The Richmond Virginian. (Richmond, Va.) 1910-1920, 1919-09-30
THE RIcHMoNp vTRaINIAN- TuEspAY sEpTEMBER 30 1919
lNEW HIGH MARKS FOR
| BIG STEEL STOCKS

New York, Sept. 2s.---For the ad-
vances that were seen In the stock
market today no particular expiana-
ton Is needed. 1t was simply natural
reaction from the pessimism of the
previous week. II Ia Understood now
even by union labor that Bolshevism
has no place in tns steel mills. Pro-
fessionals began at the very opening
to discount the victory of American
labor but in the afternoon when Sec
rotary Redf1eid. OF the department of
gave a formal announce
ment on behalf OF the government re-
garding labor there was a general re-
newed advance in every department OF
tho market.
Railroads did not participate for
their problem Is yet to be solved ana
is not SO much one of labor as OF poll
tics. Exchange turned weak again and
cotton was strong.
u. S. Steel and Bethlehem were
centers of attraction throughout the
day and monopolized most OF the IN
terest although some other stocks ex-
ceeded them in the extent of move
ment. These two stocks were looked
upon as a barometer of the situation.
Both opened heavy and continued
weak for an hour or so while union
labor leaders gave their version Oh
the situation.
In the afternoon the facts of the
situation became clear to every
body. Steel moved up In digni-
fed Quiet way until it reached the
high point of -o7 Ia while Beth
lehem Steel was marked up to
10S 1-2, both OF these being new
high marks for recent weeks.
with these two stocks representing
the storm centers Of the labor figh
showing such vitality II was easy fol-
pools in other issues to get prices up
In Crucfble there was sensationa
advance to 237 which Is the highes
price at which the stock ever sold ons
| OF the most important commission
houses of the street boldly announce
| that the stock would sell at ESQ thi.
week.
All the money of America seems e
| be drifting away from the rails int
the industrials. There is sure to be q
] pretty big market in these stocks
General Motors moved to a new high
| record.
| In connection with the rise I'm Stude.
baker, il was said that insiders of that
| company had gained control of tho
National Esnameling and Stamping
company, or at least such a large mi
The advance in International Har-
vester to 1873 was evidence that the
farming element has much to do with
the stock market,
Tobacco stocks were firm but at =
tracted little attention because the
street Is awaiting details of the great
companies into which the American
Tobacco Is to be dissolved
Ofnclal announcement of the new
tobacco company may be expected
within few days
Call money went as high as per
cent but that did not stop profes-
SIGNALS from buying stocks One of
the reasons was considerable short
interest was discovered. A goo0many
traders who did not expect the steel
strikers to win nevertheless went shor.
believing the labor conference would
uncover their stock, They also thought
that the strike OF the railroad men
would interrupt foreign commerce.
Some even sold against the advancing
market on the theory that the worst
had not been heard yet in either the
steel strike or the railroad strike in
England. In the last hour there was
very large covering of short con-
tracts Many new short contracts have
peen entered into that have preserved
the technical position of the market
On October there will be heavy dfvi-
oends payable that will make heavy
suaih on the money market