The Richmond Virginian. (Richmond, Va.) 1910-1920, 1916-02-09
WALL STREET HAS
A RESTING PERIOD
40 Longer Nervous over Lusitania
situation. II Conlures Up an
Emtargo President.
STEEL MAKING BIG MONEY
FIRST Quarter Earnings Likely tn 60
sixty Observation-Disclosures Upward
Movement suffers Check-Baldw'n
Speculation.
II, RROADAN WALL.

New \ ork, Feb. Sin expectation
of - peaceful adjustment OF the Lusi-
fAnla AFFAIR. wall Street has a resting
.geu in this stock MARKET today. A
,tfc,g.r opening was followed by duil
IRREGULAR market tina, closed win
,aur;. nc. losses than net gains. Few
movements OF Importance were seen
an any section
Beet sugar. with a rise of points.
approached the high price Of the year
6rIoraoo Fuel and Iron and Ais
ita irucrS were the other strong feh-
tEros Midvale steel sold of sharply
Abea the street realized that its pur-
Caase Of Cambria would have 10 ne
financed in the market.
From technical point Of view, con
tinued irregularity in the market
should be expected because there IS
no new good news IN prospect at the
moment
Prepare For Great Battle.
In addition 10 This there Is tine
knowledge that the allies are prepar-
ing for their FIRST great battle of the
war. and this naturally creates some
nervousness. The financial world Is
paving no attention whatever to the
renewal OF peace talk.
Persons who claim TO be III touch
With tho steel corporation say that
Its earnings for January were such
as u justify expectations o. $sV.nto,~
eos ne: for the current quarter such
Ca"u.n@s make extensive beaTiSh ope-
ra5igns dangerous
Midvalc's Boom Checked.
M4dvatc Steers movement upward
was checked today for two very good
reasons In the first place the pur-
chase of Cambria Steel was made at
"a price that Is admitted to be rather
high and that purchase must be with
stacks or bonds. In the second place,
reports persist that BALDWIN Locomo-
tie IS wanted either 10y the Mfdvale
inclination directly or by persons
identified with 1t. The remarkably
good record made by Baldwin in its
ordinary business leads munitions
peopfe te Tee, that il has manage
mont 10 which might proiitabiy bc en-
trusted some very large orders Iof
shells The present price of Bald
vim takos that into consideration. and
II Mldvale does prove 20 be the puf-
Chasers, some rather extensive fnanc-
ing would have to he done. Therefore.
the professionals are not inclined to-
take an active part IN It's market al
the moment,
In view fthc counter currents IN
American politics and the remote pos
s.biity of a President being elected
next November who may favor an en-
barge against shipments OF munitions,
il is intel esting TO know that plans
have been laid IT, transfer the EIcat
munitions factories Of the United
states TO Canada as Don as sueh
thing becomes Imminent II IS Idle to
say that such a thing IS lmposs' Die.
for this war has proved that anything
- possible Munitions manufa ctureIS
do not believe that a third candidate
under the leadership OF MIR. Bryan =
an ld1o threat Concrete feunda-
tione have not been laid throughout
Canada for these factories. but the
Schwabs DuIonts. Westlng houses
and the motor manufacturers have in
canada small plants in actual opera
1ion or arranged SO that they could
Ice quickly enlarged into vast estab~
Ishrnents This would give Canada
an Industrial boom. which her agrl-
cultural resources would back. up in
splendid shape.
All the large banks are carrying
many millions Of loanable funds that
they hesitate to release lest they excite
the public into an gy of inhanon.
The Federal Reserve Banking =.
tenn is one that makes imitation easy,
uaiess watched with extreme care.
That I2N gave professional Wall Street
more than il asked for In the way OF
funds for speculative purposes ana
the banks appreciate this, perhaps,
more thoroughly than do the Con
eressmen who voted for the law. They
are taking care lest the remarkable
privileges be Curtailed. This Condl-
ton would have existed even wltont
The European war but now that all
the gold In the world seems 70 be
coming to America, the need for care
Is believed to be urgent. Bankers
are dong this not so much as a mat
.-..g raH of