Evening star., 1920-06-30
STOCKS ARE FIRM,
TRADING HEAVIER
BY STUART p. WEST.

NEW YORK. June 30.-Wall street
came down to business this morning
more optimistic than it has been in
a long time. This was not SO much
the consequence of any late develop
ments in the situation-although the
absence of any disturbance in the
money market on the eve of the mid
year settlements was encouraging
as it was the recognition borne in
more strongly day by day that the
market was thoroughly liquidated and
had discounted everything unfavor-
able that has happened or that seems
reasonably likely to happen in out
side business and credit conditions.
New buying had begun to show
toward the close of yesterdays ses-
sion. 1t again manifested itself soon
after the opening today. The market
started in very tamely, but soon this
commenced to have its effect upon
prices. The upward movement was
not at all general; in fact, 1t was
quite exclusively confined to some
dozen or SO issues which, on account
of good earnings or other specific
recommendations, had been selected
as the most promising for specula-
tive ventures.
Special Favorites.
In this group were Vanadium Steel,
Baldwin Locomotive, Haskell & Bar
ker, the Mexican Oil shares, some OF
the tobaccos, Industrial Alcohol and
Sloss Sheffield
on the announcement that a very
valuable new ore deposit had been
discovered on the company's proper
ties and that knowledge of this had
been back of the fresh accumulation
of the stock noticeable for several
asst strength
the equipments required no expIana-
tion:. the outlook for the equipment
industry has been sufficiently well
advertised already.
The Mexican shares were, of course.
responding to the change in govern
ment which has made all Mexican
investments more popular for the
last week or more. The alcohol
stocks were moving logically in ac-
cord with the extraordinary profits
which these companies are known to
be making.
The Bond Market.
A better tone in the market for gov
ernment issues was the main incident
in today's bond dealings The Belgian
7las held their gain and were traded
in at os5s and 9SA. 1t was announced
that the definitive bonds are now ready
for delivery in exchange for the tenn
porary certificates.
Swedish governments were in some
demand and went higher. There was
also continued inquiry for Japanese is
sues, rejecting the improved financial
outlook in that country. Students OF
bond values consider the Japanese 4
per cents selling around 56 one of the
most attractive government bond in
vestments now Offering.
! Liberty bonds rallied some, especially
! the third and fourth loans.
Corporation issues were generally
quiet, but there was more Of an inquiry
! for the equipment and short term bonds
| like the Pennsylvania Is. The report
| that Armour & Co. were about to come
out with a new f1oatation was officially
denied this morning, but it was admitted
that several plans had been discussed,
and it was inferred from this that new
| financing would be undertaken later on.
If this is done it will probably take the
form of five-year notes convertible into
Armour preferred stock.
Tobacco Stocks.
| The position in the tobacco stocks
at the present time is stronger than
| it has been in long while. The
| reason for this is that the earnings
both of the Retail Stores and OF the
| Tobacco Products are breaking all
| records and this has made inside SEN
| timent unusually confident on these
| two issues. The way things are going
now Retail Stores will earn this year
| between S14,000.000 and $15,000,0 00t
| more than last year, which, OF
course, was the biggest in the com
panys history. 1t is predicted that
with the same rate Of increase the
! total business volume will pass tn.
! S1O0.000.000 mark in 1921.