The Richmond Virginian. (Richmond, Va.) 1910-1920, 1916-05-30
DEATH Of HILL HAS No
EFFECT ON STREET
But General Motors Gives Spectators
Bad Scare On Spectacular
Drop of 81 Points.
n. q ". AT NEW HIGH MARK
Virginia RnAd's Great Earnings Re
fleets Itself In Its SecuT1ttee-Whu
Street veering More to Hughes.
Fearing Roosevelt
RY BRoADAN WALL.

New York, May 2s.-The death OF
James J. Hill had no influence on the
stock market today either in the is
sues subject 10 his domination or else
where. The chief reason for this was
that Mr., Hills work was OF such
general character and that he put
men OF such tested ability In svery
position OF Importance throughout the
service that the public will not realize
the great loss railroad in general has
suffered. Morgan was railroad
banker, Hartman wac railroad
Spectator, but Hill was real build
er, and fortunately his share was
reasuraeiy complete The market
was extremely quiet The dullness
was largely. OF course, due TO the fact
that the one day Of business was sand
vlched between two holidays.
Motors stocks furnished most OF the
days activity and this activity did
not please the street especially as the
chief event was break Of 81 "a
points or a single transaction In GEN.
eral Motors This break caused spec
tators To DO some hard thinking as
they contemplated the rapid advances
and the daily new high records made
in the automobile lists.
knocks Props From Optimism
United Motors made high record
and other popular issues we're strong
hut the break in General Motors
knocked ali the enthusiasm out OF the
street and the insiders had the manip-
uiation all 20 themselves
Strength was marked in the tire
stocks, among which Kelly Spring
field, Lee Tire and United States
Rubber were most prominent,
Some OF the activity in motors vas
based upon the theory that gasoline
is declining in price. There have been
reductions Of one or two cents gal
ION in various parts OF tho country,
hut these are not significant, being
merely reactions in the general up
ward swing The most conservative
calculation shows that the worlds de-
maud for gasoline this year will be
100000 900 gallons in excess Of the
possible sdpply. The rea. demand is
lust beginning to be felt for that IL
liz only LOW that pleasure automobiles
are coming out Of the winter store
houses in great mum bers
High Mileage on Low Grade Fue4.
Engineers for automobile companies
are hard at work in an effort 20 pro-
duce motors that VIII give high mile
age for gasoline and that will burn q
lower grade OF fuel. Such Inventions
II perfected, can have no influence on
the price of gasoline this wear. for
ali the cars that can be sold this
season are in process OF manufacture
In accordance with existing plans
The day was not without its legitl-
mate new high record Norfolk and
Western being the stock making II
Norfolks and Westerns record lie
made on big legitimate earnings and
It's price Is fair even after the ad-
vance Lehigh Valley was strong also
as was Beet Sugar. but the latter two
were up largely for professional rea =
sons. Reading reacted more than
points from its recent downward
movement Steel moved W point
from its, low figure of the day wall
street talked politics a good deal and
looked forward to the nomination oil
Hughes by the Republicans The
street will he much disappointed II
the Justice is not named. for II has
made up its mind that regardless Of
the excellent qualities Of other can.
cidates. Hughes is the one most like
~ to secure the united support that
will mean election II prefers Burton
but feels that he Is not well enough
known to the general public It IL
beginning to feel Just Q little bill
afraid OF Roosevelt as the day OF the
convention approaches
Copper prices in London have made
material advances the last few DAYS
. and copper men here believe that as
soon as the great war orders so free
~ spoken of arc placed, the demand
for munitions manufa cturere In the
United States will force prices To
levels higher than ever. Many houses
predict a substantial rise in prices OF
8 copper shares II was stated several
DAYS ago that this advance was 10
begin this week