The Richmond Virginian. (Richmond, Va.) 1910-1920, 1917-03-30
nIGH PRICES OF
GRAINS BIG FEATURE
Roth Peace and War Talk Seem Good
Argument for Advancing
Prices,
VIRTUE OF A NECESSITY
Munitions Makers Discuss Question of
Government Squeezing the Profit
Out Of War by Flat Percentage
Allowance.
Rx RROspAN WALL.


" York. March 29.--Although
Wall street has expected peace talk
from Berlin and is confident that II
viii receive no serious attention, pro-
fessionals took advantage today OF
possible peace developments to have
another vibration in the stock market.
These up and down movements can
hardly he called anything more than
that, for war talk and peace talk seem
TO bring about the same results. Clos
ing prices were near the low of the
day. The market was dull throughout
the session except in a few issues
where pool activity was evident
Wheat and corn for the MAY de-
livery made new high records the
former at sl9S 7-S and the latter AT
sliaI-4 Cash wheat has sold at
such prices before. but neither cash
nor option corn has ever approached
these figures. This strength OF grain
was due to peace talk on tho theory
that all the world is hungry and that
II ships are allowed To go freely TO
Europe they will carry such uuanti-
ties of grain as Viii put prices ma
teriaily higher War talk also adj
vances grain because If the United
States enters the combat the wheat
people believe a lane will be kept
cafe for ships to go 10 England Ow-
ing to the necessities Of the allies.
wheat will he shipped in preference
so munitions Tho only chance wheat
BUYERS are taking Is that the United
States government may put an en-
largo on it's export Just ss ArSen-
tina has dome
A. to Munitions Profit,
One remarkable fact In Wall street
is that the self styled authorities on
finance are still discussing the posi-
hiltty Of the United states government
taking what material Ii may need for
war purposes az cost plus a very mod
crate profit That the government
would do as announced in this column
more than month ago and all the
big corporations know IL, They are
pretending TO believe that only Il
small quantity OF materials will be So
taken The fact Is that material need
- will he on that basis not only what
il taken directly. but what goes In
directly. For instance, when ships
are to he constructed the raw material
entering into them. such as plates.
copper and all wood and metals viii
lie furnished to the ship yards by
original producers who will bill direct
10 tho government and the shipbuild-
er will he paid for construction only.
The public understands pretty
thoroughly now that the offer OF cop
per to the government at IT cents
patriotism. but that it was the making
Of virtue out Of necessity. The steel
reopie will be making similar pa
friotic offer within few days What
ever there is IN II consists In yielding
quickly to the governments demand
Epecia, taxes will no doubt be laid
against the corporations. SO that tho
government will get large proper
zion of excess profits. There II talk
AjEn pf "a increase the income
Britain Buying Marine.
In banking circles where mercantile
marine stock IL popular brand new
1umor was aioat today. II ran &c
the effect that the British government
had been tho mysterious buyer of
Mercantile Marine preferred ON tbs
recent decline and advance of twenty
Ave points. The alleged reason was
desire TO control the com pany alb
solutely and the plan was 10 pay OF
the back dividends with the cash II
the treasury, thus cleaning out thf
treasury and settling all disputes "a!
10 taxes. Some New York bankers
were willing TO become partners q
the British government in this enter
prise, and purchase accordingly Bu
now they have solemn doubts AS Il
who their partner really rs.
Steel prices for thu eight ieadIni
products of the industry have ad
sanced sl.45 ii ton "a the new high
price Of $ss.l3 This compares viii
the price OF S52.59 It year ago ant
at that time a record These higl
prices for steel are making trader
very bullish on United states Stee
etock for even making allowances fol
the ar shortage In January 1t Is est
MATED that the Corporation hat
earned an average OF $l,5oo.9o0 = day
since the first of the year