The Washington herald., 1919-06-21
FOOD and CORN
SHOW BIC GAINS
Stocks Go to High Points
Never Before Reached
In Streets History.
BY BROADAN WALL.

New York. June 2o.AwaIl Street
had hunch today that the Ger
mans were blufing and would sign
the peace treaty. The result was
extreme buoyancy in several de-
partments of the market, the food
stocks particularly were strong and
corn products. virginia-Carolina
chemical. United Food products and
American linseed went to prices
never before touched. The tire and
rubber stocks were also at higher
prices. United States Rubber ana
keystone making new records. with
AJAX and Kelly-Springneld follow
ing close after.
under leadership OF United Cigar
Stores and tobacco products. United
states Steel, BetnIenem Steel and
the whole tribe of metal shares
were strong.
Among the oil stocks Texas and
Pacific was the leader with an ad-
vance of more than eight points to
the highest price On record. While
Texas and Pacific Is nominally a
railroad. 1t is actually an oil issue
ana Its present advance is due en-
tlrely to oil facts and not to any
improvement in the rail situation.
Although it is Friday. when the
greatest strain is usually made on
the money, call rates were reasona-
pie. The experience OF Monday. and
the nationwide denunciation of the
10 per cent money outrage has taught
The Federal Reserve Bank to be rea-
4 sonable in the handling of credit.
Up 10 the close of the market there
was no official confirmation OF the
peace rumor. but bankers with in
ternational connections have had that
| information for several weeks. They
bought heavily last Friday. Saturday
and Monday. when stocks were on
the bargain counter.
Strength OF the tire stocks and
rubber naturally followed the state
ment made by Managing Director
Cook. of the Kelly-Springfield Tire
Company. who estimates the coun-
try's necessity at 1900. 900 tires for
1920. The price OF crude rubber is
at low record so that every induce
ment is given for the boom in the
rubber industry. Every tire company
in the country is assured Of all the
business that il can handle for the
next year. Thi; also encourages the
automobile industry. for tires are an
| important item in the upkeep OF these
machines.
Good Roads Boost Food stocks.
! The higher prices for food shares
was due partly to the necessities OF
| Europe and also in a large part 10
the certainty of a rapid increase in
the mileage of good roads and the
number of automobiles.
Shipping shares under the leader
; ship of American International were
in good demand.
= The revival in steel and copper is
no longer a matter OF Imagination.
i Tangible evidence is found on the or
der books OF practically every COM
pany.
When United Cigar Stores and To-
1 bacco Products made their new high
records these prices were reflected on
/; the curb strength of United Re-
| tail Stores stock Official announce
ments are expected within the next
! few days of some of the chain storee
companies that will be taken in by
| the new world-encirciing combination
| An important financial group has or
! ganized. without any publicity. a new
automobile company. and will bring
out in the fall a medium-priced car
new in design euuipmput and name