The Washington herald., 1918-06-26
BEARS HAMMER WHEN
LLOYD GEORGE TALKS
Market Recedes. Then Advances
with Few Net Losses.
By BRoADAN WALL.

New York, June 25.-In the Stock
Market yesterday there was the usual
Tuesday reaction that always comes
when professionals are busy. The
professionals sold largely from habit.
because the market had advanced and
because It was Tuesday. They tried
to justify their selling by saying that
Lloyd George had given the impress
sion of another huge German Of
fensive to be launched any hour.
They forgot the wonderful victory
won by the Italians, which put, the
market up the previous day.
In the later afternoon, sober Sec
ond thought caused good many
professionals to buy back the stocks
they had sold, and the result was
that the market closed strong, with
but few net losses. although most
stocks were still under the high of
the early trading.
Steel was the most popular stock
to sell during this professional move
ment. and the excuse for selling II
was that there was dissatisfaction
with street prices.
No Steel man was dissatisfied. The
traders are become very notional.
They know that victory will make
American securities worth far more
than current prices.
Some bears who thought Genera!
Motors was too high sold it short
and were invited yesterday TO settle
at from 146 to 149 "a. A more press
ing Invitation will probably be made
from day to day. Not that General
Motors is worth the price, but that
persons who try to undermine Amer
lean enterprise must be taught a les
son. 1t looks. also. cas- though the
Sumatra shorts might be asked TO
do likewise. for that stock was up
about five p~>dts yesterday.
Another lock in which there is
good bu>Shg is Texas Oil. This COM
pany<.s firmly established in New
Ycr., New Jersey. Ohio, Indiana, IL
linois and other States, where il is
competing on even terms with Stand
ard OIL companies capitalized at sew
eral times its own capitalization. II
and Mexican Petroleum are conspic-
uous examples of stocks that have
never sold at anything like their true
values.
Hide and Leather, preferred and
common, made new high prices again
SSSNS'hos' EdilHHBS VI lflo company
are at present said to be at the rate of
80 per cent on the preferred stock.
The first three-quarters of the cur
rent year showed about 8, 500, 900 net,
and the final quarter will show
enough to bring the net for the wear
up to about 81, 100000 This is after
setting aside $4,000 for reserve, That
Is nearly 2S yer cent on the pre-
ferred stock.
Car and Foundry was a strong fea.
ture all day and gained in strength
toward the close of the market. This
company enjoys such good MANAGE
ment and is so full of untitled or
ders that its strength needs no ex-
PLANTATION. Wilson stock was in de-
mand and new street privilege brokers
were trying to buy 1t in large blocks
Specialties were in demand. Among
the faVorites were Railway Steel
Springs, Standard Milling, Pittsburgh
and West Virginia. Pere Marquette,
wabash and Rock Island issues.
July cotton had a violent advance
moving up $50 a bale. Time money
was easier, as it naturally will he
as the vast cash holdings of the
government are paid out and go into
general business. Those stock mar
ket bulls who are beginning to ge;
nervous should remember that all this
money the government is spending
stays in the country and is paid back
to our own people at cost plus ex-
tremely fine profits on war material