The Richmond Virginian. (Richmond, Va.) 1910-1920, 1918-07-10
|iI|nG IRREGULAR,
MARKET CLOSES FIRM

New York. July e.--Further trregu-
isrity characterized the stock market
today. but the undertone was strong
closed arm Buying Of railroad stocks
~As particularly good. Several indus
rails also acted we'll The shorts locked
IN General Motors. American Sumstrs
and ptstillers got little comfort The
military situation continued satisfac-
cry and the crop report by the gov
eYnHiert was up 10 expectations.
Mach uneasiness has been displayed
recently in regard to the money sttua-
tion. hut careful investigation made
today among leading bankers Indicates
that nothing worse than the present
condition Is expected. Gradual -eliet Is
sure TO come for the reason that man
nfacturers are making rairid deliveries
TO the government OF var materials IN
which they have tied up millions Of
cash. The extent to which cash is be-
ing tied up in raw material may Re
CLEANED from the fact that one can
ming company ~ spending about hsit
million dollars a day fer tin The
necessity tor such large working carl
tai precIude~ dividend increases by
4ndustriais this summer. although
profits are very satisfactory and would
Justify larger dividends
Call money is held Arm. eUt the call
money market r. nominal because Of
the slight demand ANY activity in
tire market woulA result N sharp de-
crease Of the rate.
TIE crop report indicates about $40
cor. zoo bushels more 81 wheat and
isa,een. etn bushels less Of oats than
last year Rye VIII Re about so,Goo.oao
bushels more and hay about $500 eHa
tors above last years Yield TIE, net
total will be 50 FAR IN excess Of last
years yield for all crops as 20 enable
the government 10 make material
changes IN food restrictions The larger
tonnage Will also mean greater freight
movement which at the higher rates
means greater income for the rail-
roads
The railroad situation Is better from
another standpoint also, II is now
practically settled that the contracts
with the government will be signed as
coon as Secretary McAdoo returns to
Washington which will be about July
70
Further inquiry was heard today as
to when the General Motors stock
VI ould Re issued IN exchange for Chew
yoiet. II Will not Re issued untu tho
present short interest is al eliminated
and perhaps not them. The corner IS
absolutely unbroken in this stock In
American Sumatrs also the shorts are
In nrecarious situation The selling
for the last week has been chtefv for
short account and II buying ~ insiders
means anything there will have 70 be
= reckoning soon. The insiders OF both
General Motors and American sum e
ira believe in their own conpartes
enough TO stand by them under all eli :
carnstance.
In Distillers also there is CROWN &
Up short interest Of Importance.
Talk OF dividend on American Can
rs premature because the company II
doing such a volume of business that
n has better use for Its money than
paying dividends. II Ia entirely POS
iihle that there will be no dividends
on Can, not only this year, but rex'
year for some important interests IN
the company want 10 retire the dehen'
lures issued In 1918 before beginning
dividends, But at that, Can is ne
stock TO sell short
- Strength Of the market for Etss
shares is based largely on plans OF ths
government TO recruit labor for tina
industry. Aetroplane stocks are IA
vored by the same influence.