The Richmond Virginian. (Richmond, Va.) 1910-1920, 1919-05-29
WINTER WHEAT CROP Is
100 PER Cent PERFECT
This One Reason Given for Easy Con-
dition Of Money Market.

New York, May 2s.-In the last
hour today there was excited buying
of stocks that that established new
high records in standard issues as
well specialties Then in the last few
minutes of trading a wave of profit
taking swept over the street with the
result that final prices were a point or
more under the high figures that had
Just been established. This profit
taking was due to the coming holi-
days which happens at a very critical
time.
Before the market opens on Mon
day there may be very important de-
velopments in the German situation,
1t is dimcult to see now how any de-
velopment in the German situation
can take the market by surprise for
all arrangements have been made to
march the allied armies into Germany
in the event of refusal to sign and
the market knows that and has
taken 1t into account. 1t is much
more likely that the market has not
discounted actual signing by the Ger
mans for very few persons seem to
believe the Germans really will sign
at this time. SO as stock market
proposition the holiday is much more
likely to be in favor Of higher prices
than otherwise.
trading were u. S. Steel. the Leather
issues. the food stocks, Tobacco. Ice,
Railroad Equipments and local trac
tions Other stocks we're active and
strong and the gains of point and
more were numerous.
Bankers made it clear to their
/ brokerage clients that in spite Of the
billion dollar level OF loans, the
money situation is easy There is no
money reason for pessimism just now.
. The big reason that sticks out of
the market like a mountain top ia the
crop situation of the United States.
The winter wheat crop is more than
100 per cent perfect. Some doubt has
been entertained regarding the spring
wheat crop and today that was dis
solved by an enthusiastic reports from
the government experts. The reports
this year read like oil company pros
pectuses. Wall street is hoping that
the experts really know what they are
talking. The crops are the founda-
! ton of the whole structure of pros
perity. OF course much depends on
the weather from now on, but the
harvesting of winter wheat will be in
full swing within a few days and the
world will get a show down
When L. S. Steel started its fresh
upward movement today it had the
backing of report of the Iron Age
that the whole steel industry is i'm
proving
Food stocks OF all kinds including
ice were strong. The movement
started with corn products and eX-
tended through that to I.inseed and
TO cotton oil. California Packing.
Biscuit and American let President
Franklin of the Mercantile Marine
said today the company would prob
ably be liquidated ar soon az the sale
OF ships to the British syndicate is
completed Liquidation of the Mer-
camille Marine company will I'M
douhtedly be accomplished through
the organization of new corporation
which may be clothed by the Ameri-
can government with power not held
by the old company-powers that will
enable it to compete successfully for
more than two years with ships OF
other lands
Strength OF the Tobacco shares was
feature of the market, tobacco pro-
| ducts going to new high level
! Several important stocks sell ex'
| dividend tomorrow and will look sc
| cheap as TO attract buyer Among
! them are Canadian Pacific. Southern
Pacific, Norfolk and Western. L. s
Steel, Shelters, California Packing
and Ajax Tire.
Bank Clearances.
Richmond, May %, ST.7i5.e42