The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1908-07-09

specinl 10 j no 5s5l5 q
NEW YORK. July S.-The stock that
was the feature OF the market to-day
was, with u single exception, the one
capable of exerting the greatest In
iiuence on sentiment OF any stock on
tile entire list. 1t was United States
Steel. preferred, and the only stock that
could stimulate sentiment to5a greater
degree was United States Steel, COM
mon. The latter .as strong, too, but
relatively not quite as strong, as the
former. Not yet. but soon" the bulls
said when their attention was drawn
TO this fact, and brokers' with fairly
good memories said that II the predic.
ton made good 1t would not mark
any departure from precedent, as the
common stock has generally caught
up whenever a movement In the pre-
ferrcd unduly Increased the width Of
the price margin between the two.
Brokers vino had selling orders in
Steel. preferred, found their task easy.
Those who tried to buy had different
story TO tell There was little stock
in the street and none in London.
Steel preferred. has gone into the
hands of investors, the average amount
held in a single name being only about
5S shares, and the investor shows lit
tie inclination to sell safe per
cent. stock at 1o7 or los in 3 1-2 per
cent. money market.
There was rumor that this issue
would be retired. bit the general be
lief was that nothing OF the kind was
Intended. and that the only exp lanatitl
of the rise was to be found IN rathtr
belated recognition by investors Of I. >
investment merits OF the stock. 10
these merits. 1t was stated some prom
inent interests had recently directed
the attention of their friends
James J. Hill was said to-have mace
the remark soon after the consumma-
ton of the deal between the Steel Cor-
porat!on and the Great Northern Rails
way involving the latter's ore lanfs.
that Steel common was then worth
500 share. When asked why. II 1t
was worth that price, 1t sold in the
market at less than half the figure
named. he is said to have replied:
"That is what 1t is worth--or 1t may
he worth more-and suppose the rea-
son why 1t cells for SO much less is
that the public do not appreciate the
value of It, do not know when they
will begin to realize what a good thlns
1t Is, but they probably will sooner or
later"
II is now nearly two years since
Mr.. Hill. according. to reports cur
rent at the time, made the statement
that steel common was worth par.
and there are many In the sire et' VINO
suspect that he is now marking his
a pnrecia ton of the stock in more
substantial way than by talking about
It. Some recent buying is said TO have
looked If 1t might have come from
him, and this has revived the rumor
that he may. when a vacancy occurs.
be elected to a place on the board
of directors. where the knowledge
gained through his interest IN the ore
propertise might prove OF great bene-
mt to the company.
on Monday tip on Illinois Central
was passed around among the follow
ers Of particular member Of the
Standard Oil party supposed to have
been active on the bull side Of the
market at'fvarious times within the
past few months. It made good to
some extent on that day and to g
greater extent to-day. In fact, the
ease withswhich the stock rose to-day
aroused more interest In this stock
around the commission houses than
had before been manifested IN It IN
many months, and expectations were
anterta med that this security might
again become what II ceased years
aso to bean active trading Issue like
the Hill stocks, Baltimore and Ohio,
New York Central, Atchison = and
Southern Pacific, all Of which are
ranked in the second class Of activity.
IT was stated that all the stock
offered to stockholders sometime ago.
was subscribed for as might we'll be
expected in view of the fact thGt the
rights were at all times Of substantial
value---and that many Of the subscrlb-
ers made the payment substantial.
{yalue-and that many OF the sub
scrlbeSs Slade ths payments in full
instead Of taking advantage of the