Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1916-05-23
ACTION OF STOCK MARKET
TECHNICALLY CORRECT
Strong Opening, Reaction and Buy.
ing of Railroad Leaders to
Sustain List.
CHARACTERISTIC OF MONDAY
Very Reactions Encouraging to Vet
Gran Traders in Leadership Di-
vidcd Among Reading. Union Pa
cifiC and the Gas Stocks.
u, nno,DAN WALL.


,la NEW YORK, MAY 22--Action Of The
stock markc. to-day was technica2y
correct. There was a strong opening
and n reaction. and then frst-class
buying OF few railroad leaders 20
sustain the list while iudustrials re:"
sold. This Is characteristics of Hon-
day session in n bull mariet ard the
very reactions were encouraging -
veteran traders. leadership Was dt-
rided among Reading. Union racitic
and the gas stocks. Reading sold At
the highest prices on record. while the
Union Pacific made = new hi-n record
for tho period since the war. 20 spc-
cial explanation We Eiv"n for me rise
OF the gas stocks. but Consolidated and
Peoples Gas both par,itipaitd. 81
Paul showed cheerful activity also. To-
bacCo stocks We're higher.
III the automobile list, erratic move
ments were seen, with Chevrolet max
ing a new high record price and vii,
surge OF 10 points
Assurances ny the United States gov
ernment that the Petroleum reserves
exhausted has not made any material
impression on the volume Of nutomo-
bile business. The fact that dirccio:S
of the big companies are planning
stock market combination is tina; they
fear collapse IN orders for next year.
II has been years since Union tactic
rrofo ssional traders welcomed IL go
day when II Joined Reading at the head
of the list. While the management: is
not as aggressive as IN the old days.
/; is looked upon as first class and OF
a character that viii not antacOniHc
competitors and stir destructive fights.
The stock. for that reason. is consid-
cred more OF an investment than
speculation, and IL is purchased by
more conservative persons than in the
old days. Its earnings Justify consid-
cradle optimism. for in the nine months
OF this fiscal year il earned 1871 per
cent, which is at the rate of about II
per cent for the year. II could easily
pay the extra dividend Wall Street has
been talking about. and particularly 20
now that crop prospects have broad
cned in its territory.
Consolidated Gas is understood TO bc
earning at n rate that should sh"w
about Sl,onO.oon net toy 1916 in en-
cess OF the 1913 earnings This Viii
bc about per cent extra on ~" stock.
Consolidated Gas and Reading hay"
consistently concealed their plus earn
inEs for many years. In onrh OF them
there have been false rumorS .; dis
tribution Now that ReadinG seems at
last ready TO make such - distribution.
tho Street is hopeful that Consolidated
Gas may do likewise. I'm Ni"H e! th'-
enormous growth OF New York ClJv.
and the tremendous increase in the
use OF electricity. the Consolidated Gas
Company. which has a mon"Doir -!
gas and electricity on Manhattan is
that have never been reported publicly.
Its book value is said by persons close
10 the manaGement 10 be actually far
in excess Of 5000 a share although the
published statements show II "a he
much less.
Owing TO the genera! prosperity, both
gas and electricity are being used more
freely Than ever before in the history
o! New York City.
Eric Is being purchased by the same
people who bough; more than 100. 600
Gb Al al al m F..ttt H1,,s
President Underwoods policy of I'm
nrovement first began 20 make an i'm
preston on Wall street. II is the gem
eral opinion that. with n double track
TO Chicago and with the easiest grades
between here and Chicago. Fri. ought
10 make magnificent showing this
wear
Tho Eric insiders are tired of hav-
lnr the property treated by the pub
lie as joke. and judging By the way
e easHiIEs % n pi;ins WI nn,, i has now
ing respectful attention. and owing 10
the low prize" ana the good manage
ment Fri" promises to develop into an
active and popular trading issue.
Eric is earning dividends even on
the common stock NOW, but there is
no prospect OF any being paid even for
speculative purposes.
President Marshall, OF the American
Locomotive Company, announces that
the company has received an order
from the allies for 100000 fuses 20
December ~
one-half OF this order will 90 70 the
Westinghous" A.,r Hrakc Company. The
Nathan Manufacturing Company. which
rs affiliated with tho American I.ocomo-
tive COMPANY. will make some parts
nf the other half Of IN" order.
AS result ~ this order there was
good buying OF Locomotive stock Il
Is reported that tho American I.ocomo-
tive Company and Baldwin are consid-
erlre the erection of additional mum
80 n ak Of
business being offered
Great Britains recent call on mar
ried men uD TO forty years Of age is
taking thousands OF WOrkmen from
nauni,ion factories. and the business
VIII have 20 com. in larger measure
from the United States II the prcacn,
volume of supplies is 70 bc maintained
BritiSh agents arc understood 10 he
arranging 20 place in America an or
der for abou, $lo,ccoro0 worth Of sin
inch shells.
Disappointed holders % Dls,ilers.
purchased recently in expectation OF
an advance Ola announcement OF the
per cent dividend, began TO liguidat.
their stock To-day. and Il showed a
further Gecliu. 70 81 IL AZ its pres
cnt figure II shows - rate of almost .
per cent on the investment. and trad
crs are perfcCtly satisfied 10 see thi.
decline. because they argue that whci
liquidation throughout the industrial
list is over D!stjll"rS viii sell at sub.
stantiaVv higher prices II iS not q.
sonab'e 20 suppose that stock payinu
" uer cent shouid sell around 80 In q
tul market
INV vouE NAV - N.rc,r.i. ,,-.,