The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1908-07-19

NEW YORK, July 1s.-The volume
OF trading In the two-hour session
to-day was greater than In the five
hour session on Friday; transactions
were well distributed Throughout y, me
list. and the strength of the market
Increased steadily to the very close.
It was one OF the most impressive
demonstrations OF strength that has
been given since the upward move
mcnt began. and. in the opinion OF
many, brought more converts to the
bull side than had any previous day
of the movement The advance cane care
at time when prices were close to
the previous high level OF tho year
and when hundreds OF bears were hop
ing against hope for a reaction.
The shorts had tested the marke:
very thoroughly in the two or three
preceding days. and every drive had
only disclosed n firmer undertonc than
had the preceding attack. Prices on
the average had refused to yield under
short selling. and on no particular Issue
has any distinct impression been made.
some OF the hardest bears accord
ingly were in mood to cover on any
show OF strength to-day. They got
this demonstration at the very Outset.
apd short covering on large scale
continued throughout the session. IN
the steels. which have been fought
the largest scale, but most OF the az
ttyity stocks also benefited from 1t
The trading seemed to many Critics
to he weakening the technical position
OF the market. but 1t was Impossible
to discern any great eagerness to taKs
profits on the part Of those long Or
stocks. Apparently they felt sure OF
their position, and in most cases re-
fused to hand out stocks except at Roc
yances from previous prices.
The only importn news develop
ment OF the day was the announcement
OF an agreement among railroad man
ayers south of the Ohio and east OF
the Mississippi to advance rates as
soon as the chedules can be prepared.
THE announcement encouraged some
buying OF Southern Railroad stocks,
but many of the more conservative
traders considered that its Importance
was diminished by reports from WASH
inSton OF administration opposition 20
proposed concerted rate increases Ac-
cordIng to these reports some one IS
quite certain to bring a proceeding
against railroads uniting IN increasing
rates. on the ground that such action
1e forbidden by the Sherman law. In
thfs connection II was recalled thai
the May movement in the stock market
crunpied when the administration shea
the New Haven, and IT was wonderc6
obstacles IN the way OF anti-corpora-
ton proceedings.
Up to the present the movement has
been unique among all for the past
two years, In that no disconcerting
developments at Washington have
arisen
Another very decided difference be-
tween tho present movement and that
Of May, 1t was recalled. lies in the atti-
trde OF banking interests. The May
market was essentially a market
manipulated by two men for the spe-
cial purpose of creating favor for new
railroad financing. Important banking
interests were behind It, but there was
nothing that could be called co-opera-
ton among the leading bankers in sup
porting the market. The majority OF
bankers for that matter. held persis-
tently aloof considering the move
1nent ill-tlmed and ill-advised. In the
present movement there has. up to the
present. been no such difference Of
opinion,and II all of the leading inan-,
c'al groups have participated in 1t.
there have. a t any rate. been no open
indications of hostility.
The list of stocks which made new
post-panic records includes very many
OF the most active shares. such as