Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1919-07-26
STOCK MARKET ENJOYS
j.: DAY OF GREAT STRENGTH
Many Issues Sell OF in Last Hour
as Result of Profit
;,'t' Taking.
,4AOP I NJ M Is EXPLAINED
s5tte
Strong Financial Interests Declared
TO Be Engaged in Large Securities
Y. Flotations Calling for Active and
Strong Demand.

R1 BRoADAN WALL.

~
Hu NEW YORK. Juiy 25.--After a dan
of great strength in which new hiei
records were made by several is
sues. the stock market sold OF in the
last hour as the result of rof;-takine
1t closed steady but little under the
hest prices for the bulk OF the stocks
few issues were aEressively strong
Z un to the Very las; minute Of trading
In several individual stocks There
were definite reasons for advances. In
the TooaCCoS IL vas a large short in
tereSt that i becoming worried. In
the marines il was the announcement
made Of the discovery Of a 10000. GOO
'concesled asset The Corr. Products
FeSr; q s.: shs 5s & fa6g an5 IN six
The price level improved UP to MID
r day. Then there wss reaction dua
20 proh;-takins. Another upward
movement was followed by rather free
selling ~ the last hour but jus; be-
fore the close a sharp advance came
in the spe cialt!es that carried the whole
market up.
Markets Strength Explained.
Alnouneenent ~ the Standard on
OF New Jersey after the close OF :he
market TO-DAY that i would issue SIS,
100000 4 rev per cent preferred
stock and list boch that and the COM
York stock exchange explained much
of the mysterious strength OF the MAJ
ket that has puzzled professionals re-
Gently.
According 70 all rules Of the Street
the na-Ee; should have BAD reaction
but no sooner CO ;hs professionals Eec
II so!ns down than some mysterious
1t is now evident tina; The oisrest
business interests Of me country have
entered o. campaign o. DEVELOPMENT
the stocl; Ta-ke; Il is necessary for
them - have al active aai strong mar
Eet to- This purpose.
For some days The tobacco people
=
inE prices bu: intimate kaowiedEe o.:
;hei- activities makes il Possible 20
Sag that they have done very LITTLE
4lonE that line. They themselves have
STOCKS. The Standard OIL announcement
makes eve-Tth!nE clear.
Committee to Policy of Optimism.
This in conneoti7in S!th the Notation
Of the Shell Transport and Trading
eCompany issue. The new Cramps COM
ranging from, s. 100000 dollars UP
commits the leading bankers TO a
policy OF optimism in the market.
Professionals came TO the street to-
day confden, th.t their a,,acE of the
previous afternoon would bring in a
food Of selling orders. Much 20 their
surprise the public recognized the
,-hteak III prices as nothing more tina n
IN opportunity to pick IN bargains.
Shorts We're forced 10 cover one ana
two points above The previous closing.
NOT Only Ulu me genera! icNrl OF prices
but several issues made new high rec
ords for all time Conspicuous among
these were Corn Products. Refining
American Tobacco, Tobacco Product.
= and Central Foundry.
Foreign Trade Report.
" Aside from the Standard Oil financ.
. ing the most important influences were
the government report of record for
eign trade for the fiscal year, a rcali-
cation by the public of the Importance
Of the action taken by tho First Ma
tional Bank in recognizing Industrial Is
AS, the equals of rails in collateral and
- a fading away of strike talk in con
''-nection With the steel industry. II was
also sad an announcement would soon
he made OF an increase in steel prices
by the leading producers.
As an illustration of the prosperity
of the food companies the Corn Pro-
ducts Company reported that In tho
first six months Of this wear il had
earned sl2 a share on its common
stock. This resulted in an excited buy
ing movement which put the stock "a
the hiGheS, price on record. There
was insistcnt buying up 10 the very
close,
Although the United States food pro-
ducts showed no net advance for the
!. day the buying Of that issue Was OF
the hest character.
Kelly Springfield was strong on ru-
mors of an important contract for tires.