The Richmond Virginian. (Richmond, Va.) 1910-1920, 1916-08-11
Ii STREET LOOKS
FOR RISING VALUES
Ihe11 Again . Star Performer. While
Copper People Hear Rnmorr OF
Wholesale Buying.
MUST WORK NO POOLS
Promptly Notifies Grain
GAmbacrs IL VIII Put Them in Jan
n a. They Take Advantage OF Crop
Situation.
nv BR0ADAN WALL.

New York. Aug. io.-Acton OF the
stock market today was in perfect
accord with the theory that values
are rising After the advance of the
last few days and particularly that
OF this morning and yesterday after
noon, reaction was logical, and it
came This setback was strictly tech
nical. 1t is due to the fact that many
short contracts were covered on the
advance and that profit taking was
INDUCED In by those who had been
accommodating stocks.
81 Although the reaction needed no
other explanation, Wall Street was
not satisfied. but had to invent a ru
NOR that the Austrians had sued for
separate peace.
Another rumor not quite as absurd
was about early In the day, II was
to the effect that the allies had pro-
posed to purchase the entire output
OF American copper companies for the
calendar year Of 1917 at q cents
pound Wall Street playfuly sug-
crested that the allies must be afraid
of the blockade being broken by the
C-iiners and were to buy all the cop
per les, the Germans get II by sub
marine.
Big Earnings Useless
What Wall Street really needs is a
healthy rumor that will move the
ccppers Big earnings are useless.
For instance. four leading com panies
reported their earnings today for the
quarter ending June 30.
Nevada Consolidated earned at the
rate OF ss72 a share and sold It's cop
per al an average price OF 2723c a
pound. 1t sold at SIT share in the
market That is. II IS earning 81 per
cent OF It's market price. Utah Cop
per sold its metal al ssr12lc "a pound.
earning at the rate Of 81 per cent OF
its market price. Chino Copper sold
it's metal at 26.56sc a pound, earning
30 per cent OF It's market price. Ray
sold metal at 2s.o67c a pound. earn
Ing IS per cent of its quoted price.
Steel reported a reduction in ton
mage for the month OF 46,Ss6 in IN
niled orders Some traders told them
rcives that they ought to sell on this,
so steel reacted a dollar a share As
a matter of fact, the Steel Corpora
ton has overtaken consumption to the
extent Of only about six days in two
months.
Wheat q Performer.
Wheat was a performer early in
the day. making new high records,
GerfPm Der s0ld up 10 40 LIZ, winch
ia AZ lac a hushel above the price
quoted on July for the same op-
ton At the close OF the day the
United States government let II be
known that any pools attenn pting TO
take advantage OF the present disas-
{ trous condition in grain would be
promptly prosecuted.
Some specialties were pushed uT
today, but nearly all fell back again
Marine preferred made a high recore
for the movement so did American
Can. Baldwin and Railway Stee
Springs In connection with Baldwin
1t Is reported that the company p1ani
10 sell its real estate in the heart OF
Philadelphia. II would increase the
efficiency OF operations by doing al
the work of the concern at tho new
plant at Eddystone, a few miles from
the city. Az soon as a Shift OF bust
ness is made. the production cost will
be reduced.
Some important bankers said today
that while they had been expecting
the market to improve the sudder
burst, following the crop report, took
them by surprise. and they felt thai
the beginning of the big campaign
should be more orderly. They wan'
nothing to happen TO discourage the
smooth development OF the market
which is being prepared to receive
announcements OF the big new British
loan