The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-06-13
Prices Reached Substantially
Higher Level.
DEALINGS QUITE HEAVY
Profit. Taking Made Only an lnsignifl-
cant impression on Prices, and the
Market Closed Firm and Active
Near the Top.
tBy Associated Press.)

NEW YORK. June l2.-There was, a
continuance TODAY of the active buying
of stocks which DEVELOPED SO suddenly
yesterday morning and prices were car;
throughout tho list on dealings OF over
n million shares The market closed ac-
tive and firm at near the top profit tak-
ing on the considerable advance making
an insignificant impression on prices
The large demand this morning for stocks
was fed freely and the active trading OF
the first hour was within fractional
range Of prices after the opening ad-
vances The confidence with which these
offerings were absorbed encouraged re-
Moved buying.
isfled at times during the dav and there
were lulls In the activity of tho mar
ket with fractional recesslons In. prices.
but no important pressure TO sell devel-
bulls had the situation completely IN
hand. Evidently a considerable part of
the demand came from the short interest
which had failed to cover Yesterday IN
bound. or which had put out fresh short
lines TO contest the recovery. There
was some covering OF short lines OF older
standing as we'll. which were put out
which have remained uncovered through
the occasional rallies. This demand and
some buying from belated investors. was
significant; OF feeling OF confidence
thing more than temporary. There has
been waiting investment demand which
has held back from buying on the prin-
cIpIe thu tso long as the market was
going down they might get stocks cheap.
err. Thursdays sudden rebound deprived
this element Of its opportunity TO buy
stocks near the lowest. hut there seems
to have been some buying of this char
acter to-day.
There was evidence also of some new
speculative ventures on the long side
~ ocff lfS, hst r,rua piVp I
pools In certain stocks. A judicial deeis.
lon affirming the right Of the coal.car-
rying companies TO refuse to comply
With certain demands tor infeTmatlon ny
was the nominal basis for the rise In
coalers. Rumors were circulated also
OF strong show In earnings for May
to be shortly published. Tho Baltimore
and Ohio statement showing more than
two-thirds OF handsome Increase In
gross earnings preserved for the net earn.
inEs made that stock and those affiliated
With II prominent features OF strength.
The Pacifics and St Paul we're In large
demand. and there was some disposition
TO attribute the strength OF the Gould
heavy accumulation Of Ponnsylyania on
the decline had resulted In sufficient hold
ings to secure representation In that
company for the Gould interests.
mert indicated good balance Of re-
ceipts from the interior IN offset the loss
to the Sub-Treasury and by gold exports
and in addition yield an increase In the
cash reserves OF tho banks of nearly
So. 10000. 1t is hoped that the heavy
liquidation early In the week will be
reflected in a considerable loan contrac-
ton.
Sterling exchange continued to recede,
but an additional engagement was made
of gold to 80 to South Africa. Mon
day Is the first day. upon which pay
ments are to be made NJ the fifty per
cent lnstallment OF subscriptions to the
new PENNSYLVANIA stock Issue This will
call for the payment OF si50oo.000 on or
before June 9th. Large portions Will be
maid in Europe and In Philadelphia, and
It has been officially intimated that tho
proceeds will be used for repayment OF
the sio.0O0.0o0 loan taken out by the Penn
sylvania for six months last January.
Bonds advanced In sympathy with
stocks. Total sales, par value. s., 49,, 900.
United States 2's. coupon. declined IA.
and the new As 1-2 per cent. on the last
call.
Total sales OF stocks today were 1.0s.-
coo shares.
MONEY AND ExCHANGE-CLosE:
Money o ncall. easy. 3-492 Ia: closed,
offered. l 3-4: time money, steady; sixty
days and ninety days. 4 1-2; six months,
l-4I5 IL: prime mercantile paper, a 3-46
II: sterling exchange. easy. with ac-
tual business In bankers bills at s4.S745
for demand and at s4;s4,7o for sixty days;