The Richmond Virginian. (Richmond, Va.) 1910-1920, 1917-03-28
STREET LOOKS FOR
BILLIONS OF BONDS
numae Doubt AS tn the Effect Large
II Issue Of Securities VIII Affect
Market
CENSORSHIP EFFECTIVE.
Rumors and Real News Confoundcd
On Account OF lid Being Placed On
Isablicity--Raid on TampiCo Oil
Fields Feared.


Il New York, March 21.-Asidc from
hike sugar stocks. BALDWIN. Norfolk ana
b Western, Wilson and Railway springs
k#fhe stock market was heavy today.
This condition prevailed throughout the
xntire session with the exception OF a
{few minutes in the morning when steel
led a slight rally. The buying in that
issue was traced TO professional trad
ers and the public let the market alone.
Reasons for the action OF stocks were
found In the doubt as to what vast
Il government bond issue would do to the
Investment market II is expected that
al least a billion Of bonds viii be is-
sued in the near future. Most author
titles expect not less than Ave billion
Dc fore the end Of the year for II now
gems certain that the United states
will enter the war. Wall street bank
Srs profess uneasiness in regard to
the financial management of the war.
Censorship Effective.
Considerable attention Is also being
paid to the Russian situation which is
considered far from settled. The In
stitution Of censorship on news In
America iniects an clement OF mystery
| into the market that il hurtful. This
censorship is unofficial. but effective
ss the street has learned from the
American liner st Louis voyage. Ru-
mors have attained an undeserFed ak
nifty because there are go many BITS
NJ news actually beine withheld that
every rumor prctends t. be news the
fact that these ramors II several cases
y have been founded on fact makes the
street ltstr to every one Of them, Re
xponsible persons are exercising uuus-
ual care in the circulation Of reports,
but the situation is such as 10 tempt
\ stock jobhers
sugar Crop Less in Cuba.
Strength Of the sugar stocks today
va. based or A legitimate trade move
rent. The crop OF Cuba Is less than
expected and tn addition 70 that con-
siderable cane WAS destroyed in the
\ recent uprising American Beet sugar
\ and American Sugar Refining will be
/ .he chief benefctaries Of this condition
Cuba Cane Sugar. however, rose along
with the others because there was
short Interest Of importance in II. All
the sugar stocks were in urgent de-
mand in the loan crowd after the mar
ret closed. This suggests the presence
4 az a short interest in the whole list.
II was shorts that made possible the
sharp advance in Baldwin which was
i feature OF the early trading. Baldwin
shows only about per cent earned In
It's annual report but II wrote off the
price Of factory buildings constructed
nut OF profits. which were equal to
above u per cent on the stock. In ad-
dttion 10 that II has ar equity in sub
salaries which ran fully four per cent.
Thus Baldwins earnings were well
ever ~ per cent IN the last fiscal year
and shorts who have sold on the the
cry that il earned only per cent may
10 pay the price Of hasty ac-
Rstfon.
lS Railway steel Springs were III FOR
.he legitimate reason that II ia max
inR much money II may pay an ex-
IRA dividend The company enjoys the
patronage OF most Of the car building
companies.
Traders in Central Leather were dis
appointed when the directors adjourned
without declaring an extra dividend.
Marines steady.
Marines were steady There are
radical differences OF opinion regarding
The Marine stocks, The fart that the
ships are constantly passing through
the danger zone gives a spice of ad-
venture 10 dealings in the stock Then
the rumor persists that the British
government intends 10 take over the
remainder Of the feet that sails under
the British flag II the United States
e going te do anything in Europe il
Is considered difficult by those on the
F:reet to Sc how tt can proceed with
out taking over the American feet
Fear Attack ON oil wells.
A raid was attempted ON Mexican
Petroleum based on a report that an
organized movement was under way 70
destroy the oil wells south Of Tam
pico.
An optimistic feature of the days
reports was the large volume OF steel
sold during March. This is understood