The Richmond Virginian. (Richmond, Va.) 1910-1920, 1919-07-29
ANOTHER ATTEMPT TO
BREAK MARKET FAILS

New York. July zs.-Another pro-
IesSlonal attempt to break the stock
market failed today. Early in the
day an attack was made on u. s.
Steel and 1t yielded more than a point
from the high price recorded o
after the opening. The tobacco
shares were then assaulted and to-
bacco products was sold pe%rsistently
throughout the session. 1t ended the
day with q net loss but the 9th J.,
bacco shares held their own. L.. ne
late trading ar attempt was made to
cover the steel sold in the morning,
but it had to be taken back at a loss.
portant advances In specia1ties. par
ticularly in all the coal shares. New
York Dock. United Drug, Central
Foundry, Deere preferred and Owen
Bottle. The independent steel shares
were steady but Crucible yielded a
couple of points at the close of trad
ing.
The underlying strength of the
market RAJ due to expectation of an
advance in general steel prices fol-
lowing the action Of small indepen-
dents.
The iPttsburg Steel company ad-
vanced wire prices from 81 to So a
ton yesterday, making the third adj
vance Of the kind by these small
companies. Most Of the steel COM
panies say hat their output now is
limited only by labor they can secure.
The quarterly, statement OF the steel
corporation is due tomorrow and will
be very poor. Stocks, however. are
being bought on the outlook and. that
Is good.
It was evident hat the best buy
ing on the tobacco list was in United
Retail Stores That stock was firm
- --..-A-.A 49, -Az.SN1 To- anfto Of tho
/ weakness of products. Both issues of
| New York Dock made high records
after sharp advances. Interest In oil
stocks was diverted from the ex-
change to the outside market for
! Shell Transport and Trading. Allot-
ments OF the underwriting in that
/ company were only about o~ne-twelfth
on the average.
A sickly advance In New Haven
stock failed to inspire the railroad
list. one reason being that reports of
earnings that were published were
not very satisfactory,
One report yesterday was that Dr.
rector General Hines would recon-
mend an immediate advance of
freight rates of ten pei cent Politi-
| clans who are looking to the presiden-
tiai campaign OF next year SAID they
guessed not
There is a world shortage OF coal.
! Consumers are only now beginning
to realize 1t. and many of them are
laying in stocks of coal That is why
Burns Brothers stock was so strong
yesterday.
This situation Is extremely bullish
! on Petroleum issues also, for the gov
ernments will encourage the use OF
Petroleum by manufacturing concerns
Ia large cities in order to conserve
coal for private consumers.
Baldwin locomotive was the feature
OF the closing hour. The optimistic
sentiment resulting from announce
mcnt OF the $1,000. 900. 900 increase In
capital stock by the Standard Oh
company OF New Jersey is permeat-
ing the whole list. No n event In
recent weeks has been so fully and
so +cheerfully discussed. The link
ing together OF the Standard Oil and
| Morgan interests in this issue Is con-
sid very important.
Time money held Arm around seven
per cent. Telephone stocks and bonds
Icon .inue heavy and all reliable bank
| ers and brokers are warning their
| clients to beware Of them.