The Richmond Virginian. (Richmond, Va.) 1910-1920, 1918-03-02
STOCK MARKET Says,
CLOSING WITH LOSSES

wew York. March with the, ex-
caption Of few specialties that had
particular reason for advancing the
stock market was heavy today clos
ing with net losses in nearly every is-
sue Final prices were the lowest In
nearly every iustangf Trading was
not heavy and wsy almost entirely
professional. Money was ktIS. prok-
srs complained Of the scarcity Of time
funds Small houses especially are
having difficulty in getting time money,
Banks report large demands for the
purpose of paying income taxes both
by individuals and corporations. The
banks feel that money will be high
for some time for this reason.
United states Steel attracted most
attention because Of the heavy specu-
iati~e selling for tho account OF a
group 81 very successful traders. The
stock was AZ per cent dividend ard
yisi8ed less than point under this
selling. The tobacco shares were par
tlculariy heavy. Kelly-sprinEfeld
celebrated It's splendid earnings re-
port with an advance and Lsckaw anna
steel went higher,
Professional wall street wac disap-
pointed that the passage Of the rail-
road bill should have So little eHecL
The reason seems 70 be that inpor-
tant changes are expected IN CONFER
As The E1lt SlHuuE us UNI MI
ICES railroad companies ample FUNDS
20 maintain ali dividends that have
bean raid in the last three years.
-rNnre Ia also reason from the word
jnw Of tie nil that the government
uar make allowances 10 some roads
en- account Of e3traordinary eXpendl-
lures fer improvements during the
three years period. some OF THESE
improvements did not have ar oppor-
- their earning
value, II that were done st raw
~eute benefit materially. Wall street
n@rxists in tire belief that the 81. Paui
nrsferred dividend rs only deferred
Report Of the Pennsylvania Railroad
company. showing oeHcft or Aa't4o'
s4k after taxes for the ore rnonth OF
January gave railroad shareholders
th~ thrill that comes on realization or
disaster avaded The government took
the roads over just In tine with the
great Pennsylvania doing no better
other reports are awaited with consln-
cradle curiosity.
In spite OF alarming reports from
The oil AeidS Of Mexico, there seems
~ he norrnletp confidence in the tfua~
,Yn, IN the part Of oil men. II would
net seem reasonable to suppose thar
the allies would permit any parry IN
Mexico to endanRer their fuel supply
IN. reason United States steel ii
hairy soId SO freely the light de-
mnnd from the general public for tie
nrodvrts Builders are taking the GOV
r~nynsnt at its word and are abandon
tnr all enterprise with the result mat
,hs steel companies are likely to ma
tbrrrs.lveF with few orders when the
rovsrrmert denaa I'd is satlsned
Report Of the New Torp Air Brake
company was much criticised because
M the face of il the company is pa
ing out in dividends more than IL is
farming x....
S:ernsth OF American Car Foundry
wae iustifed ey the dividend declared
This dividend is justified by the sH-
tust earnings.
Tahaeco companies we're hurt by the
c.nort of The previous cay that the
American sunatrs earned only slA.4o
shars n the six months enoed Jan
usrv al United Cigar Stores and To
hsceo Products we're heavy because OF
atxappotntmrnt in view Of the many
roxv runora that have been anoat
Reduction b. the Utah Copper corr
rspv ard the Chino OF their dividends,
he former from a $4,000 TO $40
rat. and the latter from 50 TO $3.50
rn,A had little ipfneRce op~ the mar
let because the reductions were sx
osetsd. D.,
one group of b~~ters persists in
tsN. % early peace and spokesman OF
ftIs group went SO far today as 10 say
an ar1nistlce would be agreed 10 WITH
n four months