The Richmond Virginian. (Richmond, Va.) 1910-1920, 1919-05-28
THE RIcHMoNp NEUTRALITY-SUSPICIOUS. WAY q, 1919
NEW HIGH RECORD FOR
TOBACCO PRODUCTS

New York. May e7--The stock
market was true to professional form
today for 1t was Tuesday and there
was a reaction. In spite of the
reactionary movement new high
records were made in large number
OF issues. In the late trading prices
started up again and the close was
firm. Considering the remarkable adj
vance Of the last few days the reac-
ton was almost nothing. 1t did not
discourage traders and tho public
holds on to stocks as firmly as ever.
Being, Tuesday. the market would
have reached anyhow but in search for
an excuse the pessirnistic talk of Presi
dent Vanderlip OF the city bank on
European conditions was brought
forth. Mr.. vandcrlip has been talk
ing that way ever since the war
started four years ago. He Is an
ultra conservative whose views are
held in high esteem by theoretical
economists. But 1t Is a matter of
record that his theories have not
Tailed with developments.
Mr. vanderlip has been trying to
prevent imitation which is very
laudable thing on his part but an inn
possibility. Imitation comes with every
great war as a matter of course Just
the same as bloodshed. The one is
as much to be depSored as the other
but facts are facts.
The stock market just now is deal
Ing with the facts of imitation. and not
with the theory of what may ulti-
mately come out OF the mess in
Europe.
The fact that Wall Street loans
have passed the billion dollar mark
must be considered in the light OF in
fiation and not in the light OF pre-
war conditions There is so much
more currency and credit in circula-
ton now. than there was when loans
were billion dollars in the pre-
vious market, that the matter is not
one to get excited over. The market
is so broad and purchasers are SO
well margined and so much new
money is coming into it every day that
1t will take a disaster of the first
magnitude to check the advance any
where in the near future,
OF course in time 1t will run into a
beautiful panic and that panic will be
AS much larger and as much more
|tumultuous than previous ones as the
trading is larger. But at the moment
there is no cause for alarm. The
crack will probably come without the
slightest warning. If Thursday night
can be reached without trouble, next
Monday should see the greatest day
|of trading in the history of the stock
exchange.
Food stocks were all strong, par
ticufarly r. s. Food products, corn
products. National Biscuit and Cali
fornfa packing.
Tobacco products esta blished a new
high record on rumors of rights.
soon to be given to stockholders In
connection with the American foreign
trading corporation which has just
been organized to develop business in
the orient. This new concern il a
subsidiary OF tobacco products and is
the first company of Its kind to be
formed by American capitalists. 1t
opens new field of enterprise that
promises to be extremely profitable
q. s. Rubber was put to the new
high record price OF lla The buy
ing of rubber by Dupont interests is
said to be responsible for this II
was also discovered yesterday that two
OF the well-known plungers of Wall
street have been accommodating rubber
on large scale.
Southern Pacific broke away from
restraining influences and with an
advance OF 3 IL points went into new
high territory with a suddeEness that
led the street to believe tho oil case
had been decided