The Richmond Virginian. (Richmond, Va.) 1910-1920, 1917-03-08
STREET TAKES PROFITS
ON WASHINGTON NEWS
1zeport That President Has Dccid ii to
Arm Merchantmen Causes
Some Worry.
DIFFERENCE OF oPINIoN
Speculative Fraternity Unable 10 De
eide Whether Presidents Proposed
Notion VIII or VIII Not precipitai"
War.
II, BRoADAN WALL.

New York. March ---FTout-toSlnC
made its appearance }n Wall street.
sodax. when reports tr0nl w nan ION
stated definitely that Pres dom Nuson
had decided 20 arm merchant N'~@t37
The lis; AT that time was the highest
of the DAY with large net cars j.. me
leaders, which were United state S'eti
I'tah Copper and Central Leather.
Ey1dentlN this aurounCeme Ea., been
confidently expected. for Marine sb"res
were also at the front ~ the adNanc-
ing column The SeiAaE was on the
theory that profit should he taken
on good news,
when TINS selling carried the mar
ket down a point aud more m The
leaders. and when wheat broke about
cents a hushej for the MaN 81 tion,
The street. which had become rather
confident o. higher prices. began 10
WAIVER again
strong Difference of Opinion.
Traders and even the banker have
been saying that II President Wilson
is left TO himself he VII eNade war
with German Their great te"r has
beer a special session 81 congress
Now they act as 4 fearful that the
Arrnirg q shitS may rreC' p3t#tc 9oS-
ssrties on thss point there Is
strong difference VI opinion.
Some bankers insist that show ~
epirit on the part OF Americans Will
cause Germany 70 let American ships
alone because Germany does not want
10 Asht with America unless the suit
marine blockade u going 10 be cfTec-
slye Others say that with gun, on
the ships there would he a fight at
sea II German submarine is sighted.
for the gunners Viii nst wait for the
submarine 10 FIRE first Should the
Americans destroy a submarine the
kaiser viii say that American ships
have been allowed 10 pass free and
that there was no intention in that
case to launch a torpedo The AFoeri-
cans. OF course, will have as their
warrant for firing the official notice
OF Germany that all ships Will be SUM-
regardless OF nationality.
Thus the street Is working ttsei' INTO
a condition Of uueasiness again. and
as the market has had sharr up
ward movement, there are legltlnat"
technical reasons for a reaction An
the street is hullish in the sense that
ii has been buying stocks of which II
has not vet disposed Of at pro1t
While the market was advancing
today some specialties were plshei
forward with energy. Central Leather
was one Of those that made a new
high price for the movement. Bank
crs identified with II did not hesitate
~ urge It's purchase There is no
question that n will make fabulous
profits # the United states stays out
sof the war But II the reports from
Washington are true. and they do
vactusllv come from high oficIal
sources. American manufacturers will
make no more" out Of any var in
which this country is engaged
There Was good specuiativ" buying
of the paper stocks, Corn Proapcts
and the motors American Can was
B IN demand following active buying If
= h. one of the leading floor traders.
Can Is assured Of earnings of at least
per cent on its common stock ror
1911. and in addition to that. there
must have been at least that much
earned in 1915 on munitions but
never credited. Thus the officialiy
reported earnings for 1877 should be
IN the nolghborhood Of s25 por share.
That is more than half the current
i market price Of tho stock
Distillers sold down to S 10. at
which price Il Yields more than -
per cent on the investment Nothing
10 no learned officially accounts for
the decline.