The Washington herald., 1918-07-24

STOCK SELLING
STILL ACTIVE
ding Issues Break Two
Points Others Show
Strength.
BY RRoADAN WALL.

New York. July 2s.-selling of stocks
was continued today to such an extent
that losses OF two points and more
were seen In the most substantial
issues. In few specialties there was
strength. notably American Sumatra
and Pressed Steel Car. In both of
these special developments were seen.
Cotton broke 81 bale for the July
option in the face of a very bullish
Cport from Texas.
Corn was up cents q bushel for
he old months on export demand.
War news continued good and in
addition to the military achievements
OF the day there was the word of Mr.
Hoover that the U-boats no longer
menace transportation of food to
Europe and that the food problem has
been solved for the allies. At the same
iTne reports persist Of. distress in
Germany because of a lack Of food
and increase Of disease resulting from
hunger.
American Sumatra Is strong.
Because of the general heaviness OF
the market the strength of American
Sumatra attracted much attention.
The directors meet tomorrow and II
is expected they will take action OF
considerable financial advantage to
stockholders. The short interest in
the stock Is becoming restless. Wall
Street has made a serious mistake in
refusing to take earning reports OF
the tobacco companies at face value.
The insiders OF all these companies
have been quietly accumulating thei-
shares for investment When the
| shorts start to cover they find that
the certificates have gone from the
street. This is true not only OF ST.
matra, but in Cigar Stores and Tobac-
CO products. The insiders of all these
companies are doing everything in
| their power to rid their stocks oil
the speculative favor that unfor,
tunately has attached to them in the
past.
Increase Of the Pressed Steel Car
dividend to an per cent rate sent
the price of that issue up 3-S points.
The car building companies are all
/ in a very prosperous condition and
are sure to remain so for several
years and even after the war ends.
Proclamation by President Wilson
taking over all telephone and tcle-
graph lines on July 81 had little ef-
! feet on the stocks of these companies.
Western Union went down about
three points.
Hide and Leather.
Report OF the American Hide and
| Leather Company for the twelve
months ending June 30 showed earn
ings for the preferred stock of $50
a share, compared with $l3.Ss in the
previous year. Central Leather else
made a report for the six months
ended June 80, showing s5.2s a share
earned on the common stock, com.
! pared with $24 10 for the same period
in 1917. These reports explain the
shifting of investment there mas beer
! in the last few months from Central
| Leather to American Hide and Leath.
| er. -
Weakness OF Steel, Mexican Petro'
leum and other standard Issues that
| are also popular with spectators was
due to selling by traders following
! tho liquidation of investments begun
Monday.
One feature OF the day was the con-
tInued strength OF Russian bonds, the
81 per cent issues Of which sold tc
the new high record OF 90. City OF
\ Paris bonds were also strong. Money
was firm but readily obtainable at tbs
rate OF to 81. Bankers insist thai
the worst has been seen in the money
market.