The Richmond Virginian. (Richmond, Va.) 1910-1920, 1919-10-01
CHEERING REPORTS
FROM STEEL CEATERS
BY Broadan Wall.

New York. Sept 30.--Money ram
up to IL per cent at the close OF
business today in Wall Street and
professionals took advantage of this
to force a slight reaction in stocks.
me reaction was due on technical
grounds because in the morning there
was general upheavai that estab-
lished several new higher records
Net result of the day was very
satisfactory to the financial world both
from news and market standpoint.
From all steel centers came cheering
reports of the weakening OF the Bal
shevfstic forces. American labor is
coming through this test in splendid
form and as the result the adjust
ments that must come between capital
and labor will be made very easy
U. s. steel was the favorite today
with Bethlehem steel n close second.
Starting with these good stocks and
good feeling pervaded the whole steel
list and the junior steels were all
higher.
Aside from these stocks that moved
up as the result OF the failing of the
steel strike, there were some that
moved for purely technical reasons.
Among these were Crucible and
Baldwin in particular Both made
'tS'f iAatoh hA1Scs ldE iatiCi WIN Gil
advance of points to 143 IA and
the former with a II IA upiift to
| 24S.
Mexican Petroleum with an advance
of s "a points to, 225 "a was an1
| other record breaker. General
| Motors made a new high as did
American Can for this movement.
Jut at the close of trading an
nouncement was made that the Inter
national Trademarks corporation had
been organized to absorb the Ameri-
can tobacco company by exchange of
| stocks Stock of the American to-
bacco company Immediately shot Is
points upward to 800 where 1t closed.
The new corporation is a novelty.
1t will absorb several very large
corporations of equal rank with the
American tobacco. 1t will take only
such companies as have trademarked
goods OF national reputation The
Am erican tobacco company will be the
only tobacco concern in the corpora
ton, 1t is destined to be the greatest
and most comprehensive organiza-
ton In the world.
The British railroad strike is looked
upon as a menace to the market by
many professionals, 1t is not when
probably regarded. It is. If England
wants to plunge into a revolution that
will leave the United States doing
/ business as usual and supplying the
world markets that England will not
be able to take care of under the
circumstances. American business
! men do not want England to get her
self into a place but il il comes to
that America cannot suffer and the
event Is anything but bearish on tho
stock market.
In connection with the new high
record of the general Motors corpo-
ration II was rUmored yesterday that
directors are discussing plan to issue
stock of no par value for the present
issue and give 10 shares of Ii for one
OF that now outstanding.
No official confirmation OF this Ia
obtainable.
American Can continued it's i'm
pressive rise to a new high record
1t is understood that there is a
strong pool working in Bethlehem B.
sugar stocks continued advancing
undert the Influence of the best kind
of buying. The world is hungry for
sweets not only In the shape of sugar
and candy but in the shape of fruit.
Fnat is one reason why United Fruit
Is doing SO we'll.