Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1918-05-24
STOCK MARKET ACTIVE
AT TER MUCH WEAKNESS
Closes With Material Gains and at
About the Best
Prices.
STEEL LEADS ALL OTHERS
Hcaviness Due to Failure OF War
Industries Board in Refusing to
Raise Price of Copper-TaN Leg
iSiation Also Reacts.
ny nRoADAN WALL.

NEW YORK. May .3.-Aftor n scs-
sion in which weakness WAS displayed
by nearly every issue on the list, stocks
suddenly turned strong to-day and
closed with material net gains and at
about the best prices. steel was the
leader on this urturu. bu; all the specu-
latire favoritcs joined. In the morning
report had come from Washington
that the government would con:iscatc
ALI the steel OF the country and appor-
ton IL. This was denied in the after
noon. Early heavincsS Was also due in
measure 10 action of the War Indus
tries Board in refusing TO raise the
price OF copper above - = cents. buJ
this was exactly what the street cX
pectcd. Fear tina; Congress would pass
tax legislation was a,So in the air
Restoration Of chccrfulncss in the
afternoon was due as much 10 an alb
senco of bad news from the battle front
largely technical Leading interests are
Siill waiting for more news from Wash
ington.
GOVERNMENT PROMISES
TO AID TAN COLLECTION
One helpful influence was the report
that the government had planned. to
ease the money market during the in
come tax paying period by permitting
money drawn out for tax -payinG pur-
poses In other words. when a bank
IL drawn on By 4 depositor for that
purpose debi, entry is TO he made
against the depositor and a credit entry
in tho account OF the United States
government for the same amount. Thus
the tax payment Will disturb no funds
and the money can be gathered up by
the government from the banks in in
The same effect on the money market
rs though the public were permitted TO
pay: taxes III instailincnts.
This arrangement proves once more
IN
in harmony with business.
American Sumatra made a new high
in the afternoon. Tooacco stocks were
not active. perhaps because OF the con-
ference at Washington regarding
MANY FIRMS ANNOUNCE:
DIVIDENDS on SHARES
Wilson stock Was one of the most
nctire issues. with a gross advance OF
= points: This raise is based on re-
port that dividend ut the rate Of = per
cent will be announced soon.
Baldwin directors met. but took no
action on the dividends Their stock
suffered Sharply as result. Lacka-
wanna steel directors announced An
e e:ai dividend Of - per cent. This
vance TO make the stock a strong fca-
ture In the last hour.
Ais thalm liners was another strong
STOCK. American Cotton Oil continued
ITS upward movement
The statement can be made on the
aulhorI'E OF one OF the persons directly
coAccrhcu that the international Mer-
fiahti.e Marine is really trying to sell
In leaving the copper price at ~ -
cSntS, Inc government did exactly what
dSnS DIE producers expected would be
uohe' me copper producers wanted
more II they could get IT, for they
, moP era, II H. would inSpire their workers
ieTiiy satisfied with the price AS nxcd
iherc Is talk Of a dividend to be de.
cured soon on Aetna Explosives stock
report. " '' VI the
NEM YORK. May :3-Mcrcan,ie Manor
toHr months. per cent; six mo,,h@H
s S,N,Is siHty.day bills. s,?a.: commercial
s;N,iSuJ.y biiis on banks sag. commercial
s -, 9'.iS si?i'.: demand si:5 !. ID
,ahie. q" go Francs. demand. si7l7.
INC J,hS. t9s Lire. demand, $40: caaics. s..G-
BBun'cs; demand, l%i-c; cables Il nornInai
DIT si'Fer' :s':c Mexican dollars 75c
,,,.tw I""h.' steady sixty days as.ar6:
nih"iE Gays ana siN months. nor 'cn,
'-"'i m"ncI hrm: ruling rate. ; ror con,