Arizona republican., 1916-07-11
MARKET NEW S
By R. Allyn Lewis

For days, weeks and months I exploited stocks. I have pointed out 1 that the stocks that had made the biggest advances had made them en-
 tirely on promises none of which had been realized, outside of Bethle- hem Steel. not d single war company so far has made good. l have also pointed out to you for some days the discrimination against the newer
 class of industrial stocks and the de- crease in the bank reserves. The 20 | point break in Industrial Alcohol to-
 days shows you what can happen to stocks that have been bid up by the l public on hopes and not realities. Those long of good rails and the | older classes of industrials should | have no difficulty in obtaining money at reasonable rates. while those who | have made specialties of the war stocks will find them extremely diff | ficult to carry.
 There has been no real liquida ton | by the outside in war stocks. The 1 insider has been out long time and |
 are holding on. The enormous re- duction in reserves last week fore
 shadows high money rates and great
 CT discrimination London sells stocks | from time to time and they have | sold a lot of Union Pacific and
 Steel again, also great Northern pre- ferred but they are getting near the
 end
 It is understood that semi-anuual
 statement of Lackawanna Steel. to be 1 issued this week will show earnings
 of between 20 and 30 per cent on
 the stock. The company has prac-
 tically closed another large contract for supplying Steel rails to Russian
 government. In first quarter this
 year Lackawanna Steel reported s2.-
 251,06S net earnings after charges
 and depreciation.
 Hardening of the rails during the
 readinstment liquidation of the in dustrials is expected to be followed by Il tendency to break away from the intuition drag and take recogni- ton of favorable developments. Spe- cial stocks receiving favorable men
 ton in important quarters are-Den- yer & Rio Grand preferred. South ern Railway. Ann. Ice and Intl Paper.
 Principal dividend meetings sched-
 uled for this week: Hollinger Gold
 Mining. Willys- Overland, Chalmers
 common, Kerr Lake Mining, Pacific
 Coast first and second preferred, At
 las Powder pfd.. Commonwealth Pow | Dui1 I ,ol,t
 common, Pacific Gas Electric. 1st pfd
 and original pfd., Peoples Gas, Sears
 Roebuck common, Standard Silver
 Lead.
 : Total exports from United States
 of foodstuffs and food animals ir
 May valued at s3G, G,146,SO0, decrease s2,60O.000 from May 1915.
 Miscellaneous exports S6,130, 800 decrease s4bS67, 900. Demand through. out United States for labor continues The eoppers are entitled to a bis advance and I feel confident the! will sell much higher after the pub , lie once awal<ens to a realization o - their earnings. cash accumulation s and future prospects.
 Utah Copper year ended June 3 finished the most prosperous s! Q months in it's history. Net earning 0 for the half year must have bee n close to $16,O0O,Oo0 figure neve }, before even remotely approached : Stockholders of the Stewart Minin $ company at special meeting hay ) approved recommendation of the ji ; rectors and voted to increase capits :: stock from s1,250,00O to s3,0O0.00 y The new stock par value $1 per shar n will he used for the purchase of ad Is diticnal properties
 5 Estimated production of Goldfiel
 Cons. for June was 1S5,000 and n, 3 earnings $40,00O, May net earning r. $50, 693. Old Dominion output Jun r. 4,S43.0 900 pounds.
 8 GHEAT--Was in an excited COT Ia dition during the entire session, u Id report of black rust in North Dakot 5: which lifted the market Saturda ty was denied emphatically but fro sn other sections came reports of u st presence of the danger to the cro d, The trade remindful of past exper 70. ences, and of the great damage tn ty kind of rust can create prefers D. stay on the long side while waitil 50 on developments rather than risk t ir | (54s) unWrapped. SIPS. jumbo f3f