Arizona republican., 1916-08-03
MARKET NEWS
r. Allyn Lewis

Crop news and urgent liquidation
in the motor and copper shares has
upset the market again. The war
stocks act liquidated and some %
them would respond easily TO a bet
ter market Foreign selling is very
apparent in Atchison which has made
a new low level for some time. II
has been evident for some time that
motor stocks were waterlogged.
When Maxwell and Studebaker re-
fused TO respond to their increased
dividend it was evident that all the
insiders who wanted stock had got
II for the move Unfortunately for
them the move turns out for them
Gown instead of up. 1t is just as
well to have a thorough houseclean-
ing this time so when the time comes
for a better market there will be no
weak spots. Strike news looks bet
ter. The railroad employees have had
another conference and so far there
has been no spread here in New York
street car lines Another short in
terest is making and when liquidation
is over will be the basis for another
good market.
American Smelling & Refining de-
clared regular quarterly dividend ]
per cent and a half of one per cent
extra common stock same as 3
months ago and regular quarterly IA
per cent on preferred.
Manager of Inspiration Needles re-
ports that drill hole number one has
now reached a depth of 272 feet and
has been in ore for the last 30 feet
assayinC 2 Is per cent copper. We
will switch from the 16-inch bitt to
the 12-inch biti in a few days when
spudding in drill No. 2 and have a
big force of men on the road work
so we will not be delayed in placing
the new drills when they arrive.
The weak position Of the motors is
due to over production, keen com
petition, increased cost of labor ma e.
terials with the market flooded witt
| low priced cars. All good news was
| discounted at higher levels and liqui-
| dalton is consistent in the entire
group. Motor stocks have s>en their
| best days. Look back and see where
| these motors were selling IS month.
| 1t would give you chill.
| SHELTERS common dividend payable
Sent. Is books close Aug. 25
A big line of WHY'S Overland is
being marketed under cover of short
selling. The rumor is that the stocl
| Is DelllS DOIIoWcu ny luSluttS W CON
er up their sales.
| WHEAT-The rush of bad new:
| from the northwest was irresistible
and every short was eager to cover
shortly after the opening. when Tho
situation took on "A sinister outlooi
for spring wheat crop Goodmans re-
| port showed las. 100000 in the three
states without assuming further dam
age Snow showed 60000000 bu
this report was made I'D Fast Satur-
| day before his departure for tn
northwest Englis estimated 10000
900 as final cror which is probabl'
the closest, of TIE present estimate
as he is assuming the progressive
damage The southern sections o
Manitoba and Saskatchewan were re
porting rust appearing. The marllo
at the top showed an advance of T.
in September ana 6% in Decemhe'
the close being e TO " below tn
high mark. Profit taking may be ex
pected. on this advance but with III
prospect of very little wheat for OK
port prices viii eventually work high
er.
CORN-The corn market was life
in symnathv with wheat on7 lack G
rain over tie big belt. The r1an
can stand Some moro punishment hr
every day without rain will strength
en- tho market
OATS-Oats crop is safe, moi