The Richmond Virginian. (Richmond, Va.) 1910-1920, 1918-07-26
STREET PRICES RISE;
D. S. STEEL IS LEADER

New York. July 25.--war news ex-
ercised constructive influence on the
stock market today. Under leadership
of United States Steel nearly all is
sues moved higher. Reports from
London were to the effect that the
crown prince and his army had been
almost surrounds d. Official reports
verified enough of the unofficial re-
ports TO set Wall Street cheering over
the good news Shorts fastened 70
cover in many issues and selling or
ders were withdrawn. The market
closed strong in the midst of a dis
tinct upward swing.
The immense crops now certain in
America have had much TO do with
encouraging the allies TO make an ag-
gressive movement. End of the war
had been expected by the close Of
summer next year. AS related In this
column some weeks ago very impor-
tant investments have been made by
banking interests on that basis. IT is
now possible that the end may come
sooner and not only will the invest
ments already made be retained. but
a secondary line of stocks may he
picked up in anticipation OF a stock
market celebration OF the great victo-
ries now being won.
In view OF the wonderful record
or the allies the last two weeks the
next liberty bond issue is approached
with much satisfaction. Leading bank
ers believe thai the issue can be float
ed with much less disturbance to husl-
ness than previous issues,
Another factor that helped the
market today was the belief expressed
in responsible quarters that earnings
Of the United states steel corporation
for the June quarter would be In a
new record before taxes were taken
out and that as a result the usual
regular and extra dividends would be
declared next week Earnings of Re-
public Iron were received with salts
faction by the Street and IT is known
that other companies are making
equally good showinEs The railroad
equipment companies are doing about
the best OF any and the heaviness Of
their stocks needs no other explana-
ton than the unpatriotic selling that
Was begun Monday. or these issues
Haskell Barker is now a leader on
current earning basis. The stock was
strong today following investrn ent
buying by new interests. The com
pany has above $50 a share Of cash
assets and It's book value ia far in
excess of It's market price.
Brooklyn Rapid Transit made no
important response TO the official re-
port of the company required by the
Stock Exchange on the occasion OF
listing new issues. This report shows
that for eleven months ending May
81 the company earned $495 a share
Thus II is shown that the dividend
was cut of none too soon and that
the company is In distress and must
have relief. These earnings called the
Streets attention to other traction
Issues and public service stocks. Wall
Street believes that relief will be
granted In the way of higher fares
and greater rates for gas and electric
service.
Weakness of St Paul was due to
the fact that no action was taken on
the dividend. Directors OF the road
have always maintained that they
could take no action until the contra ct
with the government is signed for only
after that Is signed will they know
how much money will bA available
There Is evidence of good buying OF
81. Paul on EVERY weak spot
American Sumatra stock did not act
we'll under the influence OF the Is per
cent stock dividend, It apparently
had been discounted in the market Blu
the statement issued by the company
suggests new sources OF income that
may we'll alarm the short interests
General Motors. which is eoroners
moved higher.
Cotton anu corn ware weak.