The Richmond Virginian. (Richmond, Va.) 1910-1920, 1916-05-07
llT / IlDUD seen
n WALL SHEETS SKY
n nRoADAN WALL.

New York, May s.-Professiouai
traders bought stocks with sntnusiasm
today ON the theory that the German
note ID q complete answer to Fresa-
DEBT Wilson ana that all danger OF
break 10 averted. They bought on
that theory, not 20 much because iney
believed II themselves. but because
they believed tho public would accep.
1t and act accordingly on MONDAY
The professional idea was to get the
market ~ high as possible before
President Wilson could issue any ofn-
cial views on the subject. The high
level OF prices will be useful Monday
!. morning should this view not prove
to be the correct one.
There were really serious bankers
In the Street today who deplored the
market enthusiasm. feeling that the
German incident II not by any. means
ended. Some OF the best seIlms o.
the day came from the best houses In
the Street. These were sales that
would not have been made II the
market had acted In an orderly way.
but advances OF from three to six
points, such ~ were recorded m the
active issues. were too tempting to
be ignored.
wan Streets Sky Uncloudcd.
In view Of the general enthusiasm
over the German note. little was heard
OF labor troubles, and no attention
was paid to earnings. Attention was
called to the strength of copper, some
considerable quantities being reported
sold for September delivery At 20
cents. There was not cloud in the
Wal, Street sky when the market
closed, and the professional traders
had not cashed In their big profits.
But practically the entire street HAD
closed out it's short commitments and
stood on the long side. with the excep-
ton OF those who were preaching eau
ton until President Wilson could be
heard from.
Mexican Petroleum and Shelters
were prominent In the days business,
both rising sharply. In connection
with Snelters the report was ours INT
of earnings amounting to 25 per en-.
on the common stock. Mexican Pc
troieum was bought on account Of tine
new ships that II is about to iau.ich.
thus increasing It's earning capacity,
The adjustment OF affairs between
the United States and Mexico was
alEo looked upon as point in favor
OF the Mexican issues. but there was
no evidence that this adjustment he
arr more proba Bile than previous
ones.
Motor Merger Denied.
Motor stocks were active in re-
sponse 10 story from Detroit OF
ssoh, 900, o0o merger, including the
leading companies This report was
sisenaous.y denied by w. c. Durrant
r3so IS a dominant factor in both
q neral Motors and Chevrolet The
report, however. travelled faster than
the denial. and resulted in sharp up
waya movements. Nuni'ion. stocks
In general were active and strong
Baldwin Loconnottve is heing aceumu-
lated b. operators who have been
usually right. and rumor Is busy again
curgotYf.gr!ou this company
with the M,dvaie. The Baldwin mas
IN organization of unusual efficiency
far the manufacture OF locomotives.
,ttd a. IL said 10 he making greater
;s1oats cut, of its munitions contracts
tfan any others except strictly ntu-
nt4cns companies. Acquisition by the
.aldvale would be good piece of
hstA. ness from both war and peace
point of view.
yerdun situation.
Toward the close of tho session Sc
rsous attention was paid TO reports OF
German victory al Nerdun. II has
reep the feeling for weeks that an
ultimate German victory in this battle
-ee..1a Aa-a serious ihinE for Inc
stock market Coming now, when re-
iations with the United States are so
delicate. IL would be a matter OF nr-
usual Importance from stock mar
ket point OF view. This was one OF
thn reasons several OF the leading
house. of the Street urged their Gus
toners to stay out of the market until
next week. The buying that was not
strictly professional today was for the
account OF the outside pubic. Con-
tinued German success along the lines
OF Saturdays progress will for this
reason result in heavy profit-takinE
sales on Monday morning.
Railroads failed to participate In to-
DAYS enthusiasm. This was looked
upon as an unfavorablf factor. be-
cause. II the enthusiasm had been sin
cere and had been participated in by
really important people, il would
have been reflected in the rails.
COttOlisced Oil.