Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1916-06-03
NEWS OF NAVAL BATTLE
hits STOCK MARKET HARD
Starts Selling Movement. in Which
Quotations Melt Very
Rapidly.
SEVERAL NEW HIGH RECORDS
Whole List Had Begun To Show
Buoyancy. When Reports of Ger
man Victory Upset All Calculations
OF Pools.
by BRoADAN WALL.

: NEW YORK. June after moro than a
dozen new hsh records had been made in
tho stock market to-da". and. after tn.
whole lis, had begun show huoyancy as
result. came Of ~" German naval
victory In the North See. and started a soil
Ing movement In which quotations melted
rapidly. Losses measured from the MGR OF
.he day were much rs points IN many
instances. The marhc; closed almost NJ
: tho low figures with tho selling sti'i In
=, few stocks thor" was was = r.ac,on IN,
tn:s naval ba,;l" confirms tho opinion OF
those who hay" insisted the war would
last for Years. there Was good buying Of
I, snunition stocks Cruciblr Alcohol. I,aid-
win Locomotive ana American Loco.Io-
tive were among 'hos" To show strength
IN the last few minutes Of trading.
This German sea victory has upset All "sl-
culs,ions OF tho pools /, has been f"it that
i terry destroyed only the German account
hal been received before the market closed.
put when the British admiralty came out
report. he Stree; showed real concern It
In pr,,'s ihc full force OF IN. news viii
be felt in to-morrow'S market which fort,!-
nately is ono OF only Two hours A. The
SUNDAY paptrs will b full NJ the naval
eattle and hS the Chicago convention VIII
further compiic"te matters IL Is only lcs!-
cal 10 expect highly Irregular ma riet for
few days Speculative factors haze been
pu' IN position "a HAY. FREQ rein. aud the
take the risk OF assuming control of ,h..
stocks that mad" new nigh records ::orfoI!:
a n western WAS most prominent. With an
auN ahce OF points tu i35. This required NJ,
explanation rs & on earnings ouj,
set sugars high record OF q was also On
Big Four at IS IS and Mercantile Marin.
a. al. - IL Were high records. fully due TO
IN the automobiles and Included Chalmc,.s
whandl"r;; White, FISK. Chevrolet. Pearl.
S nan, o MiiiiyS,or"riand and both issues Of
Free selling % the motors had begun TO
.ac'oTE was reported This selling was duo
20 20 growing belief that the motors are
Motors .,i,. OF which ,h.r" !.coo", shares
, "u,sIandins and selling at Sso a share.
t rSn No n whos. rhy steal assets ae"v"
S$e,co9;cco at the most liberal estimate.
United Motor stock was issued At 50 to the
mittcd underwriters at So. Will" tho pub
nr has been participating between 20 and
Startling as these figures are The earnings
seem I" Justify what has been done in the
ihArhei' ont bankers are beginning To feel
President /. G. kaurmann OF the Chatham
ana pheniN National Bank, was reported TO
be financing another merger OF motors 10
include several medium priced ears and
companies manufacturing tires and acc.s-
series. Among those named a. going in
were the WHY'S overland. Peerless Auto.
Fiske Rubber company. The r S@mpan 'Hs
also expected IT, have interest In the
United Motors Corporation, bu, acht is
said TO be developing in connection With
United Motors thai may interfere witn this
arrsngemen, s" far could be learned
this fact * In connection with The entrance
OF PearlInsn Rim into United Motors
Capitalization nf III" new merger is OK
pected 10 be something. I,h. s2co 6ol 0e@ and
inc idea back OF II Is the Standardization
M"ssrs purard aud Wills vii. he DON'T
nant factors In tn" merger.
coppers we're h"nvy all day. and in tho
afternoon professional traders expressed tho
opinion that the copper pcop" mus, have
hac advance information OF the big naval
battle.
Before tho ba;tl" news was made public
htEh-class railroad stocks began 20 asser,
under leadership uf New York
central Pennsylvania and Northern Paciac
The buying MAS stlt."dged character. and
was based partly on big earnings and partly
on belief that labor disputes would he
settled amicnbly.
At conferences to-day complc,c agree
ment was reached among III. various COM
mittees OF common and preferred stock
holders and hondhodcrs. Of IN" intcrna-
tionai Mercantile Marine Company Only
minor details remain to be adjusted and
that Will I've done at meeting To be held
Monday
NEW YORK. June Mercantile paper
go: Sterling. six,y-day bills, H72'.; demand
st,Ga.. cables. si7s sl5 Ba. silver 6i7,
Mexican dollars. rf.. Government bonds
weak Railroad bonds. irregular Time
loans stronger. sixty days. 3. ninety days