Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1919-08-30
REDUCING LIVING COST
STIMULATES MARKET
Standard Issues Show Net Gains Of
From Two to Three Points
In Days Trading.
|spEClALTIEs MAKE. ADVANCES
Bullish Demonstration Moves United
states Steel Common Into New
Territory = Oil Shares Strongly
Supported
ny BROADAN WALL.

NEW YORK. August o9.-Thc pro-
bounced change of the governments
attitude toward labor which came
after the close OF the market on Thurs
day and the decision OF the represen-
tatiHes OF the shopmen TO accept the
postpone taking defy action for
ninety days. when it \ Expected that
the Federal authorities will have oh
h,"e h. Fss 9osi in Us effort 10 rea"ss
stimulating effect on the prices o.:
securities today.
-, Announcement that the Southern
racine has won suits brought by the
government against it in the lower
courts in California. was also used to
advantage by the bulls. buying for
through the session. especially at the
opening. and when the gong sounded
for the end of dealings. standard is-
sues showed net gains averaging from
Two TO three points with some spcc-
aitics showing advances of as much
as twelve points.
New Level for Steel Common.
The bullish demonstration was such
mat United states steel common
which sold cx-dividend moved into
ncw high territory for tho prescn,
movement. The oil shares and motors
were strongly supported al! day. not
WithstandinS substantial proft-takins
lneial gains al the opening of the
session ranged from two 70 three
points. The overnight news resulted
IN an unusually urgent inquiry for
shares. After tho first fifteen minutes
or business realizing sales appeared
ana caused momentarv recessions from
The best. but All offerings were readily
absorbed so that by noon prices once
more resumed their upward movement
About half AN hour before tho close
me list began TO case on bu; tho
purchases which continued up to the
end OF trading and left prices near
the best
To Continue Upvnrd.
Best opinion in the stree, after the
c!osc o. the market was that the un-
WI movement would probably be
&cc inued at lcas; in tho carly trading
Iof Tuesday. The strength which pre-
vailed AT the end OF the session Was
The rise In southern Pacific attract
cd much attention.
shares in OIL companies took a
prominent part in the Demonstration
of optimism. Mexican Petroleum was
the leader Of this group closing A.
Inc top price Of tn" session AMI with
mel gain OF slightly more than eight
Teen points. Pan American Petrole-
um was also favoriie and advanced
nearly FIVE points. Sinclair oil Ard
Transcontinental Oil shared in the up-
Lick Crurfhle steel shorts.
Shorts in cruciblc Steel received a
i.rk!nS from which they will smart
Or many weeks. Brokers said YES
,erday that the rise OF slightly more
than ten points was due amos; cn-
tireiy to the fact that the insiders
VINO are running the markc, in the
stock yesterday called in practically
AL or the stock tina; had been loaned
THIS resulted In stampede on the part
or snort 10 get bach the shares which
they had sold The quotation closed a
shade under the best. indicating tina;
The rush on the part of shorts vas in
fu!l swing when the session ended
II the present dem onstration con-
tinucs IN even modified form there
VIII bc quite few new offerings
which VIII make their appearance.
evcrai arc alrsadv grnomed and a.=ai:
favorable auspices for their launch
ing