The Richmond Virginian. (Richmond, Va.) 1910-1920, 1917-02-16
U-8OAT T0RPtO0tS
WALL Streets SHIP
General Business, Too, Is Becoming
Rapidly Involved BY Congested
Conditions
CONSUMERS NOT YET HELPED.
But Time May Come Soon When
Piled Up Conditions At All Ter
minals May Mean Lower Prices In
America.
BY BROADAN WALL.


New York, Feb. 15.-Heaviness of
the stock market today emphasized
again the present success of the Ger
man blockade. From the standpoint,
of actual sinking of ships it has made
little progress the last few days, but
the real object of the blockade is to
keep cargoes away and the vast sup
plies piled up In American ports and
blockaded terminals all over the
country are the best proof of its eff
fectiveness. The United States Steel
corporation has blown out thirty fur
naces and the steel industry in general
is rapidly being stified.
Railroads with an abundance of
cars to handle the freight can not
get enough empty cars to do their
ordinary domestic business. Money is
in urgent demand because the great
corporations have such a surplus of
finished material which they are I'M
able to deliver to its foreign pur-
chasers that they need additional
working capital, and there is no re-
lief in sight from this condition, ex-
cept through the conveying of mer-
chant vessels by warships or the arm
ing OF vessels
This country sold $4,000. 000, 900 Of
materials to Europe last year. and
even temporary delay means the
loss of countless millions through
out the United States. This delay Is
doing the United States no good. for
there being daily expectations Of a
collapse of the blockade, prices TO
home consumers are not being re-
duced. condition of trade paralysis
Is rapidly developing. Operating ex-
penses were already so large that the
record gross returns were being eaten
into at an alarming rate. but now
the operating expenses are increasing
as result of this congestion and the
gross receipts are declining sharply
Only Professionals Buying.
Nobody bought any stock in Wait
street today except the protest. onals.
and their purchases were devoted very
largely TO the covering OF short con-
tracts. The short interest is small
and there is no legitimate demand at
the moment from important buyers
The only popular stock that showed
any vitality was American Beet Sugar
and that did so only because trouble
In Cuba threatened 10 in jure its com
petitors
New Haven made it's usual new low
record. It's decline being due to
fundamental troubles. Il is not i'm
portant whether II goes through re-
ownership or not.
Consolidated Gas went down three
points and in absence of any explana-
flon, report became current of the ILL.,
ness Of one Of its most important
stockholders. As a matter OF fact the
stakeholder in question is enjoying
perfect health. 1t is the situation
/ that * sick. Public service companies
all over America are in the same pre-
dieament
Railroad Stocks Iiquidatch.
Another feature today was the
liquidation of more hlgh-cla rail-
road stocks Chicago Northwestern
sold below 1i6. That one little move
1 ment caused more uneasIness in the
| street than break OF several points
in Steel would have caused. for Il
seemed TO show that substantial in
vestment interests were becoming un-
easy over the general market outlook
! There were rccessions in Union Pa
ieific. New York Central and other
nigh grade stocks. all of which are
selling far below their true values. If
measured by assets and income
Although copper metal was actually
sold at &c l-2c a pound for immedi-
ate delivery,.ani although July sales
were made at ace. the copper stocks
did not respond
Motor stocks are about the best
liquidated group in the Street and
yet they. too. were heavy
Mexican Petroleum sold down 10
another new low point for this move
n1ent in spite of the general expecta-
ton of dividend In the near future.
The insiders evidently fear some
trouble in the event OF Tampico be-
ing seized by the British. although
such a seizure would be only the first
move toward complete protection OF
tie oil fields