The Richmond Virginian. (Richmond, Va.) 1910-1920, 1916-05-24
RAILROADS RETAIN
MARKET LEADERSHIP
Buyers of Reading Continue 10 Bn,
As Market Price of the
Stock Advances,
JERSEY CENTRAL BIG MELON
6houlf War Continue IL L. Declared
All stocks Would Re Cheap at Rc-
cent Pricc>--spccuIators Talk scv-
5s eraI Years of Hostilities Yet.
IN RROADAN W ALL.

nv RROADAS WALL.
New YORK. Man 23.-Railroad
~ ssss,44Ss-aea44 took leadership ia Wall
street today wlth Reading and Union
Pacific making new high records
Ealt{more and Onto and New YORK
a t.en;ral were expected TO follow Read
ing and were bought freely hy traders
who were afraid OF Reading Some
dissnposrtn7eni was expressed a. the
conservative movements IN the latter
stocks,
insiders appear more anxious 10 sell
stocks at high levels than they are
II accumulate them, and Il Is only
proper that The public he warned, IL
is only proper. also to state that there
lis hardly stock IN Wall Street that
i. not cheap when present earnings
Il are considered. If the war lasts four
or FIVE wears longer. as many bankers
believe it will. present prices VIII look
absurdiy low before many months and
the insiders who are manipulating and
irving to sell ont viii regret their
present activities.
Marine Preferred Weak
Marine preferred certificates was
one of the weak issues. Ii went down
on report that Holland will levy
special FnIiitATN tsA " q" fSi 1V'se
on all companies organized in that
country. THIS will affect the Holland
4 American lire, In which the lnterna-
tionai Marine holds controlling IN
ferest hut will not affect the general
income OF Mercantile Marine material.
IL. Decline OF the stock was on light
ss~refiir7w ind there aa=-g COED h4tflng
that promptly brought about recoF-
e1.
Crop conditions are getting better
ard thus Is reflected in lower prices
az all farm products,
BUYERS of Reading still Buy.
one of the most mysterious facts
about Reading is that practically none
of that block Of stock tho purchase
eF which caused the advance from 90
Ia Ito has been sold II is held by
two or three large houses who arc
still huving. The fact that Reading
is selling Gar above what would he
II pea enretlo price in view IF It's pres
emit dividend payments. naturally
raises expectations Of melons Rich
neSs ~ some ar these melons may ne
Judged from the fact that Jersey Cen
trial, If which Reading owns control
and which would naturally he the
FIRST melon distributed has not for
the las, six wears been paving out
IN dividends ucre than faff - has
earned.
After Jersey Central Ip distributed
ii will he in position 70 distribute. II
the United States Supreme Court 20
orders, the stock ~ tho fsehiRh and
wiikesbarre Coal Company, Of which
II owns practically all Then wou1t
- fallow- distribution Of the Readinf
coai and Iron Company and other
subsidiaries
Big Pig Iron Production.
Pig iron 3s now being produced ny
the United States AT the rate of 40.
coo 600 tons a year which Is one
third more than was produced II
1915. or this, nearly 20 per cent u
being exported either as crude. semi
finished or manufactured articles. Tit
ccuntry's copper production is est
mated al 2iAo 600 Gao pounds which
lis one-uuarter more than last year
An unusal percentage OF this also /
being exported Production Of othe
metals in the United States Ii pro
ceeding al maximum volume and de
velopment of new mines III not activ
because the business is so thorough
controlled that new companies find !
dificuit to get financial backing eve
with present big earnings.
The result will be hat the big com
ranies will hold the great. volume o
business and that they will pile u
IS Will Justify material improvement
d in the market OF the stocks offerd.
Motors StiiI Climb.
Motors continued their climb toda.
under the leadership of General Mo
tors. which rose 50 points TO sis
Chevrolet made its ussl new higl
IN record. this time at gao.
Higher rates charged by Iloyds 70
Insurance against the end OF the wa
hy December 81. 1916. are counter
balanced by the persistent and in
creasing rumcrs of enormous con
tracts for war supplies placed aud t
be placed in the United States h
European governments. Peace tai
as which war current s week age an
10 which many big traders paid con
siderable attention is attracting no no
tice. Traders can find many reason
why the war must continue for sewers
years more. They point TO these or
ders FOR munitions. to the call by tn
British government for enlistment Q
married men up 10 forty years of age
to the food dictatorship in German,
4 TO the Russian troops in France an
now TO the reported agreement be
tween Japan and Russia whereby ia
pan Is to secure free hand in Chin
backed by Russian influence in retur
for munitions supplies, 1t is felt tina
Russia would make no such agree
ment unless she feels the necesslt
of having supply OF war materials 70
long war Therefore traders loo,
for revival Of interest in Industrial
NJ soon az the movement in rails ha
run Its course.
Sugar Market.
arb o