The Richmond Virginian. (Richmond, Va.) 1910-1920, 1916-07-26
Id MAKES EVEN
BEST FRIENDS GASP
n1nGs For Quarter Announced
Yesterday More Than Eighty
NH Millions.
STOCKS LOOKING UP
G Earnings All Along the Line In
\ 1cAte Uptnrn In Prioes-Fort
J1akcs 2ss, 600 Cars. Total Output
VI $500, 900.
BY BROADAN WALL.

new L ork, July Ze.-ENen W AL
tfeet gasped this afternoon when
The Steel Cooperation announced that
N3ts net earnings for the June quarter
swEre ssi.i26,o4s Big figures had
4 61nn expected. but nobody really look
I'D for more than SIS. 900. 600.
In view of these surprising earnings
me declaration Of a ! per cent extra
@Nkvidend was accepted as matter OF
4Eourse. In the six months of this year
#4he corporation has earned sl4i,sss,-
SzS32. which is SOL, 4Si,s0s more than
%3t earned in the sa me period last year.
41he June earnings OF s2S.l47,@7S are
~ the rate OF about 60 per cent on its
sszcommon stock, after providing for the
Npreferred dividends
A. these figures were published at
ter the market closed the bear party
that attacked the list on the worn out
& idea that the war lie 10 end in few
weeks. lis left in an embarrassing posi-
hon These figures CONFIRM all the
srNporfs from all other corporations
4 and leave no doubt whatever as to the
Substantial character OF business. The
short interest is still rather large and
this report should force II TO cover.
Bankers Advice Good.
There is no longer any doubt about
the sincerity OF the advice that bank
.
about ten days ago, TO buy stocks and
particularly buy Steel II is evident
also that the bankers had some Ink
line of these big figures when they
threw down the bars 10 brokers and
Invited them 10 borrow on anything
that had "a quoted value.
Shortly after the Steel Corporation
announced its earnings, the Eastern
Steel Company declared an extra
- e
ferred stock
Earlier in the day the American
Hide and Leather Company an
nounced a payment of per cent on
account Of the l15 per cent accumn-
lated on its preferreA stock. These
are samples Of what Wall street *
TO get at frequent interval for the
next SIX months.
BY that time peace talk will have
Keen disereditod and the market will
be settled To discourt a war Of several
wears. That is why the several bank
ers have been accumulating stocks in
large volume
May Hear From Paper Soon.
International Paper Is likely 10 be
4 heard from, for in June, II earned
about $500. 900 net. which is al the
rate of % per cent AS there are 20
per cent back dividends due some
a th1Eg might wei De palG- IL lS ma X
ing new contracts for paper AT higher
rates SO that tor the coming year the
directors confidently expect earnings
OF fully 80 per cent. American Writ
ing Paper is also making an unusual
amount Of money and its preferred
I. stock Is being gathered nip quietly.
studcbsker's big Earnings
i Studehaker earned 30 per cent for
the year ended June 80. exclusive on
war business. In the previous year II
4 earned 2745 per cent including war
business. The stock is about $40 a
share under the high price and there
In a good short interest in it, An auto
I mobile authority announced today
that in the year ended July !, Ameri-
can manufacturers had produces
1900 600 cars In the first six months
Of 1916. Ford produced 2sS.o6o,
WHY'S. Overland - 4TY. and Maxwell
10000. These figures explain why
shorts in motors are becoming nerv-
Z Gus, Oil company stocks are being
picked up In large volumes Texas
stock seems 70 be the one In most
Z Urgent demand on every decline. II
acts as though there were an extra
uts idend coming Alcohol advanced
Sharply because Of the signing OF the
I new French contract had enabled the
COME 10 pat It's plants to work at
fun caoaclty.