The evening world., 1919-09-25
WALL STREET
News and Gossip of To-Day's
Market-PreSent and Fu-
ture Prices.

Professional Wall street operators
and Stock Exchange floor traders
seem to have assumed temporary
charge OF the stock market They
are now mainly responsible FOR
changes in quotations The public
displays little interest. measuring by
the volume Of their transactions.
As is usually the case when this
condition exists trading is moro or
less feverish and the tone Irregular
Certain groups Of stocks display more
or less strength while others, under
pressure OF bearish attacks or profit
taking. have a downward tendency.
Bullish activity to-day was con-
fined largely to sugar and other food
shares. In the case Of sugar stocks
this was readily understood. For
many months the price Of sugar has
been fixcd by the Government. BY
the end OF the year there probably
will be a withdrawal OF Government
control. II this does occur II is ox-
pccted that the price OF sugar will
rapidly advance, and be maintained
at a new high record level for two
years at least Sugar securities are
now being bought by speculative
groups in anticipation of this.
Steel stocks again moved within a
narrow range. After an early show
OF strength they were attacked by
professionals and sold off. but when II
was found that outside liquidation
was not induced. the attack ended.
American Tobacco made its usual
daily high record, this time selling at
S03. which represents 10 point gain
over yesterdays close. Announcement
, OF important developments concern
ing this company probably will be-
made before the end OF this week
The report has been circulated that
the Dig combination OF various to-
bacco companies, predicted in this
column, has been abandoned. This
Is not the case. There has been con-
siderable discussion by the interests
having the combination In charge as
TO whether 1t would conflict with
present antitrust laws. II Is be-
lieved that big combination can be
and will be effected that Will not be
frowned upon by the Department OF
Justice.
Railroad. copper. oil and most
stocks, with the exception OF the food
shares, moved in an uncertain man
nor 10 the end OF the session.
Reports from various steel mills
that conditions are steadily improv-
ing failed to induce much new buy
ing. but the market Is now known to
be in such a strong position that 1t
should respond quickly and substan-
TALLY in the not unlikely event that
the strike suddenly collapses.
In discussing the possibility OF an
common stock the EIldwn Co. presi-
dent calls attention TO the fact that
his company is working with dol
lar having 40 cents purchasing
power"
This may be interpreted that d.
rectors will move cautiously in the
matter OF dividends and II Is doubtful
IL a payment Will be ordered this
year.
II is known that the position taker
by the Baldwin Cos. president is en-
dorsed and is being practised by the
arrangements OF other companies
that, according to widely circulated
Wall Street rumors, will soon cut
Juicy cash melons" for stockholders.
Directors OF these companies feel
that because II requires two and
half times as much working capital
as formerly to conduct business cash
resources must as a matter OF pru-
dence. be conserved.
Publication OF the poor Semi-annual
report Of the American Smelling &
N,fning Co. which was accurately
forecasted IN this column yesterday
has renewed attention TO the position
OF copper companies generally. Tho
Of surplus metal in the
country Is a matter OF much conjec-
ture. Responsible trade authorities
hesitate 70 make estimates. BCs.
opinion seems to be that the 1900
100000 pound surplus existing at the
time the armistice was signed has
not been appreclably reduced. And
Il Is known to be "A fact that tcw
II any OF the larger copper COM
panies are now earning their cur
rent rate OF dividend disbursements.