Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-06-02
ASSURANCES OF BONUS
FAILURE HELPS MARKET
'ihal Decline OF Stocks at Close Is
Considered rs Usual Profit
Taking.
ToBACCos ARE srRoN
Investment Bankers and SpccuIa-
tive brokers Advise Purchase OF
railroad Stocks mud Stocks OF
railroad Equipment Companies.
by DnOADAN WALL.

NEW YORK. Juno l.-Stocks
crossed slightly lower today and quiet
under the influence OF n 10 per cent
call money rate. Despite the adj
vance or tho discount rate by the
enerhi reserve bank call funds were
lew bclated borrowers we're com
pei.ed to pay at the high price.
III, II me morning there was some
hesitation on account OF the passage
OF the bonus bill by the House. The
street has assurances from Washing
,oh mat there Is no intention OF let
anu even II IL should slip through
the Senate the President is pledged
10 veto IL So the market was strong
most Of the day and the final decline
WAS not cons idered anything more
IMAM tho usual pront-takinS.
Nucn interest was manifested in
the motor stocks. and IL was evident
anat pools were accommodating them.
The reason for this accumulation viii
become known within Il few days
especially IN regard 10 General
TOhnccos Are Strong.
olhcla! announcement Of tho March
production, Of tobacco in this coun-
try caused good buying in ali tho
tobacco stocks. which were strong
throughout the session The govern
nent hgurc3 show that cigarettes are
n nSM htinS made at the rate OF So.
States.
THIS is an increase Of I27a per
cent over March OF la", year. Cigars
umc oi output, manufactured to-
bhcco Si.i and snuff 27.s per cont
n'er the OUTPUT OF March. 1919. The
Increase In the cigar busiress In con-
hiuttcd me most remarkable feature
OF the Mutation.
coca-coln enjoyed 4 brief period
OIL stfcngth when announcement was
made that suit against the company
ny The bottle manufacturers had been
Withdrawn.
Tomorrow Is the day tina, Pan
ana Wall Stree, has expected them
10 declare a stock dividend i. is
uoubtiul whether they VII! do 80
until IL 10 certain that tho bonus
shape. \ stock dividend Is no rca-
son for buying stock anyhow be-
cause y is nothing of value.
Advise IL Uuy UuiIrOnd Stocks
Investment bankers aud spccula-
tive brokers are Joining now In ad
sis,nG The purchase OF ra llroad Atocks
companies. They arc doing tits on
the theory that the appraisal by the
SoEarnmcnt VIII Xix railroad values
so nigh that under the law the In
be enabled TO grant rates putting all
railroads IN strong financial position.
The first thing they VIII have 10 do
Flotat!on OF the Belgian bonds is
not expected 10 interfere with the
general Investment situation because
tho redemption feature q! those
bonds Will attract chiefly VIVA, is
known AS money Of adventure. The
lottery In thcse bonds Is much more
pronounced than in any outstanding
Steel slnkinE fund SIS have IT,
Announcement that the stock
holders OF Sears, Ro..rcG " Co. had
approved the 40 per cent stock divl-
1CGI ul0 not help the pr.ce oil that
STOCK IN the market.
American Sumatra directors ap-
proved the increase In the common
stock OF from 5i5.60o0D0 10 $cd.
COu.O00. or this new stock {656f.000
VIII be required for conversion OF
the new i-9 per cent notes.