The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1908-07-07
PRICES Ct. UP AND
SALES INCREASE
Market Responds Well to Curnu-
latiyc Forces Of Various
Influences.
all STOCKS MORE ACTIVE
Less Railroad Cars Now Idle and
Encouraging News as to III
~ dustrial Affairs.
lspeeIal 70 rhe mines. pl.pateh.

outset OF business to-day the stock
tain manner, to the cumulative force
OF those influences for higher prices
that have been slowly gathering form
{ Enr considerable time past. The Sc
ueek--regardless Of the dullness and
perhaps the more graphically because
of the dullness-an upward creeping
tendency In prices that pretty surely
Rbetokens among other things strong
technical condition OF the market IT
self. All unfiyornble news failed to
5slakc out stocks, but the bulk OF tlle
news anyway WAS favoTablc;s and right
al the ciose of the market on Friday.
in spite or the two days holiday, the
approaching Democratic convention, all
effort among grain spectators to pro-
duce crop scare and other causes
making for uncertainty, values hard
ened in a fashion which suggested
rather definitely that the market was
preparing to jump after Its prolonged
period Of inactivity.
Strong from the start.
All that there is to be said about the
naarket to-day was. therefore. that It
was strong from start to finish; that
The volume OF sales was two and a,
half times It's recent average, and that
gains In the leading stocks were be-
tween one and two and a half points,
being nearer the latter figure than
the former, and generally wholly re-
tanned at the end Of business. In the
last half hour of the day there was
some little selling of stocks of an
;anticipatory nature by spectators. who
took it for granted that before the
close Of business the market would
5Iecede under the usual profit-taktng
" the daily trading element. But the
amount Of buying that had been sttmu-
lated was sufficient to absorb what
ever liquidation there was, and the
market closed in the main, as stated, at
the highest level of the day.
To-day's rise might have been due in
fair share to the covering purchases
OF spectators for the decline, but
she breadth OF the market negatived
this as the chief source Of the strength
that was displayed Advances ran all
around the security list. embracing.
with one or two trivial exceptions,
every active and inactive stock, and
the ease with which they were accom-
,plished was again of character to
the scarcity of stocks in
the market.
On Foreign Bourscs.
: On the foreign bourses to-day dis
counts again ended easier everywhere,
save in London. where they rose slight
ly upon The unexpected Offering by the
English government of $25,O00,000 Of
,ly affected other English investment
securities adversely, but after an early
fall prices were better. This develop
ment and dispatches indicating graver
damage to the wheat crop this year
an Russia and Hungary than has hth-
;Grto been supposed were the only con.
stlabutions sent from abroad to the An
ancial news budget Of the day. Be-
cause of this news regarding the
s1creign wheat crops, but more parties
uiarly because OF the publication OF
the figures of the American visible
supply of wheat at the moment, indi-
eating that reserves on hand in this
country were down to less than liz
100000 bushels. sensationally small
quantity. wheat prices to-day We're
strong. The Ohio and Missouri State
crop report for June told also, as they
naturally would. OF the injury to the
crop in these sections by the wet
weather of the month.
That a good. fair winter wheat crop
will be gathered in the United States
this year is however. disputed by no
intelligent person.
Decrease In Idle Cars.
There were other occurrences to-
day having a legitimate and unmis-
3takably favorable bearing on the price
of stocks. The fortnightly report OF
the American Railway Associated
stated that between June 10th and June
24th there has been decrease OF
1886 cars in the number OF idle
freight cars in the country, the de-
crease from May 18th being nearly 1907
900. This obviously attests an enlarge
ment OF general business. The set
Element of wage scales between the
American Tin Plate Company and the
American Association Of Iron, Steel
and Tin Plate Workers a a reduction
of from 2 to per cent. was OF an en-
couraging nature that spoke for it,
self
3 But the most striking news OF tile
day was that contained in the news
paper accounts of the opening in this
morning OF iron and steel mills and
railway repair shops in every district
In the country.
lit was said that in Pittsburg day
= $4,000 men We're placed at work who
AAtS. a 5Ntek DeIOTc, many OF the
most Important mills Of the United
States Steel Corporation starting at
81ull time, while 1t seems that nearly
al OF the large railway companies hava
resumed work in their shops after the
old manner. Merely to state these
matter tier is to sufficiently emphasize their
" Bonds We're irregular. Total sales,
$par value, $1,9l4,00O. United States o's
declined Ia per cent. on call.
Total sales to-day OF stocks were
s6l9,90o shares.
JILL NEW YORK. July 6.-Money on call
easy, IA per cent: ruling rate, IL:
closing bid, per cent; offered at l. 4
per cent Time loans easy: sixty days
"a 3-4@2 per cent. and ninety days 9
to IA per cent; six months 3 .
Per cent. Prime mercantile paper 3 1.o
y az per cent Sterling exchange steady,
with actual business In bankers bills
at S4,S7 for demand and at s4s570@
I $As5s0 for siSty-day bills. CONNER,
'hnnoasRrancb