The Richmond Virginian. (Richmond, Va.) 1910-1920, 1916-10-12
4 nUn0RS LARGE
FACTOR IN MARKET
- Gecsscr Declares German Sub
nE1hAc Raid But Prelude 20 Some
World Surprises,
4 MEAN INTENSE ACTIVITY
oEk Dealing Active, But On "a Dc
ss<o1ning Scale of pr4C~>--N. and w.
SeaAe Rumor Again Prevalent In
D11rk Market.
By RFsOADAN WALL.

New York. Oct l1.--Wall Street aid
ret seem to be very busy today. but
ss1nore than a million and quarter
sSGAAres were officially reported and a
q 11Arter million more were traded in
n Through stop orders and odd Jobs.
Nearly every active stock on the
Il Ill showed material net loss AZ the
N&oee. In some the declines were
lArEe. notably. Marine pref6rTe3. cruz
/ Ntble and Republic Iron ana steel.
u Enifed States Steel furnishing about
0ne-third of the days volume Many
stocks touched the low prices ~ Mon
Aay.
~ AT the close the marked was weak
md active The Street was full n ru-
Sncrs OF impending surprises
Part OF the DAYS irregulari'r was
0ne TO the fact that tomorrow Will t'
~ holiday. In the morning :ho bears
0overed their stoCks fearing develop
Snents over the holiday. That caused
9nch a slight rally that many Of them
turned and put the contracts out
again. They showed Ilttle disposition
70 cover
One OF the rumors has TO DO with
more German submarines This re-
port comes from the same authority
who gave out correct Information I'm
4aArane. -tef t44e arrival ef tlA +-44Taer
deutschland and who last THURSDAY
announced that German T-h0at
would be In American waters within
forty eight hours Now lie says that
the incident OF last Sunday was only
by way of introducing surprise for
xhe world and particularly America i
may he that the man lis simply good
guesser.
Refuses to Give "Details.
He refused to give details OF wha'
viii happen In the next TWO weeks,
but claims that IRE Germans have 80
boats like those that called here Sal
urday night
Appearances OF a large number of
these boats In America would be
serious problem for the British orHis-
ers now here and would cause 81 AZ
lective blockade against exports Of
raw material.
Az the market fast now is being
moved entirely by rumors. fears ana
political opinions. II is only fair 70
the general public that the most 70
bust rumor of them ali he given for
what Il is worth.
War reports played a great part In
today's market. Advance ~ Germany
into Rumania 81 looked uoon as a
very serious matter. 1t will ne re-
n1embered that early in the war Ger
many was headed off from an attempt
10 capture the Baku oil fields. Nu-
.mania also contains rich oil fields
Possession OF this oil would put Ger
many In position to redouble her
!. iighting with machinery. Besides
Rumania is one OF the greatest wheat
producing countries in the world and
possession OF that country would solve
Germany's food problem.
Stockholders OF the American Hidt
and Leather Company are hgh'in.
again. this time with rival plans for q
reorganization There ia good buy
Ing OF Kansas CITY Southern Rail
road stock. The companr - earning
about 3 per cent on ts common
Report was current again OF n lease
by Pennsylvania of the Norfolk n d
Western on an per cent E'iara ntee
Such q lease would make the stock
north 175.
Aside from N and w, thors wat
mo strength anywhere, except II
stocks of limited distribution
Some Selling of Tennessee copper.
There was some selling ~ Tenncs
zee Copper against rights n selt!na
the stock AT %. and buying the rights
At 81 share the transaction shows
) . profit OF SO a share-provfded tbs
q plAn goes through as reported
sr Action of Lackawanna steel Illus
tFates the temper of the market
This company issued a report snow
ing that II earned for the Septern bel
quarter at the rate of $500 q share
o. its common stock This makes
Aarnings at the rate OF $50. 3 u share
for the first nine months nf tho year
The stock broke from IS TO 80 IL