The Richmond Virginian. (Richmond, Va.) 1910-1920, 1916-10-18
WHEAT AND COTTON
CONTINUE TO Rise
Wall Street Believes Teut9n Succr~s
In Runania VIII Add Year to
Length OF War.
WESTERN UNIONS NEW RECORD
SELLS 1t More Than los, While There
Is Scramble For Marine On B>ltcf
All Back Dividends. -Aggregafing 81
Per Cent. Are To Re Paid.
nv RROADAN WALL.

New York. Oct 1T.--1n addition 70
a strong market with many new high
records, Wall street had today great
excitement In both cotton and wheat
Not since the Civil War times have
all options sold nj the price reached
today Wheat for May delivery rose
seven cents a hushel The stock
market ignored these wild movements
in comm ODDITIES because they are a
part of the influence making TOR the
higher prices In stocka
Thu reason wheat and cotton al
vancAs help the stock market IL that
both are rising because OF foreign
buying on the belief of the allies tnae
the war 10 70 last several years Suc-
cess OF ths German moven ent against
Rumania 10 estimated By experts IN
foreign affAtrs to have added already
nearly . year to the pzub~oie lenSth
OF the war 6,scoaGS IN RunaantA WIN
rive the Germans wheat and petro-
leum and iensthen the war materially.
THIS ie why wheat and cotton are
30 innstantiy purchased Fear of a
strike on Tho Canadian Pacific helped
the wheat movement
Another powerful influence was
the unoficiaI announcement OF $780,
100000 loan soon 20 be placed here
for the allies. Wall Street knows
that II will never DO 10 bring out
such loan except IN strong
market Most OF the loan probably
Will be placed In the Middle West
More Bull Talk.
Other factors making for optimism
were reports that the United States
Steel Corporation had taken an order
for $3.50. 700. 600 worth OF shell steel
for the British government and that
the Onion Pacific would soon an
nounoe 4 new holding company for
all tn investment securities
The neIt monthly report Of the
corporation IL expected 70 show a new
hiKh record for un.arled business.
Naturally this condition OF big cor
poration means that the Independent
companies win set an tho business
there IL for the next few months
~ Reports current for the Last week
of the buying OF Mercantile Marine
by oil, men were crystalixed today in
the statement that the Standard OF
men had purchased 500 shares OF
the preferred stock above 1ls or
positive Information that the "a per
cent of back dividends weuld be paid
In full.
Sugars Strong.
Sugars were unusually active and
strong. The raw and refined com
modify rose sharply and American
! Beet sugar and American Sugar made
new high records for the year. Cubs
Cane came within . fraction Of III
previous record
Western Union sold at the htghes
/ price in the history OF the compan!
when 1t touched l0b IA. Genera
Motors made 4 new high record a
7so. Central Leather common
American Hide and Leather preferred
and Ansesd preferred were othel
record breaker All of these prices
were made in response to reports o
eArnings
There was very little manipulation
In the market In the late sftern oor
n was rumored that the loan TO tn,
allies would be postponed until aftel
the election. This smboldened the
professional bears again. Tho reaction
thus started continued to the close
but even 70 nearly every stock on the
aist showed a net gain at the close
OF the day.
There Is excellent buying In New
York Central, Union Pacific Wabash
preferred "A" Chicago and Grea
Western preferred and Texas Pacific
Tho buying OF Rock Island Is for ths
very best people connected with tn,
company. Some Of the most conserva-
tive bankers in the Street are ad-
vising their clinents 10 invest IN stock.
pf rsorganixed companies.