The Richmond Virginian. (Richmond, Va.) 1910-1920, 1918-07-31
IMPATIENT SELLING
ALONG WALL Street

New York. July 3o.--Although Wall
street expected the United states Steel
directors to declare the usual dividend
today. there was impatient selling of
the stock all day. This Influenced
other issues with the result that In
the afternoon several active issues
were down as much as two points
from the high prices Of the morning.
General Motors was heavy and with
good speculative reason. for ii Is now
expected that the new stock will be
issued In exchange for Chevrolet in
less than sixty DAYS. Decision In
favor of higher gas rate for the
Brooklyn Union Gas company resulted
In an advance OF more than three
points in Peoples Gas and two In Con-
soiidated Gas. Cotton was about -
bale higher for old crop and corn
was higher.
War news was good but not SO en-
thusiastic as for some days The pro-
Germans were circulating peace talk
and advising people to get ready for
a victory slump In prices. Resistance
of the Germans was stronger north or
the Marine Rumors that Turkey
might desert central powers were not
taken seriously.
Bankers insisted that the worst has
been seen In the money market ana
that no obstacles would be placed In
the path of any one desiring to he rea-
eonabiy optimistic In stocks.
Most OF the session was taken up IN
small talk about particular stocks 1t
Is known that some of the best In
formed investors have sold out their
st Paul stock despairing of dtvi-
dend on the preferred this year. One
operator of Importance liz short OF II.
But In spite OF that the street was
full Of reports that new pool had
been formed to advance the preferred
to par and tho common to so. II so.
the advance will be against the short
interest
General Motors at 1879 today was
just % points under its high record
price of last Friday. Premiums are
not being exacted on the stock.
In the tobaccos there was new high
record made by Products. but Sumatra
declined It IL the apparent desire of
tobacco insiders to hold their stocks
hack.
American Telephone sold at AN
which Is the lowest price touched
since the panic of 1907.
Among specialties that showed VI
taiity In the early part of session was
Virginia Ca roiina Chemical and Savage
Arms as. ell as Hide and Leather and
Mexican Petroleum. The last named
was among the frst to weaken and II
did so following what looked like a
serious attempt to cover up good sell
ing Virginia Carolina Chemical re-
sponded 10 the report of "a per cent
earned in the last fiscal year AS com
pared with 1922 per cent the previous
year.
In addition to declaring the regular
dividend Of Ia per cent on steel with
the usual extra Of 2 per cent. the great
corporation reported rscord-bresktng
earnings for the quarter, The total
net earned amount to si5s,37ss+ Out
Of this se,Tls25o was set aside for war
taxes for the quarter. leaving se2.55I,-
sei To be carried to net in the usual
way This Is more than enough 10
justify continuance of the II per cent
dividend rate In view Of the large
short interest in Steel and the impor-
tant accumulation of the stock that
has been going on for weeks for the
accounts of insiders. today's announce
nert should have beneficial influence
on the stock market.