The times. [volume] (Richmond, Va.) 1890-1903, 1902-08-08
RENEWED ACTIVITY
IN STOCK MARKET H !:
Louisville Nashville and Norfolk
& Western on the Jump.
soMEsENsATI0NAL ADVANCES
SIoss Is Also in High Favor and is Sell
ing at Record Prices-Looks Like
Bull Operations Are
On in Earnest.
S0MESENSATIONAL ADVANCES
Sloss Is Also in High Favor and is Sell
ing at Record Prices-Looks Like

Yesterdays market was strong and gave
every evidence of renewed activity.
Sweet & Co. say:
The houses which were most promi-
nent We're those who are generally cred,
tied with being closely connected with the
Chicago element. The stocks which show
ed the greatest activity were the stocks
IN which this element is supposed TO have
a large interest.
.'Of the railroad stocks Louisville and
Nashville was the leader, advancing
gan 6 Co. would exercise their option.
which expires October 10Th, to take over
tho control OF the road at $50. Southern
Railway was dealt In to considerable
extent, the movement being sustained by
London houses. These houses also took
considerable blocks of Atchison during
the II first hour, but when their buying
ceased the stock became rather heavy,
owing tc local iiQuidat ton.
THE SENSATION.
The most sensational movement of the
accompanied by any specific explanation.
The news agencies Indicate that plan
is under consideration to reduce the pre-
the common stockholders. During the
last half Of the session the market be-
came decidedly buoyant. The regular
commission houses did comparatively liz
owing to fear that there would be
strike among the engineers The selling
was credited to a prominent outside
operator
Money was somewhat easier than for
some time, in spite of the fact that therr
seems a probability that Saturdays bank
in n the the surplus reserve. The banks have
lost apparently In cash, while it Is be-
lieved that loans have. been increased
On the other hand. people well posted IN
regard to the currency movement assert
that the interior is drawing upon New
York as heavily as corresponding periods
of previous years.
and Ohio advanced during the afternoon
It Is a recognized fact that both of these
| roads have prohted by the strike in the
ment OF ee epn Of the Sorfo and
Market closed Strong, and in many
cases the h e'Ghszt Gf IS d d1Einp
Louisville and Nashville started off at
l45A and climbed up steadily until It
reached 1ieA and closed at t ,d llsM; ms
and they will make money on the advance.
Another stock which took jump yes,
terday is Kanawha and Michigan. II nau
been dull for some time. Yesterday 1t
started at AZ and went up to 80 IN snort
strong.
! Sloss has shown considerable activity
lately on reports of splendid earnings;
! The common. which recently sold around
So yesterday sold at 45. In this connecee
| the New York Commercial says:
u. w. Mcqueen, secretary-treasurer or
| the Sheffield Steel and IRON Co. the
| second largest iron producing company in
| the South is authority for the state
rnent that before January spot pig iron
will be bringing s25 per ton. If there IS
any to be purchased. He states that the
present condition of the iron market is
Unprecedented and that the price fixed
| tlpon in the agreement made week before
| nst in New York by the larger manu-
| facturers in the South. ST and SIS per
| ION. is being given readily. The pipe fac
| cries in the South are a little shy on
| heir full needs and almost any price is
| There is demand from all sections OF
| The country" said Mr.. Mcqueen. and all
he production in Alabama can never be-
| ONE too large with the furnaces IN the
state as it is now. The indications are
| hat there will be unstinted activity long
INTO next year. All iron now being solo
| s bringing SIT and SIS. and spot iron Is
! rnpine $40 and even more
The SIoss-Shefffe'd Steel and Iron Co.
,as blown In their No. 2 city furnace in
birmingham. This furnace was recently
| thoroughly repaired. and has daily ca
acitv of 200 tons. The No. furnace at
| North Birmingham. belonging to the same
company is being refined. and will be
| eadv for the torch by -Sentember
The Sloss-Sheffeld Steel and Iron Co.
! vas six furnaces in orerat ton. two in the
| tv. one at North BIRMINGHAM. two at
Sheffield and one at Florence During
| he month of May it made i'.-t 300 tons
ass iron than did the Tenness Coal ana
ron CO. and IN June 325 tons less than
! the Ia rgar cOrnOra ton.