The Richmond Virginian. (Richmond, Va.) 1910-1920, 1917-03-07
PUBLIC AGAIN BITES
AND BAIT DU0YAhT
Wall street Is In Complete sympathy
With President and WIN, of Course,
Volunteer For the War.
BIG PURCHASES OF WHEAT
Belgian Relief Commission Buys
Heavily, and Governments Arc In
Market For Large supply of
Grain.
~ sRoADAN WALL.

New York March s.~-Thc public
came TO wall street today and stocks
were buoyaut Net gains Of import
ance were recorded a. the close, but
even those ngureS were not the best
OF the day for there was pront-tak-
ing in the las, half hour. Iudustrisls
alone advanced Rails held back be-
cause the supreme court failed TO an
nounce It's decision in regard TO the
constitutionaiity Of the eIght-hour
law on railroads
Belief in higher prices was due
chiefly to the technical condition of
the market which was excited by the
vigorous stand taken by the president.
Wall street seems to be in complete
sympathy with him for the frst time.
The bulltshness Will not bear analy-
sis and il is so new nobody has
thought of analyzing It The upward
movement WAS started last week by
important bankers who believe that !;
the president be left alone TO handle
the German problem he VIII keep the
country out Of war. On the other hand
much OF the buying done b! the public
today was based on a belief that If
the senate while 1t IS IN special ses-
s3ou. passes the armed ship hill mat
viii cause the pres dent 10 call the
house into session also. He can bs
sure that the house ~ III pass II. Then
ne Will have congress on his hands
and the reason on which the advance
was based will have vanished
So. since the advance cannot be
proven logical ii must be accepted ms
q necessary result of technical cond'-
tfons which everybody has recognized
for weeks. but which were rendered
imperative by the fear that this coun-
try will become involved in war
United states Steel was as ever. the
favorite II was heavily bought b.
important traders and as freely tax, u
Ivy hundred share people and odd lot
fuyers Utah Copper and Anaconda
were leaders Of their department nj
the market The business was more
widely distributed than it had been
for weeks.
Marine Issues Advance.
Marine issues of all kinds respond
ed rapidly to the ne~s that the bill 10
arm ships had been reintroduced in tho
senate Mercantile Marine advanced all
told more than four points. Atlantic
Gulf and West Indies seven and Pa
aiAc Mail two. when, at the close II
the day doubt WAS cast on the right OF
the senate to consider a bill in special
session without the house also being
in session profttRking was in evil
dence in these Issues.
Bethlehem Steel caught the shorts
mapping when X opened seven points
above the close Of the previous day.
but II soon lost the entire advance. AT
the high price and with the 81 stock
at ia II meant 40i for the old stock
az against a price OF 327 last week.
Midvafe also did better. but 1t failed 70
respond to the remarkable report of
earnings az the street thinks 1t should
II is said to be earning Mt the rate
Of $50 share.
Central Leather had a whole ed
advance due 10 profits the street be-
iieves IL will make filing government
contracts
Another stock to attract attention
particularly was Lehigh Valley. II de-
clined sharply and rumors said the
dividend might be passed. This 10
y favorite rumor regarding Lehigh.
which. always moves sharply when II
moves at all