The Richmond Virginian. (Richmond, Va.) 1910-1920, 1916-04-23
PRICES BREAK AND BIG
FISH G0BBlE M|ANOWS
Large Bank Accounts Used In Ssoch
Market bargain Buying When
Small Fry Is Frozen Out.
LARGE VOLUME OF TRADING.
Ssx Hundred Thousand shares Change
Hands In Two Hours--'encFad
Electric Reports Fabulous Earnings.
BY BRoADAN WALL

New York. April 22.-Stocke broke
badly ia Wall Street today IN mar
ket that at times was violently active
Final prices were in nearly all cases
the lowest OF the day. Losses ranged
from, about point in the railroad Is
sues TO as high as three, four and Ave
points IN the industrial, and some
cases, much greater. The volume OF
trading In the two hours was above
coo. 900 shares.
Steel shares led IN activity. They
were closely followed by Studehaker.
Mercantile Marine, Mexican Pc
troleum and by whole procession OF
munitions stocks Even wheat broke.
Two facts stood out conspicuousiy
in the market
The first was that liquidation was
general IN the commission houses
Not only on the part OF the profess
SIGNALS, but on the part Of the public
that has been holding on to war stocks
until handsome profits have dwindled
away and losses have begun to APP
pear.
The second fact was that buying OF
the best character was seen in the
big houses. where the banking fra
ternity had uquidated four or Ave
months ago, and where great deposits
had been watchfully waiting for the
very thing that happened today.
While the break was largely of a
technical character. II was caused as
much by what might be called a peace
scare as by a war scare.
No War Boom Coming.
Thousands OF traders came 70 the
conclusion today that Germany would
do something 10 prevent break with
America, and. therefore. the war boom
anticipated would. not develop. They
figured Germany would never dare let
fall into the hands of the American
government, for the possible use OF
the Allies, the $3.50. 900. 900 worth OF
transatlantic liners now in American
ports. Others really believed war tc
he near at hand. and they sold for
sentimental reasons, even though be-
lieving war would actually cause a
Boom in stocks. The big bankers
really believe 1t would cause boom.
Others were compelled to sell be-
cause OF brokers calls for margins.
Many new partnerships have beer
formed as a result" of fortunes made
on war stocks. and these new broker
age houses, in order TO get business
have been taking customers away
from old houses by letting they buy
or sell on practically no margins. The
5stock easily dislodged.
Action Of grain and OF the mum.
lions stocks indicated the scare wal
more of peace than war scare
War would supply munitions trader
with unlimited orders and woul,
make a market for grain, but boil
grain and munitions broke In price.
Motors Break.
Motor stocks broke badly, too
That indicated a peace scare because
in the event Of war, there would be
greater demand for motors OF al
kinds. This would be practically 81
IN the event OF war with Mexico
where thousands OF trucks would b
needed
The second wave OF selling WAS In
cited very largely by report that tn
United States government had in
CURED of the United States Steel Cor
porstion and other large concerns Il
regard to the amount OF steel tina
could be turned over TO the govern
rnent on short notice.
The impression got about the stree
that the government intended TO fore
the big manufacturers TO set asid
work for private concerns and de
vote all energies 10 government out
put. This was the basis Of worry b
scare in their minds. They forgo
such a thing would mean big earning
for the steel companies.
Practically all OF the westinghous
shops were closed today--some 1900
men being idle as & result OF tn
strike.
Conffscates Concessions
The local government OF Sonora
Mexico. according to report In tn
street today. has confiscated all con
cessions 70 mining companies In tina
State. This particularly affects Greene
Cananea.. 1t was announced in tn
company's offices In New York tina
these concessions were only a sma'
part of the company's concessions
the main part having been granted b
Y porfiro Diaz and confirmed by Car
ranza. Naturally the selling of Can
anea called attention to Mexican Pc
froieum, and that stock suffered re
vereiy and cut out OF all proport'e
10 its reported value.
The General Electric Company re
port OF net income OF s1I.so7.91o. o
IFS per cent on the entire capita
stock created considerable interes
The report further states orders re
ceived by the company for electrical
appliances during 1915 amounted (
4S6,GbB,6G1s EhDWilE Hit 1tANi CGHE "
&l4.e37,370. which is II per cent owe
that of 1914.
Domestic Trade Causes Boom.
II is most significant that thes
figures ignore the s33,9so.0o 900 of spe
ciaI war orders. the increased bust
ness being due TO expansion Of do
rnestic trade in the myriad OF SINAI
articles which have heretofore fornie
ruch an important part OF import
q from Germany. The General Electri
board OF directors has authorized pay
tnent Of per cent OF their individual
earnings to all employees who hav
been with the company at least fiv
wears, exclusive Of department head
and directors. IT 10 said that this vol
h untary bonus Will DO much 10 eiimi
nats the possibility OF strikes such q
i a. the plants of the WestinEhous
\ Company.
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