The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1908-07-08
TAKING PROFITS
WHILE THEY GAN
professional Dealers Make Large
Sales While There Is
Sharp Advance.
---.- ----
GENERAL CONDITIONS. BETTER {:
---.-.t------------ --5
London Houses, for the First
Time in a Long While, Buy
Here for Investment.
GENERAL CONDITIONS. BETTER
5rsoecialto The Times Dispatch

I y
I'll NEW YORK, July THE spontane-
Gus instinct with the great majority
professional dealers In stocks to-
day was, after yesterdays sharp ad-
vance in price. to close out either the
whole or the larger portion of their
+ commitments for the rise or to IN
/ dulge in speculative ventures for the
decline. Selling of this character was
therefore. easily the dominant infn-
s@ence in the market to-day. but more
II or less surprisingly, prices declined
under ii very little and there were
& several active stocks that advanced.
The real question OF interest regard
ing the days market was. therefore,
ssjust what was the species of the new
s buying to which this steadiness was
due. and the true answer to the IN
Gutiiry appeared to be. when the CHAR
acter Of the days business was care
4 fully gone over, that the market had
assumed good deal of genuine
breadth and substance, owing to the
Z Developments of the various inherent
lily favorable factors in the situation
with which all persons who give their
daily attention to Wall Street affairs
are sufficiently familiar. For the first
time to-day In long period London
houses Of the best sort We're buyers
OF stocks here, the purchases being
seemingly OF thoroughgoing In
vestment order
Prices for investment securities In
general were, however. distinctly firm
in London as they were In Paris and
4 Berlin and the one important financial
factor that was dwelt upon in all dis
cusslons abroad was the continuous
heaping up of idle money In bank re-
serves and the effect that sooner or
later must be had upon financial values
by the cheapening of the production
4 OF gold.
~ Opens at Higher Prices.
At first to-day the market here
opened at quotations that were in
nearly all cases considerably above
THOSE that were finally made yester-
day Then a hesitating tone developed
owing to the profit-taking sales and
prices declined. Again prices rose,
only to fall again. and again rallied.
leaving off irregularly. The volume OF
dealings in stocks was about the same
as yesterday. but the buying OF bonds
proportionately increased, the bond
market again showing that same diver
sifted attention Of investors that was
Its especial feature last week. The
variability OF the stock market itself
was illustrated in the fact that While
such leading stocks as American
Smelling and Refining common. Union
Pacific. Reading and Northern Pacific
were fractionally lower at the close of
business than they We're yesterday
AEalgamated Copper, Great Northern
preferred and Pennsylvania shares re-
NAMED unchanged, while United States
z Steel common and preferred. Delaware
and Hudson, Illinois Central, Louisville
and Nashville. Southern Railway pre-
ferred, Southern Pacific. Brooklyn
Rapid Transit and Missouri Pacific adj
vanced.
That the market should have thus
5withstood such formidable quantity
of realizing sales as We're to day made
was commonly and Justly regarded as
+ attesting strong and sound essential
position.
There were however, fewer occur
FENCES to-dtE bearing one way or the
the other upon values than there were
on the day before. The only Influence
eXerfed by the proceedings OF the
democratic convention at Denver lay
In the well-nigh universal opinion in
wall Street that the nomination of Mr..
Bryan was the weakest that the party
could make and insured the success OF
the Republican candidate.
Better Conditlons In Steel.
good deal of attention was attract
ed by the published interview With
Inc chairman of the board of direc-
Tors Of Ele United States Steel Corpo-
{ ation.. on.She eve of his departure for
& europe, IN which he stated that the
IS s st'eet business had undergone decided
eilahse 1or the better in the last fort
T. AlsIt, and was now in greater stapa
OF activity than at any time previousi,,
during the year.
80 me truth OF this observation ha
ialeiy been corroborated by all current
r -s'tt l!1lony, II was not the Immature
source to-day of an upward movemant
IN all the United States Steel issuas
48as Wep as the railway equipment
4 ssoc hs, the rise being accompanied
20 ny itrmer tendency in the COP.
peti metal Il, market The local banks TO-
uay began to pay into the Subtreas
urS large part of the s45.OOOO Oo 3,
4. Il, popi!c money that has to be turned
over by July 18th, and while this was
gong on the call money rate held
e t'.osl OIL the day at l per cent. anf
y tune tune money was easier than II has he,r
at any time thus far in 1905. loan.
psins obialnahle in abundance for owe,
81 '' H END OF the year at Size per cent
Possibility of Gold Exports.
steriins exchange was strong. indi
ss&-lans y possibility of gold exnorts
s - ~ seems now TO be commonly ad
81 nitted in the interna tional bankine
world that any remittances Of none,
8 itade at this time from this co,,ntr,
10 Europe will be in the nature Of al
Naahces, subject to recall whenever ii III,
tiss.4s cohVenience of this country dictates
s1here TO- in other words VERY littj
4 ooubt that the people Of the Unite,
Is states have reduced their debts Ia Eu
rope Just Tow 70 the lowest minimum
4 seen In many years. Another cncour
I aEdng feature OF the general marku
day was weakening OF the under
/ tone in grain prices. owing to the an
i pearance of selling of wheat agajns
acceptance by the elevator interest
\ OF new wheat from the Southwestern
grain fields. The plain English OF thi
4 Is, that the weight of the season.
4 crop Of wheat Is beginning to pres
Il upon the price OF the commodity.
ii The New York banks are returnin
i their quota OF the government de
Il posts recalled for payment by Jul
B 18th, and have already repaid som
honnasB Branch