The Richmond Virginian. (Richmond, Va.) 1910-1920, 1916-02-02
|nREET FEELS BETTER
OVER ITS PROSPECT
laying Aggressive In Character and
Prices Gain From One 20
Three Points.
MUCH SPECULATIVE BUYING
.nnual Report of American Dan
Z Proves Disappointing TO Those WHO
Had Forecast Eiarning of Per
Cent on Common.
y, RRoAnAN WALL.


New York, Feb Expectations
hat the American note TO Germany
would contain proposals acceptable 10
Germany. together with an improved
schnieai position, resulted in gains Of
rom / TO 3 points in the stock mar
set today. Buying was aggressive
throughout, and Anal prices except
in the war stocks, which sold on
lightly on realizing sales, were near
ae best The rebound was featured
With sharp advances in such special
lies as United States Industrial Alco-
mol and Cuban-Amerlca Sugar, the
former rising about ] 5 points and the
after 20
IS The better tone was apparent from
the start, initial prices showing gains
Ranging from a fraction to fuh
point. The betterfteft Increased tts
he session progressed. War stocks
we're at the front with substantial
Eains Many people who had sold out
IN the last few days repurchased their
stocks Brokers declared that the
sower level OF prices had induced some
Investment buying in the rails. steel
common was In good demand. and
rose more than two points. Coppers
also participated in the rally, as did
The oil shares.
BUY on Speculation.
iRENhtt$ H63h tlBdl EOHARi44tIS OogfAAh
for investment used as basis for
their purchases the fact that stocks
have declined almost 10 per cent. not
outstanding that there has been no
change IN the general business stu
alton to warrant the depreciation.
-nis also inspired buying for the spec
Native account. together with decla-
rations that the technical position Of
the list had been materially improved
by liquidation by the rank and file,
which reduced brokerage loans about
IS per cent as compared with Janu-
AIRY l.
Lackawanna Steel was well pur-
chased on persistent reports that the
new steel merger had been completed,
and that announcement of its con-
clusion was being withheld In a be
lief that the recent decline in the gem
eral market had made conditions I'M
propitious. Unofflcial reports said that
rLackawanna Steel would he taken in
son the basis OF $50 a share, Cam nrrl
Mt $50 and Youngstown at 5000, A
banker said today that reports of the
OF the merger were not
true.
q United States Industrial Alcohol had
.anufher of it's sharp advances for
which II. has recently obtained much
notoriety. The rise was accomplished
tnat inc UP u pui-
Chase the shares was given late yes
terday.
When steel common was selling
around So IL. the high point for the
day reports were received from Pitts.
burg that the Carnegie Steel Com
pany's plant at oungstown had II
strike on its hands At the headquar'
tiers Of the United States Steel Cor
poration no news OF such report
had been received. The bears were
given credit for a canard
Erie was prominent among the rails
for it's strength.
Some little disappointment was OK
pressed when the American Can Com
panys annual report was announced
showing that earnings equaled only
Is per cent on the common stock
whereas predictions of s per cent had
been made recently and used as bull
argument on the shares.