The Richmond Virginian. (Richmond, Va.) 1910-1920, 1920-04-29
PROHIBITION LOOMS
UP AS ONE BIG ISSUE
OF THE CAMPAIGN
Ry BROApAN WALL

New york. April 2S.-After severe
decline in which nearly all issues par
licipated today, the stock market raj
lied sharply just before the close
Sentiment was pessinaistic even with
that rally for 1t meant nothing more
than az covering movement on the
part OF professionals The street
drnaly believes that important labor
troubles are at hand and that the
policy of the reserve banks in forcing
an immediate curtailrnent Of credits
will bring about many business fall
Tres along with the lower cost OF
living that 1t is theoretically intend
cd to force
Money went TO 10 per cent and the
gold imports talked Of yesterday fail
ed TO materialize.
Action OF the government in asking
a re-hearing Of the steel case was
hurtfui to the market because II bod
"a no good for the proposed new com
ninaticn. The steel industry has been
aard hit by the swltchmen's strike.
Mexico also furnished its quote
II dolefulness Although the American
soolen report has been common
knowledge for weeks its actual APP
psarance has started much talk Of ah-
normal pruats and indirectly it hurt
the sugar stocks, 50 the close was
confusing. The short interest is in
creasing rapidly and with everybody
hopeless the market Is getting into
shape for rally Of Importance.
Advice 10 buy United states Steel
had come to so many persons from
such high authorities that the failure
70 declare a stock dividend was q Sc
we're appointment One had Prac-
.icaliy been promised by persons VINO
w "a GHauE for the
management and who were understood
10 be speaking. 1t was not the spec
aiative element that was misied but
some of The most important invest
nent interests.
TIE excellent report OF earnings
NJ sd Of market effect because 1t is
well known tina, the industry is suf-
fering more from a switchmen's
strike than k suffered from the steel
strike. The threat OF a strike Of an
thraeiTe miners was not given much
publicity BIZ. Il seems that there IS
considerable reason fer fearing such
a development II d coat strike real
~ takes place on top q the demoraliz-
&sion Of railroads industry viii be in
serious condition. That Is Why Read
Ing was sold so freely III The face Of q
possible melon growing out of the
supreme court decision.
Gre ~ NFhe important banking in
terfzsts of the street Is reported 10 be
taking "A pol! indirectly OF every la
Dor man in the country to find out
what re thinks Of holshevjsu. the
reSt president, wages and the high
casf ~ living. This inquiry Will cost
thousands ~ dollars and take about
three months TO complete. In the
meantime that particular interest is
Fats ~r.ky irDY .s-
surprising thing about this private
referendum is that prohibition looms
up as the one big issue for the prcsi-
dental campaign.
Another factor hurting the market
WAS expectation that the exchange
would be closed on SATURDAY. Business
is in such a critical condition that
traders will be afraid To commit
themselves. Official announcement
was made after the close of business
that Saturday would be a holiday
Middle States OH got its 80 per cent
stock dividend but decline more than
two points in spite OF 1t. There was
evidence Of pool work in Sinclair.
done to help sale Of the new bond is
sues. With coal strike threatened
the outlook for oil companies is ex-
cellent- The talk OF possible exhaus-
ton or oil supplies is all noonshine.
The only important feature Of the oil
situation Just now is the complete
command of the worlds oil that the
British have secured. The Ameri-
can government may in the near fu-
1ure be compelled 70 pay tribute TO
The British government in order 10
get oil enough for its battlcships.
Because OF an advance OF the ex-
change rate with South America ali
OF the gold engaged for export was
not shipped Only about $500 600
went
The strength o. sterling exchange
was not due so much to any improve
ment OF the international situation as
10 plain covering movement on the
part of spectators who had sold
sterling short
The apanese stock exchange is ex-
pected TO open Saturday morning.
Although International Motors 100
per cent stock dividend is sin unpaid
he stock dropped 10 points today.