The Washington herald., 1918-07-26
VICTORY STIRS
WALLSTREET
Stocks Swing Upward on
Late Reports from
War Front.
BY BRoADAN WALL.

New York, July &.-War news exer-
cised q constructive influence on the
stock market yesterday. Under leader
ship Of United States Steel nearly all
issues moved higher. Reports from
London were to the effect that the
crown prince and his army had been
almost surrounded. Oficial reports
verified enough OF the unoficial re-
ports to set Wall Street cheering over
the good news Shorts hastened to
cover In many issues and selling or
ders were withdrawn. The market
closed strong in the midst OF q dis
tinct upward swing.
The immense crops now certain in
Amerca have had much to do with
encouraging the allies to make an
aggressive movement. End of the
war had been expected by the close
OF summer next year. As related in
tnis column some months ago, very
important Investments have been
maoe py banking interests on that
oasis. IL IL now possible that the
end may come sooner and not only
will the investments already made be
retained. but a secondary line of
stocks may be picked up IN anticipa-
ton Of a stock market celebration of
the great victories now being won.
In view of the wonderful record NJ
the allies the last two weeks the next
liberty bond issue Is approached with
much satisfaction. Leading bankers
believe that the issue can be fIoated
with much less disturbance TO bust
ness than previous issues,
steel Earnings High.
Another factor that helped the mar
ket today was the belief expressed In
responsible quarters that earnings OF
the United States Steel Corporation
FOR the June quarter would be a new
record before taxes were taken out
and that as a result the usual reeu-
lar and extra dividends would be de-
clared next week. Earnings of Re-
public Iron were received with satis-
faction by the street and It is known
that other companies are making
| equally good showings. The railroad
| equipment companies are doing about
the best Of any. OF these issues Has
kell Barker Is now a leader on cur
rent earning basis. The stock was
strong today following investment
buying by new interests. The com.
pany has above $50 a share OF cash
assets and its book value is far In
excess Of its market price.
St. Paul Ii Weak.
Brooklyn Rapid Transit made no i'm.
portart response to the official re-
port OF the company required by the
stock exchange on the occasion OF
listing new issues. This report chow.
that for eleven months ended May
81 the company earned $495 a share.
| Weakness OF st. Paul was due tc
the fact that no action was taken OF
the dividend. Directors of the roat
have always maintained that theJ
could take no action until the con.
tract with the government is sign,
ed. for only after that is signet
will they know how much money
| will be available.
| American Sumatra stock did mo-
act well under the influence of tn,
Is per cent stock dividend. 1t an,
parently had been discounted In tn,
market
General Motors, which Is cornered
moved higher. All the motors wer,
strengthened by the report that tn,
| government had ordered 1900
vehicles after selecting four truck
and three passenger cars that ar,
suitable for army service. Cottor
and corn were weak.