The Richmond Virginian. (Richmond, Va.) 1910-1920, 1919-08-13
RETAIL CIGAR STORES
FOR THE CONTINENT

New York. Aug 12-All stocks that
were active today advanced. In some
the upward movements were very ma
tertal. notably In Baldwin. American
Locomotive. pan-American. Studebaker
and Retail Stores. In Steel the ad-
vance was only fractional
In some Of the stocks that advanced
sharply it was a short interest being
punished, but the buying for invest
rlent account was also quite important.
The market opened Arm, turned weak
and about the middle of the day ad-
vanced sharply under strength In Bald
win and Retail Stores The close was
about the best.
Withdrawals Of government money
from the banks was expected to make
call rates higher. but unusual strain
on the money market had developed
during the session. Wall street takes
much comfort from the official figures
published several days ago. showing
that there has been quite a retirement
OF currency. This retirement has been
greater than justified by the circum-
stances and another increase Ia due.
1t is the feeling Of leading banking
interests that official Washington has
learned a lesson from the wild nuctua-
lions in the stock market last week and
will not again attempt to dictate what
W all sLfcSl snail 10. inns interference
from Washington almost caused a panic
and a panic In Wall street now would
demoralize general business to such
an extent as to increase the cost of
living. 1t Is JUST as important that
there be an orderly markets in Wall
street as that union lab Dor stop it's talk
OF strikes. Full speed ahead in all
branches of industry is necessary
For the advance in Baldwin, Wall
street heard that old story of finan-
cial plan. Three shares Of new stock
for one OF the old is the rumor now
| in circulation. II the three shares are
| no-par stock, no taxes will have to
| be paid and the company will be re-
| lieved of the embarrassing necessity
of explaining an increase in capitalize :
ton.
| According to report current in the
! financial district, an important official
of the United Retail Stores corpora
ton will go to Europe in about a week
with the idea OF establishing retail
| cigar stores on the continent The to-
bacco business in Europe Is a gov
eminent monopoly in France, Italy,
Austria and several other countries.
1t Is not developed as in America, and
the Introduction OF American brands
during the war has made Europe want
more American goods. The big idea
seems 20 be that If the governments
would open small tobacco shops pat
termed after the Whelan Stores in
America and put crippled soldiers in
charge of them they would serve the
three-fold purpose of increasing the
| revenues, satisfying the public appe-
tite, and furnishing Jobs for helpless
veterans.
Every time pan American and Mex.
i lean Petroleum shows un 9
strength as it did today. Wall street
| begins to talk OF developments to
| come. The developments In tho b.
| heney Oil company which these two
! stocks represent are not in the future
SO much as In the past. AS stated in
this column on several occasions. the
es are selling within only frac-
ton of what they are worth. provided
a staple government is established in
| Mexico.
The lazy way for accounting for
stock market movements Is to blame
it on some important operator. who IL
| always pleased to see himself in
imaginary leadership OF the market.
Just now however. II does happen that
a popular young man Is very busy,
| Heavy selling of last week has been
traced to his account and the pre-
sumption Is that he made mon6y Now
1t is said that he has turned and is
working on the long side OF the mar
ket again. 1t can also be said that
the so-called Waldorf crowd is heav-
! lily short of stocks. They are some
what chagrined at the case with which
\ they are able to sell stocks and at
the difficulty in getting them back.