The Richmond Virginian. (Richmond, Va.) 1910-1920, 1919-08-30
tF|llRT TO REDUCE THE|
nigh COST Of L|vIle,|
STIMULATING EFFECT

New York. Aug. 2s.-Ths pronounced
enange OF the governments attitude
toward labor which came after the
close OF the market on Thursday and
the decision Of the Representatives or Of
the ehopmen to accept the proposal OF
. wiison. that they postpone
taxing definite action for ninety days
when It - expected that the federal
authorities will have ,ebtatned results
~ III EFFORT to reduce the high cost OF
living. had . most. stimulating effect
on tho pricos Of securities today,
Announcement that the Southern Pa
cine has won suits brought W the gov
ernmsnt against II In the lower courts
In Caltfornia was also usAd to ad-
vantage by the bulls. Buying for the
account OF shorts was urgent through
tho session. especially 1t the opening
Ind when the gong Wounded for tire
end OF dealings stanAAfd issuss showed
net gains ranging from two to three
points with some specialties showing
advances Of 10 much ~ twelve paints.
Tha bullish demonstration was such
that United States steel, common,
which sold ex dividend, moved into
new high territory for tho present
movement, The oil shares and motors
were strongly SUPPORTED all day. not !.
outstanding substantial proft taking
eaieA
initial gains at the opening OF the
session ranged from two to three
points The overnight news resulted
In an unusually urgent inquiry for
shares. After the frst fifteen minutes
OF business reA1ixing sales appeared
and caused momentary fAcessions from
the best. but all offerings were readily
| absorbed so that by noon prices once
moro resumed their upward move
Inent About half an hour before the
he - - -
the lower quotations induced add
tfonal purchases which continued up
to the end OF trading and left prices
near tho best.
Best opinion In the street after the
close OF the market was that the up
ward movement would probably be
continued at least in the early trading
vailed at the end Of the session was
most impressive.
The rise IN Southern Pacific attracted
niuch attention.
Shares OF oil companies.took a prom .
inent part In the demonstration OF
optimism. Mexican Petroleum was the
leader OF this group. closing at the
top price OF the session and with "A net
gain OF slightly more than eighteen
POINTS. Pan-American Petroleum was
also favorite and advanced nearly
FIVE points Sinclair Oil and Transcon-
t.nental Oil shares In the upward
movement.
Shorts in Crucible steel received a
licking from which they will smart
for many weeks. Brokers said yester-
day that the rise Of slightly more than
ten points was due almost entirely to
the fact that the insiderA who are run
ming the market in the stock yesterday
called In practically all Of the stock
that had been loaned
This resulted In stampede on the part
OF shorts to get back the shares which
Trey had sold. The quotation closed
shade under the best. indicating that
the rush on the part Of shorts was in
full swing when the session ended.
II the present demonstration con-
t!nues in even modified form there will
he quite few new offerings which will
make their appearance. Several are
already grocmed and await favorable
auspices for their launching