The Richmond Virginian. (Richmond, Va.) 1910-1920, 1917-01-05
l|lakET. RESPONDS
TO EVERY SILLY RUM0R
'@Hckexs' Fumbling Costs Traders Con-
sidcrable-Amcrfcan Can
N4SeS8s
III Looms Large.
BY BROADAN WALL

xAsNew York. Jan. 4.-Fum bling by
10 news tickcrs of all OF the news
fsH som Washington gave the market
" ,-lother setback today. The Federal
IS eserve Board issues a monthly bull
s~ tin in which appear various state
sents OF what the board has done.
s@s a matter of course this months
! alletin contains the statement made
bout a month ago regarding the in
INSTABILITY OF banks investing heav-
in short term ohligattons OF for
Ign governments. The news tickers
unounced that the board had issued
notlier warning OF the kind. This.
sming on top OF the current bthet
nat the British government has can
He'd war orders here in order to dis
pine the board for it's warning to
e banks. set the Wall Street imaei-
alton ailame.
~ Stocks were sold heavily and prices
4 I'll two points from the level reached
tive opening which was buoyant.
Explanation OF the mistaken an
r. stncement was followed by COM
ete recovery. Then came another
tract from the same bulletin, which
ave the impression tEldt tAhS bDdl "
s.nsidered the importation Of gold
n ~ .angerous unless Congress authorized
- AZ once TO take charge OF the stu
ton. That was nothing alarming, for
ich action was expected. The pre-
ious publication had gotten on the
-aders' nerves and they went against
We market again,
More of the Same Kind.
Then came reports that Austria was
~ >eking separate peace ana that
President Wilson would offer himself
,syas mediator The market started
W downward and closed weak near the
s sottorn.
III Earnings had little 10 do with tho
market except during the brief period
when il made It's -reeovary after the
irst garb]ed extracts from the Federal
reserve bulletin appeared. Al that
ime the Street began to hear of the
ahulous earnings OF the leather com
& ,anies. It was said that American
Tide and Leather had fallen into bo-
tauza business and that Central
Gather directors were planning to pay
20 per cent on their stock in 1917.
American Can was also active fol
a,sowins report that its earnings for
'lefs would he 1876 per cent on the
common stock. This compares with
i. "a per cent In 1915. In these earn
N ngs not a dollar of war profits is
counted.
Mexican Petroleum was strong In
the face OF the general decline fol
lowing a report that the common
stock would receive at the next meet
. ing OF directors ii dividend at the rate
OF not less than 6 per cent and per
haps as high as 4.
~ Borrowed Here: Spend In Canada.
The street feels that If the allies
attempt 10 borrow money in the United
States TO be expended for munitions
manufactured in Canada. as now
Y seems their plan, the agitation for ar
embargo against shipments Of mum.
lions may be resumed and find favo,
tn administration circles Mt washing
ton. Such thing would. Of course
he the equivalent of taking sides with
Germany. II would end tho war right
speedily The street has a notion tina
perhaps President Wilson may make
teis Offer for mediation with such 9
club in his hand and in plain view
The Significant thing about todav's
market was that all Of the influences
were of an indefinite character; vet
4 In spite of that. they broke the market
easily