The Richmond Virginian. (Richmond, Va.) 1910-1920, 1916-03-14
STOCKS BUOYANT;;
III: MUNITIONS LEADERS
~Ssreet Believes CarranEa VIII Act
With American. Avoiding Clash
With Funston.
MARKS AT LOW MARK
Failure of Germans To Achieve Final
Success at Verdun Figured BY Spec-
uiators as a Technical Victory For
French.
BY BROADAN WALL

BY BROADAN WALL.
New York. March 1a.--stocks
closed buovant today under leader
ship Of the munitions shares Some
saf tke gains were among the largest
recorded in a single session for
months
This upward swing Of the market
began early in the day and was con-
-tinaous throughout the afternoon
Hasty perusal OF Washington dis
patches gave the market a heavy
,openjng The street was led to be-
ltcve that Carranza might not co-ope-
rate with the United states in pur-
aeit OF villa. shortly before noon.
however, official dispatches from
Washington dispellcd all doubt on this
score.
At the time these dispatches were
received. Mexican stocks were heavy
being from ! TO s points under the
saturday closing Crucible, American
locomotive and BALDWIN aad been
strong from the beginnn-, on the
theory that more trouble meant more
munitions and bigger profits. when
Washington dispatches removed doubt
as to the crossing OF the Rio Grande
by American troops the whole list
termed and followed the leaders,
which Immediately became extremely
~at4ve
Technically French Victory Yet.
Although dispatches from Nerdun
were not conclusive, the Wall Street
theory that every movement is a fall
ure unless it can he proved a pro-
nounced success. gave the victory to
France. One evidence OF this was seen
in the new low record for marks,
which touched "a s-I6 This, to-
gether with the hope that presence
Of American troops in Mexico would
lead to something that might cause
real Intervention was the reason for
the buoyancy OF the market
Stocks most affected by the Mexican
situation are Southern Pacific. Ameri-
can Smelters and Mexican Petroleum.
The first two have properties whore
there is going to be trouble. in terri
tory already held by villa while the
Southern Pacific may make some
money transporting troops TO the
region OF hostilities and thus counter
net any loss il might otherwise sustain
through 8 fight SHELTERS stands "A
chance only OF losses for the time
being.
Confident As 40 Eventualities
Bat SO confident were traders OF
ultimate resutg that they stood ready
today to purchase these stocks freely
"a they dec ined.
Mexican Petroleum stood off by It
=
cause Of doubt az 20 which side would
prove stronger In the oil regions
Neither CarranZa nor villa Ia domi-
nant in that part Of the country. and
therefore the present fight should not
affect Mexican Petroleum materially
It's decline and recovery were purely
sympathetic.
Evidence was seen ia the market
today of the big new pool in United
States Stecl. Perhaps the word ''poor'
is not the right one TO use In this con
neetion, for II cannot be said chat
there is a formal organization such
as s. usually meant by n pool. The
Steel pool consists ~ an agreement
among certain important interests 10
buy the stock at a general level with
the intention Of holding il for gen
eral level somewhat higher, Each
depends on the honor and good tudg
uaeut OF the others tn do this in such
a way as to have the influence OF
closely organized pool All the money
IA ths- world Is available for these
onerators and with Steel earring In the
neigh borhoHd Of 40 per cent ali the
money In the world is apparently not
In much danger when invested In the
shares.
Lnoffqcia1 reports were current Of
large orders from the United States
government placed with the Baldwin
and Crucihle Companies. The Cruel .
hle Company was particularly favored /
according u the Street. because its
plant is far inland and because other (
munitions factories are on the sea |
board. 1t Is understood that it is the
desire OF the United States govern
1nent 70 encourage the inland plant !
70 make I another Bethlehem, be-
tause IL ia far eiough from the sea
coaat TO be safe in the event Of
foreign invasion.
Tungsten which is a necessary en- 7
Eredient Of high speed steel used by
Munitions companies has advanced
since the war from $500 to $4,000 per
ton.
BY the lse Of Tungsten high speed
sfeef can nc made that will retain
cutting edge at over 1900 degrees
fahrenheit, OF while red hot, The F.,
United States produced about 100 tons
year when the war began. II has
now doubled that output.
"'>1t Automobile Shares Active.
Studebaker as a manufacturer OF
auto trucks is expected to become I
beneficiary or the Mexican war greater !
fhar any company except CruCible. |
Following q sharp rise OF this stock |
today other automobile concerns be-
carne actiya Maxwel's rise was &C
'coYupan ied with a report that young !
man active IN the concern was the /
largest unidentified shareholder Of
bethlehem S'eel, and that his 10000 /
shares purchased under SO had .
caused him to celebrate by advancing
Maxwell There is another plunger .
in the Street. who is reported to have
10000 Bethlehem purt based under .
so