Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-07-23
] !OCk MARKET RADIUS
OF TRADING IS LIMITED
RAli Street Shows Dcsultory
Activity With Few Breaks to t
Sfs Vary Monotony.
UDGE GARY is OPTIMISTIC
exchange Secs Another Weakness
IN Sugar, hut Shares Recover
ss'sItosscs-Dccisivc Buying in Steel,
Rails and Oils.
by nRoAnAN WALL.

~ NEW YORK, July 22.-Jndgc L. II
vary said today that he had not felt
4 go optimistic regarding business for
55S ..sssEx years He said he had been sur
esprised recently at the increased eff
ESGisncy or labor in the steel mills.
LaaHor has at last realized its rospon-
SaSIpility. 1t means that the turn has
w, Wall Street having been the most
s drastically cleaned out. fumigatcd
-3nnd Inundated department OF Amer
ssstcan Industry. will naturally he first
4 to reccs nize the now order OF things.
e. Another period Of weakness in the
4 sugar list was the feature of trad
-3ng. but after a sharp break these
= sShares recovered practically all their
SH.oss es. In the rails also there was
&aSmc decisive buying, and in the oils.
The break in sugar stocks has been
.ESS1e to the decline Of sugar options.
zsssudden appearance from mysterious
Nfeource.s of vast Tuantrt!cs OF tho com
fmodity that had been held by prof.
90, Present Crop Deficient.
" But great rs this secret hoard has
been IL cannot make up for the def
y cheney OF the crop this year. The
crop is now practically harvested and
weighed in. so that the producers
know exactly what they can do.
~ The good buying or oil stocks that
6 has been the feature OF the market
4 Tor the last month was continued.
Is a suspicion mat some OF
5 the wells so earnestly expected have
Ereaily come in. and that announce
monts arc being withheld for the
e psychological moment when they will
do the most good.
Reading ana Canadian Pacific dis
played the most strength in that de-
& partment OF the market. All the rails
: are we'll bought. 1t is generally be-
: accepted. The fact that additional
demands will he formulated immcdi-
atcly by the mon is not SO important
because Congress has said the rail
roads must make a certain percentage
on their Investment.
Interest Charge Important.
Two of the best judges OF railroad
securities discussed today tho rela-
4 tive merits OF the stocks traded in
by Wall street. They agreed that
an important feature in buying rail
roads was the in.rrcst charge. and
that therefore everything else being
equal, the stock selling for the
smaller number Of dollars per share
j was to he preferred.
Pennsy lyan la is discriminaied
3 against because the war has de-
stroyed its remarkable personal force
of freight solicitors. Millions OF tons
were before the war sent over the
Z ically to other lines. The pcnnsyi-
4 Hania had force which for personal
= efficiency was without equal any
1 where in the world. The individuals
shippers. having been left 10 them
selves for several years, have learned
to route their own freight. and in
/ most eases are doing IL geographic
\ ally. Much OF IL Will never go back
10 the Pennsylvania again The
= pennsylvania has seen It's best days
as an investment proposition.
The only feature OF an otherwise
;. dull market was further rise OF Nir-
! Einia deferred Gs. Most domestic is
\ sues. including Liberty issues. were
7 Irregular