The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1908-07-09
STOCKS ADVANCE
ON BROAD :. Seal c | \ !. ( |.
Prices Go Up in Way Better
Sustained Than at Any Time
in Recent Movement.
MOVES ALONG WITH svIG0R
Buying Embraces the Old-Time
Leaders and Transactions
Show Good Gains.
Especial TO The Times Dispatch. ]

Show l1OOd lIalf1S.
sSs Special to The Times Dsnatch.J
( NEW YORK, july Prices OF
i ttocks rose to-day In a way more broad
q and sustained than shown at any time
giu the course OF tho present upward
movement, toleratirg few reactions
and evincing the desire OF a large nun
her OF people to make purchases when
ever such small recessions occurred,
end proving pretty conclusively what
wns strongly suggested In the recent
dul!ness--tllat the quantity OF. STOCKS
{ for sale at existing prices had been re
H duced to relatively small proportions
by invest mcnt purchases made during
4 last wears panic and since that time
trile most notable feature Of the market
y Z O day in the early part of the dealings
was tint The advance did not concern
itscI. With those stocks that have re-
Gently been among the most conspich-
So,;s market leaders. Union PaclNc.
i Rcading, United states steel common
:4And other similar issues although hr!n
/. were not especially active. and the de-
4 SIRE OF buyers seemed to be chiefly
10 acquire the shares of the Northern
y Pacific. Chicago, Milwaukee and Sly
Paul. and good many other STOCKS
"a that have lately been laggrds In
tcomparatire sense.
Durlng this time the market was
fought steadily by the professional
s1rading element, who laid great stress
H,.pon the contentious That inc aoN .A,l,I'
sfad been too rapid, that the pubic
4 ,yero not huyine stocks, and other ar.
ruments Familiarity heard at such times.
'But as the days wore on, little atten-
ton was paid to these in the presence
1f the great upward sweep IN values.
Od.Tlmc Leaders.
THE buying came once more 10 EN-.
brace the old time leaders, SO tta
the whole market, without eXcep1lon,
moved along with exceeding Visor anu
closed with display OF gains ., "
inent stocks. The volume OF trad,hs
was larger than any seen for i've
weeks mast While, as stated, the al
vance l., the market was Thoroughly
general. the one matter that exercised
more influence than any other was the
appearance of large buying OF all the
United States Steel issues, this max
ing its presence felt first in the United
states Steel preferred shares. which
made an extreme advance at one tine
s-of 3 as points from its closing price
of Yesterday. and as this came after
an advance almost as large in the price
of the stock in the course of few
preceding days it naturally indicated
that an investment movement OF no
small proportions was taking place
ss A movement of like character took
place in the United States Steel sink
ing fund bonds. which on large pur-
chases advanced a full point, and upon
the heels of this followed very natur-
ally a striking rise in the United
States Steel common shares. It was
universally admitted that the effort to
accumulate the United States Steel
preferred stock disclosed the fact that
2 the floating supply of the stock had
become exceedingly small, while much
the same state of affairs was apparent
..esin the United States steel common
shares and the sinking fund bonds. 1t
may be said that there is trustworthy
4 reason to believe that the buying of
'&Cnited States Steel preferred to-day
9 was Very largely the result OF invest
4 11,ent purchases for the account Of
Il. English people.
=, Steel and CrOpe.
81 The advance In the Steel stocks was
sScoupled as market factor with the
teappearance of the governments july
CROP report, which was considered in
E7sssYall Street as bcinE of favorable char
acter In view of the damage to growing
grain admittedly done by the wet
l weather last month.
Using as basis OF comparison the
s same method of estimating the CROP as
: mat adopted last year--such use being.
or course necessary by reason of the
y iaet mat otherwise no comparison
would be posNhfe. to-day's estimates
We're for a camhined Spring and winter
wheat crop Of $4,000 600 bushels. as
! Z corlparcd with an actual crop or s3l..
.ss''oo,Qoo bushels iast wear. AS regards
9Th o-dhy's estimate was even more
or sort TO induce optimism. the nre-
4 diction being for a crop of o.77G. 500 o0o
sai'uslss as against last years cron 81
,o'oop'ooo bushels. The condition q,
49,. " Inc llrst of the month was
put by the government at Sos u,h,o,
~ We Is g,s below that OF last year. and ~
hploW that OF year ago. but ns tha
y present corn area is increased ooo ooo
acres over that Of year apo. ha,,n
a the largest acreage of its KIND 'e eun.
4 NOW In the United States.
i5onds We're firm. Total smiles nar
B sNaiuet SS.oaSo 600. United States bonds
N.1. W. changed on call Total sales
'Sssseoeks to-day were 63i,50o shares
N;EW YORK. July s.-sronev ~ 80,
4 s I, ~ i-o per cent: ruling rata
closing bid la: Offered ~
- - Time loans quiet ana s+a,,'..
81 sixty DAYS ga to . per cent on :,
S,'n ne Gays per cent. Sin n,on,bs
~, -. per cent. Close. Prime mercan.
...e, paper l-2G4 per cent, sterl,n,
t.,S,.n,., steady, with actual business
and s4,S5G5@ s4s775 FOR sixtv IA v' h,,,a
\ commercial bills s4S5 1-4ms4s5 10
4 Ell SILVER 90 Ia. Mexican dollars -
= ~
RICHMOND STOCK MaRKEr