Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1916-08-02
STOCK MARKET CLOSES
STRONG AND ACTIVE
Union Pacific and Steel Take Lead
in the Final Rally
OF Day.
COTTON REPORT "A SURPRISE
Financial District Convinced War i'll
Europe Will Continue for Years.
Strong Position of Union Pacific
Now Attracting Attention.
NY HKnApAN MALL.


closed strong and active TO-DAY, after
midday weakness cue to disclosures
OF big earnings by automobile con-
Germs and by the worst cotton rcpor;
IL twenty-five years. Union Pacific
and Steel led the rNarlic; in the final
rally.
che cotton report was distinct sur
I>rtse. even TO the Oldest $tatiSttcians.
d showed n condition Of 72.S per cent
on July 20, which means a crop Of
about l2.9l6.ooo bales. This compares
with a condition of Sl.l per cent and
an estimated yield OF i+.266.000 bales
a month ago Cotton had a pcrpondjc-
ular advance Of Sl.5a a bale ON this
report. Heavy profit taking carried
strong. Wheat Syinpathizcd with this
report, advancing nearly cents a
bushel.
Despite tho bad condition disclosed
in cotton and wheat, Wall street
knows that crops OF the country. in
general, Will he large enough 10 give
more than an average tonnage 10 the
railroads. This knowledge WAS. the
basis of the lively move in railroad
stocks late in the day
BEARS GIVEN pRETr:NT
no RAID MARi>ET
Maxwell Motors gave the bears 4
prctcXt to raid the market by the Pc
culiar form OF its dividend announce
meut. il was Stated that earnings for
the past fiscal year were above S5.-
o6o.co0. and that the executive COM
mlttco had recommended Il 10 per cent
dividend on the common stock The
stock broke . points almost immcdi-
atcly, ana If ii had not been for the
steadncss of the general market. UNI
der the leadership Of Union Pacific and
Steel, the Willys-Overland incident of
few weeks ago would have been re-
peated.
About this time Studebaker also an
nounced that in the first six months
of this year il had earned at the rat
of about 3s per cent on it's common
stock. The company announced div
idend at the rate of 10 per cent on
its common stock.
Munition stocks were we'll purchased,
although warnings were issued 10 he
ware Of Crucible because of IA bad
statement soon to he issued in con-
nection with the company.
The kaiscr's announcement that the
war must go on indefinitely brought
more people in the financial district
over to the theory that peace is years
in the future.
Steel companies report a renewal Of
heavy buying for foreign account. The
Baldwin Locomotive Company has just
entered another very large order FOR
shells The American Locomotive Com
pany's annual report of earnings soon
is TO be made public, and the directors
are limiting that it will show as much
as 81 per cent earned OH the stock
PAYING ATTENTION
TO UNION PACIFIC
People arc beginning to pay atten-
ton TO the strong position OF Union
Pacific. The report OF AN extra cash
dividend OF So 4 share, to bc paid at
the end OF August or early in Scptem-
Der. persists. Union Pacific is being
made tho leader of the railroads on
the theory that all labor trouble has
been more than discounted Announce
ment of the strike vote is expected to
he the signal Tor general advance in
the rails
Paper stnck7 ar" being accumulated.
regardless OF past financial troubles for
NJ! or them arc making big earnings
II was announced to-day that the
Great Northern Paper Company is max
ms new contracts AT prices sea !; ton
above the contracts made Il wear ago
Copper stocks were not materiailv
improved. hut tho market for the metal
was reported stronger, with consumers
willing To make contracts mt high
prices, and with producers holding off
some selling OF oil stocks having
properties in MEXICO followed an
nounoemcnt that carranZa had issued
"a decree forhidding any one cXcept a
'l'lzen OF Mexico owning property in
mat country. In Mexican Petroleum
this depressing influence was counter
acted ny report OF new series Of CON
tcrences looking 10 the consolidation
az the leading Mexican and California
properties.
NEW YORK. August Mercantile paper.