Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1916-07-07
VILLA IS REsURRECTED
TO SCARE WALL STREET
Bandit Dug Out of His Grave and
Used to Drive Down Mar
lict Values.
MERELY SERVES AS EXCUSE
Had He Not Been Available, Some
Other Reason for Selling Would
Have Been Found by Traders
Back OF BcariSh Move.
ny nnnADAN WALL,

NEW YORK. July G.-Wau stree,
dug Villa out OF his grave to-day and
put him AZ the head OF an expedition
to invade Texas and the stock market
The first drive was very successful.
Knocking stocks down from to 3
points or more on the high levels of
the morning. The high prices made
in the first few minutes Of trading
were due 20 a belief that tho Mexican
war was over ana that Villa was safely
l&-"!ed
rrading throughout the DAY WAS en-
tirely professional The technical con-
sideratiu,t j. such as To cncouraE. fur
ther trading. Good accumulation con-
"nues, for the biz people want more
locks for the campaign that they be
iieve Will come in the fall.
AS matter OF fact. the market
turned downward in the afternoon, be-
cause daring hand of professional
The Villa story WAS used as AN excuse
for the selling. but If that had not
made its appearance some other story
would have served the purpose. Many
persons believed that the German adj
missions Of gains by the allies had
more to do With tho break than
Villa. success II! the allies is such
as to revive peace rumors again. The
rumors are peculiarly dangerous to
stock market operations now. because
Westinghouse and New York Air Brake
are preparing TO dismantlc their NUM-
ton factories
A borrowing of $2O.OOOOOo by the
Pennsylvania Railroad Company was
accepted as a hint Of higher money
rates for the near future Manipula-
tion of bcnefccnt character was
evident in Beet Sugar. Inspiration and
some of the motors. Motor stock job
berS are trying hard to make the pub
lie overlook the fact that war of
prices is about to begin. The apex
seems to have been reached temporar-
~ In the automobile business, ms well
as I'm steel. y commercial rs we'll ms
stock market reaction is foreShadowed
by the action of prices in Wall street.
Railroads consider steel prices Erohibi"
tive, and. although rich beyond all pre-
vious records, they wisely refuse 10
spend the money now. II the crops do
not improve. and if the European war
really does end. there Will he ears
Zinc sold down TO S cents = round TODAY.
II has been ~ high is this year, Lad
changed. but tho market for it is nominal.
Naturally tho metal stocks wwer" "Nctt"d ana
were heavy. The copper stocks thar r..
maincd firm did so under III" influrnc, OF
Because Of the Weakness Of metal. com.
panies anxious to see their sto"iS do Wei
ings. II was announced. for instance that
kennccott had ON July ;. slS.H37,ooc in cash
OH June so. This fund includes si.:!a.GGo re-.
Gently received from the Utah Copper Com
any OF the copper metal held ~ uah or
earnings OF about S35tN,oc1 for The firs; quar-
ter OF this year when zirc sold from l. 10
zinc sold a, an av"rar" Of II cent tn"
COMPANY is sold ahead for Tho th!rt quarter
money even ut the present price of cents.
hut sales for The fourth quarter Will
large volume already sold ahead for
higher i figures. Estimates Of earnings for
than 5000. Frisco and Rock Island S.cur!.
. .ac. are being accumulated. hn, only by p"r-
threo months or more" Amy decline IN prices
VIII be welcomed 10y insiders. and. therefor.
sniaH investors need not ,NpcCt support To
appear on bad days.
San Francisco showed large earnings in
excess of tho new bonds. This intereY; will
be be paid, according to presen, plans, early
IN Septems Der The company has $45oo, 600
ety Wiii,a no. out 2f earnings;
Soou i'r'Stmen: purchase. tn. bir bankers
warn MAT iheiE ri'cnla that many Stockholders
and ,ha, he" VIII be- the e 'n i" hu 1s F r
a .i.n,.i are Icing picked up with"u,
per cen, prcfsrrod s,Sck sS. anh l"v Win IN
INC earnings In sight il looks like "A pretty
Talk OF resum."s 'I ividen "%" an Fri. o,.,
pos ps1 Vas hSntd 'o.I!ay This iSsu
company IS low earning II per cent ON II.
Further talk was also heard rcgardu;
the best opinion Among big bankers -
thnt the cash will b" better lct, in III.
Marne stcckho!de,a are beginning TO real.
lee that liE cet.f aisic;i scmcuta are not ON
the schedule. foy THEM as The dir.r,or,
l naye d: T, 10 lu' The surplus into new
SHIPS. Inc &c per cen; cash dividend lie.
clared 10y Cosdcn OIL Is :, very rrasoI,ai,lo
suggestion OF The t"nGition OF the petrorl,n
o ounsar GhSsn Sasolin. is masking is
appearance chirh! On the curb markets.
NEW YORK, July G-Mcrcan,iI. pap.r
SNE u ga. sterling siN'y-day bills si75 ~
mand. 10y; cables. si7.2 Bar .ily.r
63Hs. Mexican dollars So. tinvcrulu.nt
bonds, steady: railroad bonds irregular
Time loans, hrmyr. sixty days, -. ass.
ninety days. q. ui siN months 81, a.. OH
money, hrm; ruling rate. 81.