The Richmond Virginian. (Richmond, Va.) 1910-1920, 1919-07-31
'WAAT MONEY LEFT FREE
IN CROP MOVING SEASON

:, New York, July 30.-Professional
traders are heavily short of the
stock market and made a desperate
fight today to save themselves. They
took full advantage of another meet
ing Of the Federal Reserve board
mors that worried the street. Not
at Washington and circulated ru-
only did they succeed in checking the
advance that was started in the
morning, but they caused a material
set back In the whole list. Only a
few stocks maintained trength
throughout the session. These were
/ the tobaccos and some specialties.
United States Steel which was a lead
er In the mornang. Joined the declin-
ing column in the las hour of trading.
The close was thoroughly active and
almost weak.
Those banking interests who take
an optimistic view Of the situation
looked upon today as another oppor-
tunity to pick up bargains. The lead
ership in steel proved elusive, but
there was no doubt as to who vas
willing to buy tobacco shares.
After the market closed the Re-
serve board repeated its statement
made during the day in such a posi-
tive manner that 1t could not be
misunderstood and the normal result
must be a scurrying of shorts for
cover
Wild whispers went round the street
regarding money and the terrible
things the Reserve board intended to
do to Wall Street If 1t did not let
the shorts coyer their stocks with
OF loss.
The rumors were silenced after
the market closed by an official
statement issued by Governor Hard
Il tn.~ ~ <hA pannrvA knnr1 He utatad
that the board feels 1t has already
made clear Its position regarding the
call loan market ard had nothing
further to say on the subject at the
present time. AS long as an orderly
market is in progress there will be no
trouble from Washington. There is
nothing in the money situation 70
cause alarm. All that the Reserve
board wants is that money shall be
= left as free as possible during the
crop moving season. That Is exactly
what the conservative interests in
Wall Street want
! Strike tall and Gary ak Influenced
the market for United States Steel
In the morning IT was Gary's opti-
mistic statement that advanced 1t. In
the afternoon it was whispered mis-
Information regarding the strike sit
uation that caused the decline. Gary
says tHeFe Will De no Strike.
The strong feature of the steel
shares is that they have spent Sc
mush money in the last few years
making extensions that they will not
have to spend any worth while for
five CT six years at cas- That leaves
them to pay out in dividends prac-
tically everything they earn. II the
> United States Steel directors care to
do so they will be able 10 pay any
extra dividend at the end of this
year. The buying in steel is high
class, and reactions such as today
are welcome by the people who are
buying.
B.. NJ. Baruch said a good thing for
1.-THE ceal stocks today. without per
haps intending 1t. He stated thai
/ Europe was In as much danger OF
Starving. This, Is official confrma'
ton of the reports that have beer
; ~cGEgent in Wall Street about the Goa
Situation abroad. There is urgent de.
mapd for every t9n Of coal tina
sfARsBie ssers AZ s.s. sna by fa h s ssm,
|. barrel of oil that can be exported
from the United States or Mexico.