The Richmond Virginian. (Richmond, Va.) 1910-1920, 1916-03-08
VERDUN IS STILL
LARGE MARKET FACTOR
Traders Keeping One Eye On Wash
ingtou and Other On Firing Lines
Of France.
cRuuRLE SHORT OF MATERIAL
Tungsten Orc supply Running Out.
Wabash Preferred Being Accumn-
lated BY Large Banks--Inieresting
Trade Notes.
~ RROADAN WALL.


New York March Attention or
professional traders IN Wall street
was divided between Nerdun ana
Washington. They had dismissed Yer
q an as factor the previous day. but
admission by the French government
that the Germans had made new ad-
eances caused considerable readlust-
lnent of speculative accounts. The
results was that, although the market
opened with a great show OF strength,
i azttened out and the days bust
;,css was not important
A few net gains were made I'm speci-
Aiae< but the reasons for these move
.aents were so clearly defined ~ TO
have ne influence on the general list.
which st'll stands ready TO swing MP
Or down. according 20 the develop
uents Of the next day or two.
Although the short covering OF the
l+st two days has weakened the mar
LET technically. II has a fire under
sane so that only a reasonable amount
~ good news is needed to advance
r. Bankers are taking a most hope
t7i view regarding developments at
washington.
Hear Mexican Pipe Dream
~melters and Greene-C n n a
socks were up sharply because Of cir
Cunlstautial reports that this govern
rafnt has planned TO buy the northern
part Of Mexico from President Car
ranzs Those scores and scores or
traders who have been sitting on West
nehouse stocks for weeks in expecta-
ton of that big new war order. al
laoSt saw Their stock move today. 1t
made brave show for a brief period
aut subsidized when announcement was
made that 1t had taken a new order
p r-n shells. The company APP
parently has so much business that II
needs all Of its vast earnings for ad-
attional working capital. The only
soiutfon OF the Westinghouse problem
= to declare a stock dividend and that
should he forthcoming within few
months
The Remington Arms Company has
.sa placed an order for 500 pairs Of
f1atsr States % be used by its office
bows IN "a New England factories,
Business IS al such a rush that the
bows are unable to get around with
out skates. end If enough boys were
,BFloyed 10 do the business afoot the
factory corfidors would be congested
burning Ont ~bf Tungsten Orc.
Also the CIucible Steel Company ia
reported TO he running out of Tungs-
ca ore ans shortage Of Tungsten Is
said, TO be interfering materially with
ia output. The company's Insiders re-
orted enough orders on hand to keep
il going at fun capacity for several
,.a4-s--prot idcd the Tungsten can be
obtained
SunFar stocks were strong under
the leadership If South Porto Hican
Sugar II was reported that Cuban"
'-~erican has moro material on hand
than ever before and that, combined
with the record prices, was. the In
fuence that put up its stock. American
Sugar finds business pressing So thar
Il has opened "a refinery long held III
reserve The United Fruit Company,
which produces 10000. 900 pounds of
satrav a year is looked upon with
favor hy sugar traders.
BAylng Wabash Preferred.
wabash preferred "A" stock is be-
ing accumulated by several banking
houses IN al least one OF which equal
volume Of the common is taken along
with the preferred. When Wabash
was reorEanised. the old stock was as
aessed $40 d share. On making that
payment one half a share OF prefer
rel Plus ouc-quarter share of com
mon, was issued for each share of oEd
preferred Thus, discardinE the old
stock and absolutely worthless, a half
share Of preferred "A" stock plus one
hall "a share of common cost $50 Ia
cash That amount Of stock can be
purchased in the market today for
s2s Time wa. when Wabash was y
iii edged investment When trust
fund WAS raised for General Grant,
II was Invested in Wabash stocks,
which were then considered the safest
investment in wall Street. There is
no reason why Wabash. under proper
management, should not once more he
prime farorite with investors