Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-06-05
u. S. STEEL BIC FEATURE
OF MARKET, GOING TO 81
Sensational Rise Taken to Indicate
Further Advancc-Profcssio
Feel Confident,
TOBACCO STOCKS ARE STRONG
Rumor OF Coolidge MS Nominee
- Adds Strcngth-Bclgian loan
Success Depends on Gambling
Spirit OF America Buying Bonds.
ny nnnApAN WALL.

y. NEW YORK, June 4.-Busincss was
on n small scale again today and
while about hundred stocks showed
ret gains. nearly that many showed
net declines and half as many did
nothing ut all. business was almost
entirely. professional. eNccp; in Il few
specialtics' where there was special
reason Cor buying. The tobacco
stocks were strong feature. par
ticularly retail stores. United states
Steel was the big feature of the last
hour. II sold up to %. thereby
convincing the professionals that it
will probably go four or five points
more. Crucihlc. Baldwin and the
+. Mexican Petroleum issues were
What strength there was in the
+ market was due partly to short Gov
ering and partly 10 report that the
political leaders at Chicago had
united on Coolidge for President. II
betting means anything. the Coolidge
chances are vastly improved for the
odds dropped from II 10 against
hint to 10 |. With Coolidge as head
of the ticket Wall Street would feel
confident of the elimination OF all
undesirablcs in Washington.
Money hung around G per cent all
day.
belgian Loan Considered Gamble.
Success of the Belgian loan is based
almost entirely on the lottery fea-
turc. Back OF that is a feeling that
the great nations would not permit
Belgium 20 default on loan, but
would get behind the country If such
a thing were probable: The Ameri-
can people love To gamble and this is
the first time a really rich prize has
been held up for them in a legitimate
way. Sale of these Belgian bonds
therefore does not mean anything so
far as credit conditions are con-
cerncd. Belgium had to have the
money and the bankers adopted q
method that was sure 10 produce II.
1t was admitted today that the
General Motors outfit would take all
its steel in tho future from the
United States Steel Corporation. IL
Is almost enough to make one wonder
how much fact and how much hluT
there was In the recent talk about
an independent steel combination to
be identified with General Motors
Wall Street wonders just why j. j.
Morgan & Company suddenly mani
Tested n desire TO do the banking for
the General Motors. The identity OF
the underwriters OF the new General
Motors would make an interesting
exhibit. The United States Steel Cor
roration has q lot OF cash. So has
the American Car and Foundry Com
pany.
No Advance Ready for Roads.
Report from Washington today was
that the Interstate Commerce CONF
mission could not finish MP its invcs-
tiGation OF railroad needs until Sep
itlilptI at til' ''il li'EA' anu A''''A ~
fore no advance could he granted I'M 4
til that time The advance. when II
does come. Will probably average 30
per cent for the whole country. I
Wages will absorb large portion OF
this. one bad feature OF the railroad
situation is tina; so many men are.
leaving the service and going into
other work. This fact has been
stated in this column before and now
ii is officially proclaimed by the
nnon labor leaders. There Is no
doubt that the men who are leaving
the railroads have not received II
square deal. but their failure to re-
ceive such a deal IS the fault of the
union leaders who gave the money
to favored classes of labor. Nothing
but higher wages will bring suiii- I
Client labor back TO the railroads.