The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1916-07-12
THE MARKET YIELDS ON
WAR STOCKS PRESSURE
Money Rules Strong Again, and Has
Something to Do With the De-
cline on Stocks
tHarrts, Winthrop & Co. to Fidelity In

(Harrts, Winthrop & Co. 10 Fidelity In
vcstment Assoclatlon.)
NEW YORK. July 11.-Prices yielded
to-day against under pressure on tho
formerly active war. issues. Coal Pro-
ducts. Studebaker. the automobile issues.
etc. suffered most. Money ruled strong
again and possibly had something TO do
with the decline
The old liners like Steel. Union Pac!-
fic. New York Central, Reading. Ana
conda. kept their places we'll. any favor
able news. they will go higher. The
house cleaning in the war stocks is very
apt to rcleEate that group to back ground
until 1t Is easier for brokers to carry
them again.
New York Daily Financial News Bul-
leun says: Since the more promising
Mexican developments. although th@
situation Is not looked upon as settled
as Yet. there has been an increase in tho
investment demand for Southern Pacific
regarding which 4 prominent private
banking institution says in an analysis
just issued:
las investment security Southern
Pacific shares seem entitled to a very
high rank and sooner or later their In
trinsic merit should be reflected in the
selling price" 1t is held that the rea-
son why the stock Is not selling at much
higher prices is that it has been COM
PEELED not only to digest the Union Faci-
fic sSS.000.000 Of Southern Pacific stock
put upon the market some time ago, but
foreign liquidation and frightened SELL
ing on account of the Mexican unscttle-
ment have also eXerted depressing in
fluence that is now disappearing TO n
large extent. Yielding per c.at ara
earning a margin OF safety over dtri-
dend requirements OF about per cent
Southern Pacific stock in money mar
kct with rates as low as at present. un-
douhtedly provides a good medium for
EN- ploNnent of idle funds. Investors.
who have analysed the property are also
greatly impressed with the equities OF
be worth as much as S500.000.00O In View
OF the great advance in the price OF Oil.
1t is understood that the temporary
closing Of the Panama canal has been OF
important benefit to the company
through traffic diverted to its route,
In some quarters of the street. 1t Is
held that the firming of money rates
! in face Of further huge gold imports Is
due not only TO preparation for new
large credits but to readjustments to en-
able syndicates to take care OF recent
financing as yet undistributed. The big
reduction in bank surplus is said to have
been partly due 10 syndicate necessities.
There stocks are being recommended
| by conservative interests as good specu-
lative investments. Central Leather, As
sociated OIL. kennecott Copper and Re-
| public Iron and Steel preferred.
| Attention is being directed In banking
| circles to the point that our foreign
| loans and credits amounting to almost
IL billion dollars will bring approx
| mately per cent return to this coun-
try in the form Of S75,O00.00o annually,
which, added to the S250,000.0o0 tourist
money now remaining at home is pro-
viding big investment fund here for
| the absorption Of securities.
Rumors are current that options have
| been obtained by the allies on enormous
supplies Of raw materials in this coun-
| try to be closed Immediately after the
| war at prices then ruling. The Econo-
mic Fact OF the Allies Is reported to DE
| responsible for this. Great Britain act
| ing as banker.
A conservative stock exchange insti~
| tuition estimates the Southern Railway
stock will earn more than per cent
, during the next l. months. Recent &C
| emulation of this stock Is said to be
! based on that outlook