The Richmond Virginian. (Richmond, Va.) 1910-1920, 1918-07-20
GOOD NEWS FROM WAR
B00MS WHOLE MARKET

New York, July Ie.-Capturs of Sois-
sons with vast numbers OF prisoners
had not occurred before the stock mar
ket closed today but was expected. The
important interests hardly dared be-
lieve the evidence of the official re-
ports on which they based this expecta-
ton, The news seems too good to be
true SO quickly. AS a result they ex-
ereised a restraining influence over ope-
rations holding down prices In every
legitimate way. In the opinion Of mil
itary experts and students of history
the capture OF the city at this time
marks the crisis OF the world-w ar.
Hard fighting is ahead. but the allies
are in the position of the farmer who
has toiled for months breaking the sod,
planting and filling his crops and at
last sees them ripening ready for the
harvest The harvest is painful and
muscle racking but 1t Is Joyful task.
The Hun has begun his last retreat
The victory market in Wall street can
now go ahead. The next issue of bonds
by the United States will be victory
bonds.
Liberty bonds should bound to new
high levels on this news. City OF Paris
SIS which have been the one best in
vestment bargain in the world should
advance nightly tomorrow. The whole
stock market in Wall street will cele-
hrate II is idle to name issues that
may lead the celebration for so many
ire selling far below true values that
the market will be full of surprises. In
q general way the stocks that should
get greatest impulse from this news
are the steels, tobaccos. oils and those
industrials that cater to peace business
more than TO war.
1t is entirely possible that the war
may end this year instead of next. This
proba bility is so great that investors
will not wait to take a position to
profit by it.
Heavy profit-taking WAS naturally to
be expected today after the violent ad-
vance of yesterday. During the hours
of trading the news was good. but
nothing of spectacular importance was
made known. The result was that heavy
profit-taking characterized the session
and that a few daring operators even
went short of the market. The market
was therefore in strong technical po-
sition at the close and was due for a
sharp recovery on technical grounds
only Capture of Scissors will there
fore have double effect.
OF specific stock movements those in
the tobacco issues attracted most at
tention because they withstood the
profit-taking best. American Sumatra
advanced three points and the whelan
stocks about point each. The signifi-
canoe of these advances Is that they
are not based on merger talk, but are
due to accumulation as a result of great
earnings and dividend expectations.
Directors of the United Cigar Stores
will meet not later than Monday and
while no stock dividend Is expected It
is known that influential interests are
in favor of small increase of the reg
ular cash payment
Railroads have been quiet in this rise
because the uncertainty regarding
exact terms OF the contracts to be
signed and OF the dividends to be paid.
The whole situation seems to hinge on
the question OF improvements made by
the roads in the three-year period
which Is the basis of rental calcula-
tions, n
Easier money is now admitted by
most Wall street authorities to be a