward New York to take advantage of the rise and this may afford a corrective of the tightening due to preparation for new big loans and credits. The bear crowd is working on the short side of coppers, liquidation of all industrials with a narrow market is being rec commended by conservative houses particularly those who have been ex- hibiting signs of having been manip- ulated to inflated levels in connection with foreign orders. Buying is better than selling in L. P: St. Paul: At chison: New York Central and a number of the low priced rails. ac- cording to reliable people.
 Bethlehem Steel to spend s15.000. co. in improvements at it's Steelton plan, and s200O00 900 at Maryland works Boston & Maine to ask extension of i5 days for payment of s13.000.000 ir notes due July r.
 Investigation of the strength an, steadiness of Atchison during the set back in the market on industrial Hq- | uidation discloses the presence of bil 1 orders on scale down apparently | for investment and for important op- erators who are firm in the belle i that the directors will declare a dlvi. dend rate at their next meeting il view of the fact that current earning, show a margin of safety for the com. mon stock of more than ' per cent Now York state court of appeal decided that state must refund ap nroximately S650,0O0 paid by broker for stock transfer stamps under pro vision of law subsequently declare, | unconstitutional
 Kerr Lake declared regular divi dend 25c dates September Is and l Hercules Powder decraled regula quarterly dividend 1% per cent 0 preferred stock
 Canadian Northern first week Jul increase s455,7
 lns. Needles offered SO, no bid
 Stocks are near bottom. This brea has been the usual early July de cline. Buy stocks.
 COTTON-Alevandr mail advice mention the danger to Egyptian cot ton crop from the scarcity of wate supply. One water is made ever 24 days against the normal of l days.
 Local sentiment continues so bear ish that despite a very bullish gov ernment weekly weather report an private advices of serious damag' traders sold the market and ham
 mered prices down some 10 point
 Bears have been encouraged oWin
 to the fact that notwithstanding tai
 of crop damage the south has prac
 tically sent no buying orders, but al
 thought to have sold.
 w v lDDh TOT q hllu StTdfnHle DN u
 bears within the near future ar
 think cotton bought now will "a
 large profits.
 WHEAT-Was lifted two cents C
 the expectations of damage by biaC
 rust in the northwest. While u
 ni"nt has "nt vat ro- ohnd the stat
 where the destructive character
 the rust can develop, the presence
 it over the central part of the sprir
 belt and the continuation of war
 weather is an alarming symptom. ar
 as long as high temperatures a
 maintained everyone will be on Il
 lookout for the damage Cool
 weather is reported in northwe
 Canada and if it overspreads tl
 spring wheat states there will be
 temporary lull in the damage tal
 The market will be determined larg
 ly by the weather map each morniu CORN-Was slightly weaker. liberal supplies and a fair demand f l the old crop. The new crop is beil : made under ideal conditions and [ , only drawback is the growing ne l of rain ever the south half of the | !. helt, but the condition is such as permit the plant to continue forwa unless hot winds should develop. F OATS-Market was again strong = the demand for the old grain is goo l the new crop is making good pro lx..4