The Richmond Virginian. (Richmond, Va.) 1910-1920, 1916-06-02

SrREEr MAS NEW ToKI
BIZ BRoADAN WALL.


New York. June Although trad
Ing was light today the market was
strong and half a dozen new high
records were made. most Of them. Of
course, In the Motors Most OF the
active stocks showed inst gains as q
result of the days transactions and
the threatened war with Mexico failed
to make q material impression. Even
Mexican Petroleum, which would
naturally feel the brunt Of any de-
pressing influence in Mexico. lost les
than two points Smeltsrs lost . frao-
tion and Southern Pacific showed q
net gain.
This action OF the stock market 10
due to the fact that the trading pub
lie has definitely made up its mind
that war 10 to last for several years.
Whether the war In In Mexico or
Europe makes no difference TO wall
Street. Munitions are to be bought on
large scale and all the gold In the
world is 10 continue flowing to
America Today, for instance. the
largest volume yet received on this
movement came from Canada. Drain
ing Of American stocks from the
hands OF European can no longer be
used 10 brighten investors
the fact that what European
liquidation is to be encountered will be
chiefly of high grade bonds. 10 an en-
couraeinH factor as American investors
are hungry for such securities and will
absorb them with enthusiasm
Ready For Campaign.
The Wall street situation seems to
be cleared and In fghtinw trim for
another big campaign. The Repub-
Hzo l. "a n 80
things on an upward swing Crops arc
good enough and business is all that
is necessary. Stocks ia made new
high record today were Norfolk and
Western. American Beet Sugar. Gulf
States Steel issues, Lee Tire, white
Motors. Chevrolet and Cosden Oil
There was a good reason In every In
stance
Norfolk ana Western made its
record on intrinsic value and big
earnings Beet Sugars record was
due to big earnings that are a direct
result OF the war and earnings that
are sure to continue A. long As the
war lasts Insiders of the company
think this will he four or Ave years,
Gulf States Steers record 10 due to
big earnings and particularly the
writing up on the books OF the com
pAny OF its ore lands. These are now
carried at a nominal figure, but are
worth. in the. opinion of the COM
pAnys auditors, par for all the stock
outstandins When on top Of suoh an
estimate OF value earnings OF 40 per
cent are considered II IL no wonder
the stock moved up.
Sales OF trucks 10 foreign coun-
tries. particularly those OF the White
Company to France and It's proposed
sale to Russia are helping all the
motorA
Get Out New Ticket.
Wall Street politicians got out a
new ticket today. They had been
voting for Hughes several weeks but
today they made II Roosevelt and
Herrick.' Roosevelt IL TO furnish tho
enthusiasm and Herrick the cash. for
he il a very rich man and comes from
Ohio. The street has settled on thi1
ticket and believes II viii be o. KID
NJ Chicago. Good news came from
railroad circles regarding the wage
dispute with the engineers The en-.
gineere have made II clear that they
are perfectly satisfied with present
wages. but consider the hours intol-
I cradle They believe that even At the
cost OF a good many millions Of dol
lars II WAL pay the railroads to re-
adtus, the hours. The Middle Steel
Company, according to a report cur
rent in Wall Street today has suspend.
ga all work on the extension Of it,
Eddystone plant at Philadelphia II
already has $4,000 men At work there
making rifles under the Remington
patent end was planning TO double
this capacity
In spite OF the unsettled condition OF
Mexico from which In normal times.
the Southern Pacific Railroad should
derive large revenue. the road shows
highly satisfactory earnings, For the
nine months ended March. 1910, Gross
income of the road was $l13,ss4s43
against saT.145.743 for the cor
responding period OF the previous
fscal year. This is SIS per cent
earned for dividends for the nine
months OF 1915 against 5.is per cent
during 1915. or an estimated rate for
the fiscal year ending June 80. 1915
OF li45 per cent against an actual Of
$50 per cent for the previous year.