The Richmond Virginian. (Richmond, Va.) 1910-1920, 1918-07-17
CONFIDENCE Is SHOWN
IN ALLIES BY MARKET

New York. July 16-wall Street
felt today it's first taste of a victory
market. There was no wild rush to
buy because the financial community
ala not quite dare trust its first i'm l.
presssons of the war bulletins namely,
that they foreshadow the most i'm
portant check given to Germany's mil
itary power since the war began. There
was a disposition to await further
advices although all the information
received during the course of the DAY
fully confirmed and even magniYed the
hrst reports that the Americans and
French had hurled the enemy back
and that the Germans were unable to
make more than trifling gains. Large
n er is. however. felt confident
enough about the result to take stocks
a s they were offered
They were anxious that the market
should not appear attractive to the
outside public and thereby bring in
an unpleasant competition on the buy
ing side. Therefore no efforts were
made to bid prices up. On the con-
trary the attempt was to persuade the
professionals that the market was not
responding as 1t ought to the news. In
this way the short interest was nursed
along, and even further short selling
was encouraged.
Up to the last fifteen or twenty min =
utes the advance had been quite mod =
est. Steel common at that time was
up only point and elsewhere the gains
were equally small. But in the last
quarter of an hour bear traders began
to scent trouble. Suddenly large buy
ing orders made their appearance In
Steel. Marine preferred and other lead
ers and then the shorts saw that they
had been followed by the early action
or the market and that the upward
tendency was much stronger than 1t
had appeared early in the day
The problem of increased costs
which some critics are making a good
deal of as II 1t were certain to bring
about lessening of prosperity. does
not amount to much since the govern
ments action on copper prices This
action was equivalent to assuring the
Industries OF the country that they
could depend upon prices being ad :
vanced in the future to an extent suf-
ficient to keep pace with any fresh
addition to expense accounts.
1t is only the war situation which
matters for the present and II the news
of the progress of the great battle
continues as stimulating as II was to-
day buying operations may be expected
to expand. Houses which represent a
very influential clntele took lot Of
Steel common. Republic Steel and Ana
tpHua. AOTn fFOuuCtS Waue a new ntRh
record anticipating the quarterly re-
port which will be out next week and
which Will make a remarkable show
ing despite the setting aside Of prob
ably twice az much for taxes was
appropriated year ago. Rubber
common went up very rapidly and Of
ferings in the stock were not at all
plentiful on the advance. Buying of
American Can was called good and In
quarters which have been correct on
international Paper in tho past the
stock was being recommended for pur-
chase. Investors in such stocks as
American Paper and Booth Fisheries
were quietly marking up their spe-
cialties.
United Cigar Stores and Tobacco
Products were both very hard to buy.
Buying OF the equipments Is again
very confident. The leader In this
group today was Steel Foundries Rail-
way Springs was evidently on the
move again.
Bankers would like to have seen the
investment bond list more affected
than II was by the battle news Trad
ing here was dull with prices I'M
changed