The Richmond Virginian. (Richmond, Va.) 1910-1920, 1916-02-08
WALL STREET SEES
SMOOTH SAILING, NOW
Decides That Lnisttnnia Incident Is
Closed and Proceeds 20 Boost
Stock Traffic.
MIpvALE BUYS CAMBRIA.
IAckawanna Merger Abandoned
Rock Island Negotiates Renewal Of
$1,000, 900 Six Per Gent Notes, Due
April 1.
nv BROADAN WALL

New York, Feb. stocks in Wall
Street today rejected the belief that
the Lusitsnia incident Is closed. II
also reflected confidence in the adop-
ton OF genuinely patriotic prepared
ness program. After strong open
ing, the list sold OF. rallied and closed
gteady with material net gains. Cruel
bic and Iackawsnna Steel were the
only important issues today 20 show
net losses.
Among the positive announcements
of the day were the sale Of larger
amounts OF of copper at rs IA cents
renewal of Rock Islands s7,b00,oO0 or
per cent notes, abandonment OF the
IAckawsnna Steel merger. and pur-
chase Of the cam thTtst The MidNale
Company.
Detailed investigation among brok-
erage houses confirms the public be-
lief IN a strong technical position OF
che market. The brokers are not
overloaded with stocks and they have
insisted on wide margins.
Abandonment q the Lackawanna
merger was accepted by professionals
ms a notice on the part OF the Die
hanks
The time Is not Propftious FOR a
general sustained advance. If such an
advance had been expected b. the
BANKS LkeN NpAsu ltslss SSA'V 49,
with the merger
About the only trouble with the
market Just now is that il seems to pe
an oper book. TOO easr 70 read. The
ordinary trader e suspicious iHht
something may be hidden from him.
All the possible bullish factors seem
10 ae worl.irE az peak load capacity,
leaving nothing 20 the Imagination
Crop Failure Bugaboo
The only hcarish factor possible
5-ss, .cv that has not been discounted
Is crop failure. The country has
Hss mo wears az remarkably large
,russ The Middle West is experienc-
inf Kerry heavy foods which threaten
10 DELAY the planting season Food
j. she erc ching demanded BY the
world i8s- now perhaps even more
!ns.Stentiy that munitions o. war
BANKERS would Ike to see crops prop
erlx planted before letting the country
ran away with prices again.
Recefyer Dickinson. of the KIOSK IN
land Company. has secured an exten-
stan for SIX months Of the $500 hhd
If SIX Ter cent notes issued in March
1914 Tho extension - on the sam~
s{x nel cent basis As these notes
were dac on April / and as ~ was
certain the company would not have
the money to pay them, their cxten-
ton relieves ~ from an en- barraSsinE
position II II Rad been necesshF*
Ia sell the collateral deposited 70 Sc
cure thoso NOTES, Rock island stock
holders would have sustained a severe
loss.
Pacific Mail Advance.
Advance OF Pacific Mail stock today
10 above ~ WAS due 10 the determine
tion Of lhc new owners of the com
ban, 20 use u 10 put the American
nag hack or The ocean Having ne
connection with amy railroad company
81 E&tii lee abb" to use the Panama "a
pal and the ships that Yet remain al
IFS feet will earn revenue enough to
max, material additions to the feet
vhcr shlpbuildUns space becomes avail
able.
oufciaf announcement that the ran
Anerl.lu pctrol~om and Transport
.aaieArav had separated Vas the eSeit~
ing cause 81 the rise in Mexican Pa
fT1,If-uiT stock II VII Hold more tHar
III AL cenI OF Petroleum Transport
srsu4psnv stock Petroleum Transport
osus all he ships in which the Next
can Petroleum sends ITS product T.
iuar'.et-
Railway equipment stocks had mn
esA.r burst of strength, practically Al
ii tbyu rising under leadership al
f-Eftssv-1u }.o,-u-roftNe American Loco
.4ee.t4. el.d American car FOUNDRY
v.s=f l., on thc inside market ana on
the curb, Haskell and Barker stoch
t.a.>s4 - rise OF more than , points
IN tbe ln"ruina.