The Richmond Virginian. (Richmond, Va.) 1910-1920, 1917-02-27
STOCK MARKET RALLIES
on WILSON'S ADDRESS
acaly Whist Wall Street
Expected.
MARINE STOCK Is AFFECTED
Bankers Feel President " Left to
Himself. VIII Find Some Way TO
Avoid Confiict-would Induce Pub
he Into street.
By RRoApAN WALL.

Fry BR0ADAN WALL.
New York. Feb. 26.-Presdent Will
4 sons address to congress caused
rail-, in the stock market today that
ran as high as four points in Mercan-
tile Marine preferred Trading was
son light scale for the short inter
tests had covered last week. and there
!. Yves nothing in the address to induce
MUCH buying on the long side OF the
market Wall street stands ready to
take hold Of stocks IN an aggressive
s-Fsay II definite action Is taken. but
ap TO the time trading stopped today
nothing had been done.
President Wilson's plan as expressed
gesn his speech OF keeping out of war
unless forced into il by some DELHI
d enately aggressive act on the part of
q GsrmanS. but of protecting Ameri-
can shipping by force in the mean
time is exactly what Wall street ex-
4 -acuted. His speech contained nothing
new on the situation. and, therefore.
was not a market factor OF prime i'm
portancc. II could necessarily affect
.ann1v the purely speculative shorts.
VIVA; would affect the market would
4 he the comforting on the president of
he tremendous powers asked for and
S the adjournment of congress subject
10 hia call. when the market closed
..thc news from Washington Indicated
= purpose on The part of congress tn
enact g Law calling the new congress
Z into session In about a month. Under
The constitution there ls no way for
An old congress TO provide for a spe
sciai session OF a new congress. except
hx formally enacted statute, which the
president rlust sign or veto the same
Is any other Law.
t.rt Public Back In street
Inquiry among banking houses OF
Il he first importance show that IL con-
-Grcss- does adjourn. leaving everything
\ 10 tho president an attempt will he
a made forthwith to induce tho public
10 come back into Wall street This
would be done because the bankers
!. feel that II left to himself the presi-
dent would find some way to avoid
conflict. The idea that war would be
builish has not taken a strong hold
of the street since II was discovered
that in the event OF war the govern
ment would take supplies for the
United States and other allies at cost
plus "A moderate profit.
Thus the covering INDUCED in dur
ing the last half hour of trading was
on the theory that congress would
leave everything to the president. If
IT does not, there will be enough
things TO worry Wall street out OF the
notion Of any roaring bull market
by the presidents speech. Marine
was the only stock directly affected
Steel shares were strong and the cop
per stocks looked better at the ,tose
sn the theory that protection of ships
will make possible larger exports.
quoted prices for copper metal also
adyanced. Cotton was strong, The
grain market had closed before me
speech was disestej.
Expect Early Armament
Other factors contributing to ule
rally were the capture of l<ut EEL
Anara bV The British, he sinking of
the liner Laconia and the naval bartie
in the English channel. These latter
TWO incidents were construed as bull
ish on the theory that they will hasten
Tho armament on American ships be-
eause Of the proof OF Germany's in
! .reasing activity on the seas.
Atlantic Gulf and West indies and
central Leather both made belated re
5 iponse 10 their splendid earning re-
perts for this last week. These and
numerous other stocks are in such
'rong technical position that if CON
sress should adjourn. leaving every
4 thing 10 the president a splendid
oundation would he ready for me- nip
aiation looking To higher market
Us readers Of this column well un-
\ aerstand. the market has been heavy
FOR weeks on sentiment and doubt and
aot al I'll on intrinsic values. Very
faany active stocks are selling below
heir book values ana nearly all far
teloM Their speculative values as
measured IN earnings alone
industrla Alcohol was sold because
ITS annual report showed bills pay
bile about 81 ,500, 600 in excess If
bills receivable. After a wear m which
at earned 50 per cent, il is accord
tng 20 us report out OF working capi-
x TAI TINS j. 6 condition In which
many munitions concerns Mud them
selves after having put all their earu-
ags aEd more into extensions Wall
sf7eet wonders how profitable these
extension iii lie when the war ie over