The Richmond Virginian. (Richmond, Va.) 1910-1920, 1919-07-30
MARKET CLOSES STRONG.
WITH RISING TENDENCY
BY WALL.

New York. July 2s.-Another at
tempt was made today by profession
ais to Brighten the public out OF the
stock market. 1t sueeeeded in many
stocks and in all OF them part of the
day. But In the afternoon whelan
issues came to the front with such a
rush that they saved the situation. In
the last few minutes Of trading United
States Steel was a tower OF strength
and the market closed with material
net losses but strong and with a rising
tendency.
After the close, the United states
Steel Corporation earnings
for the sccondr quarter OF the year.
These were much better than expected
and in addition to the earnings, E. III.
Gary, chairman Of the corporation,
gave an optimistic talk that was worth
more than figures. 1t had been ex-
pected that the earnings would show
nothing at all for the common stock,
but they did show 1920 a share after
taxes. In the first quarter the CORE
spending earnings were $2.20. The
turn OF the tide came in May, in which
the lowest net OF the ear was record
ed. June showed an increase OF ST.
500. 000 over May, and July is running
very much better than that. so that
the third quarter will probably show
not less than Ave per ent earned on
the common stock.
Il 1t can be said, as a result of a care
full investigation covering all the lead
ing steel companies, that all danger
OF a strike in that industry Is ended.
The most cordial relations exist be-
tween the big companies and their en-
ployees. The only reason there is a
shortage OF labor in that so many of
the workmen have gone abroad either
as soldiers during the war or as for
TUNE hunters since the war.
Buying of u. s. Steel in particular
and OF all the steel shares in general
was of the very best kind in the last
hour. 1t would be strange IL such buy
ling did not turn the market upward.
The big sensation of the day was
The false report from Washington
THAT the federal reserve board in its
injecting was discussing the loan sit
I~uation in Wall Street and woul dissua
d warning and perhaps discipline the
street for being too optimistic. This
report was so circumstantial that It
was generally believed. 1t was only
after the board meeting adjourned
without any announcement that the f.
nancial district realized how it had
been imposed upon.
The authors of this false report were
soon disclosed, when an attempt was
made to cover a large short interest
that is outstanding in United Cigar
stores.
Railroad earnings that were pub
lished for the month Of June showed
comforting increases in net. These
however, do not furnish a safeguide
for the investor because traffic has
been diverted out Of channels in
which 1t will run under private own
ership. Another new scheme for
handling the railroads was presented
by the New England patriots. Any
one of a dozen plans that have been
presented would be good. The out
standing fact Is that the railroads are
in a demoralized condition something
like h telephones. n ever sincerely
good management would have trouble
making both ends meet. The rails
were hurt by announcement that the
Guaranty Trust company would fol-
low the lead OF the First National
bank and discontinue the ancient prac-
|tice OF giving rails preferential treat.
lment as collateral.