The Richmond Virginian. (Richmond, Va.) 1910-1920, 1916-03-16
...PROF|T-TiKING IS BIG
FEATURE OF MARKET
~ &sF VIE w.
Mexican Petroleum Sets Up and Takes
Notice Over It's Hundred NIL
hon Dollar Spouter.
STEEL STOCKS ARE STRONG
Cuban Sugar Sells at New High Level.
Westinghouse Active On Deliveries
or It's View Rifies--American Loco
motive Mystery.
Rr RRoAnAN WALL.


Inv on a large scale made its appear
. ance in the market today, thus forcing
reactions in some stocks that were
leaders during the previous day, but
new leaders were brought to the
= front and the day saw an active and
excited market
sugar stocks were Strong all day
and Interest conferred on them IN the
s~ morning but in the afternoon Mexi-
can Petroleum assumed leadership
and held II up 10 the very close,
scoring a net advance for the day Of
Feven points
Much Talk of Mexican Petroleum.
The Street was filled with reports
or statement 70 be made soon in re-
gard tn Mexican Petroleum, but no
other explanation of the rise is needed
than that the financial world is
finally beginning To realize that the
company has Just brought In a new
well capable OF producing 500, 600 600
.-nworth OF oil year. figured al present
~snrices. II is true there are not ships
enough to take the oil to market, but
a. is there.
SteeI's Strong Backing,
steel. stocks were strong. but closed
without net change. One inspired
xtatement Issued late in the afternoon
Included calculation showing that
Sis q share on the common stock had
been put back into the property from
earnings since organization.
This looked like good team work
IN behalf OF the syndicate. but a syn
Afcate in steel usually lets the little
people make money so that Wall Street
has no criticism TO make.
Cuban sugar was sold today at
Sac a pound. which Is the high
record price. This was the news back
Of the sugar stocks. Cuban American
Sugar was at one time FL Ia points
.ahnva- the close of the previous day.
American Sugar responded to the ex-
tent of IA points. but on the curb
Cuba Cane Sugar established another
new high record with an advance OF
six points United Fruit, which liz
really one OF the important sugar COM
panies, rose but / IL points. An
nouncement will be made in a day or
two that Cuba Cane Sugar preferred
stock has all been sold by the syndi-
cate.
Westinghouse Active.
Westinghouse was an active issue
and report was current OF an increase
in the dividend to per cent at the
next meeting OF the board OF dtrec-
tors The company is now beginning
80 make deliveries on its rife orders
and expects to obtain additional large
orders from the United States gov
eminent It is not understood that
any orders have actually been placed
but the excellence OF the workman
ship of the new rifles is commended
" ny military authorities.
The American Locomotive mystery
was still active with one set OF dlrec-
tors being given as the authority for
the statement that new orders had
actually been signed for large volume
OF munitions, and an absence OF Of
fetal confirmation at headquarters.
THE stock sold at 80 and the directors
who are speculatlng IN ii say that II
rs earning sac a share
Kennecott Copper was said today to
Oe producing the metal at s 12e a
pound This means that S 1-2c is the
average price counting In subsidiaries
Thus at DC a pound for copper. the
s+E<ennecott Company could maintain
1tg present dividend rate-af- IA
share AS copper is selling freely in
THE nei9hborhood Of csc. a large
surplus Is being piled up. Further
more Kennecott is the favorte cor
poratfon of he Morgan OUTFIT and the
plan is 10 make 1t a rival Of the Steel
Corporation for public favors,
Reading sold today at 50 as,
which is the highest price on record.
Union Pacific was at "a IA which,
+ considering the special dividend that
WAS worth about S35 a share. puts 1t
also al high figures. Pennsylvania.
Norfolk and Western and several other
railroads are selling at prceg that
don't justify the complaint that In