The Richmond Virginian. (Richmond, Va.) 1910-1920, 1917-01-26
8llD On AUTOMOBILE
SHARES INTELLECTUAL
prufeastoual Traders Draw on and
Tacir Covering Gives show of
strength.
EFFECTS OF LEAK" PROBE
E;xchange Governors suspend Member
FOR One Year For Doing Customary
81 Thing--T. VI. NJ. to Spend Much of
Earnings On ships.
By RROADAN WALL.

New York. Jan. 2s-professional
;vaaers who had been feeling TIE
ma rket for soft spots became discour-
aged today. after an Intellectual raid
OF the autom ohiie shares ana began
covering throughout the list This
-ale the market show OF strength
Il. has not had for several days, Some
sr,,aS.ned that this strength was cue
10 a belief that the congressional in
ssslgation commit tee would be un-
able 10 ind out whether Wal Street
3 has advance information on the peace
note. Perhaps some OF the strength
MAS due 70 he evidence contained IN
/ otto H. Kahn speech ma there are
parsons who understand the Stock EN-
change and It's workings even II IT'S
ofTicers DO not. and who may be able
10 get It's case before the public Some
strength may also have been impart-
ed 6y the remarkable action by the
BOARD Of governors N saspendine
e.ra'eT yea for dong what has
s,a.-r4 a common practice on the Ex
change from tine immen or a..
TIE broEer was suspended because
!,r or-er % n customer he sCi u 100
~iss as Q SIpCh az low - -s" t9Hth
3f. oi6e~ mat thu Customer might buy
age b.ock on better terms than
Noc.d otherwise have oeen possible,
4 member Of tEe governors, In de-
s,ribins the transaction. characterized
:; SO swirdle which IN effect II un-
cU2btcdiy vas auu mas been from
sime mIlemoglai The pre- ctIce for
which punishment was announced to-
cav les a. the very foundation 81
nanipulat The Exchange has
tackled q dig problem, a problem that
has always seemed unsolVeable BY
persistent scrutiny OF teanss ctious =
will no doubt be possible for the EN-
change to detect and punish a srea'
MANY OF the minor and unimportant
eases OF m. nipula alton.
Bethlehem to Revise Plan.
Wall Street was of the opinion that
ftse remarkable financial plan OF the
t'otnlehen Steel Corporation. under
--hich $40. 000 900 Of capital IS TO die
tate the management, of a s15,0o0,000
erpora ton, the majority has no
= oice at all. will he revised immedi-
siely. Rock Islands similar plan
proved disastrous
Another reason for believing Beth
sshaFn wtll change it's financial plan -
Tho plain im plicatton insiders Intend
Ia sell out their stock at the frst
favorable opportunity. They have
arranged so that this sale Will not pre-
iudice their con;rol OF the property.
II they had not intended to sell il
would have made no difference to
ben, whether the new stock voted
or as long as they held II they could
90 the voting
IT will nc remembered that few
GAYS ago the stock jobbing activities
- the big discretionary poet organ
2cd under the name OF American In
s4isrnational Corporation were explain
ed In this column. United States Rub
Fer. Atlantic CAR aud West Indies
md Mercantile Marine We're the three
stocks mentioned in that connection.
Public &wnkcs TO Danger
Action Of these stocks snce that
me shows that the public Is alive
10 the dangers OF dealing in them, To
s1ch an extent has the public taken
alarm that the underwriting syndi-
cate has been compelled 10 make good
- underwriting on about $4,000. 900
~ the United States Rubber. 100000
COO bond issue-an issue that from
sveFy other point OF view would be
ns!dered OF high grade investment
falee,
Special strength was seen at times
.ocaH IN American Can, Utah Copper.
Hhras Brothers Coal and ether sDe-
alties OF unusual earning power. In
ierraiional Nickel issued its report
'r the December qUa~tc". showing
IS .fnin9s at the rate OF go per snare
~ AMMAN. II pays sf share. II
9ppears that International Mercantile
tarlne Ia gong 20 spend uiost Of lis
i,onan1s earnings Coy new ships. THIS
s7ouraEes those WHO look for big
-t.tTtierds
afhohsh the market has the an
hesrance o. grsat technical strenctb n
aere ~ no short interest or iInnort o.
rnce outsra udinE. parity beea,lse tho
3 operators do not care 10 sei them
selves involved until the peace Leaf
ifquiry is ended