Arizona republican., 1916-08-02
MARKET NEWS
r. Allyn Lewis

Half the market wants to so up |
and half wants to go down. The ten |
per cent on Maxwell and Studebaker |
had 10 effect There is a general |
feeling that with the keen competition |
and cutting in prices consequent. that |
the automobile earnings have seen
their highest. Europe is selling At
Gibson, Pennsylvania, Great Northern,
Illinois Central, and other interna-
tional stocks as fast as the market
viii take them They Will get through
soon, as they got through with Union
Pacific and there will be a sharp
recovery. Norfolk & Western looAs
to be ready for another upturn. Steel
although it has not advanced has
refused to decline in the general
weakness of the industrials the past
two weeks The same can be said
of Hide & Leather preferred. There
has been more interest exhibited in
the market today than for a long
time. If one could only pick out the
war stocks that had the contracts
there is good money to be made. for
the business that is taken now viii
be taken on paying basis guaran-
teed by the experience and expert
ments of the past year.
Studebaker declared regular quar-
/ terly dividend Ia on preferred. ~
on common, Sept. ! and Aug. p.
/ Heretofore quarterly dividend on
+ common has been y per cent plus
per cent extra. Net profits for-siX
months ending June 30 after deduc-
/ lions Of ample depreciation and pro-
/ fit sharing was s6.02S. 329 including
+ $4,000 from war order profits.
1 Steel holds. It's earning more
L.. I'll.
nearly 40 points higher. We should
not be very much surprised If in the
I near future there Is a good advance
in the former stock.
We are asked why railroads go up
Norfolk shows for the year about II =
per cent and they publish their earn
ings every month in detail. Union
Pacific is probably earning in the
ueighborhood Of Is per cent. Pennsyl-
Vania 10 PER cent Southern Pacific
II per cent. Atchison IL per cent.
You don't have to guess. as you do
with industrials which publish earn
ings once a year and then not in
detail. hut you can tell every month
exactly the business railroads are do
ing and what it cost them. Pacific
Lighting corporation declared regular
quarterly dividend > per cent and
extra half common and regular II
on preferred all pavable August Il
to stock of record July 81.
Philadelphia - Contracts aggregat
ing about $15,O00,00 for shells are
understood to have been placed with
the Baldwin Locomotive Works
Earnings for Maxwell for year end
ing July 81 will be in excess of
s.. 000, 900
American cotton oil declared regu-
lar dividend ! per cent on common
September / and August IS.
Dividend meetings today-Standard
Oil of New York; s. O. of California ;
Hercules Powder.
United Verde Copper company is
paying regular monthly dividend of
IS a share and IS extra.
Directors Of Kennecott Copper
transacted only routine business
WHEAT-Selling was renewed or
the opening despite the run of dam
age reports and the low estimates OF
the spring wheat production. TIL,
trade took alarm when the message
from the Canadian side began. to re-
fleet black rust damage and Their,
: was scramble on the part Of The
recent sellers to cover which brought
4 big following and the advance wa,
nearly sc from the low of the day
$ the market closing an average of
, cents. over the previous session. Their,
) is no longer any doubt of extensive
damage and the Developments wit
=, cooler weather has dispeled any ide.
|, of climatic conditions affecting tin
results.
CORN-Market was slightly lowe
on the cooler weather and rains aloni
: the River though no general rainfall
was reported. A low area in tn
} northwest NAV bring rain over tn
belt. and until then the crop will
suffer from the droughty condition,
0 and higher temperatures. which seer
5 to be returning.
OATS-Oats were practically un
: changed. the new croD is safe and q
: big weld considering the deman
7 ana the large carry over. The pric
d however, will remain firm during tn
3 corn scare and the strong whe;
market.