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

~ iNEW VIZ fOltlAt u uIy AO.--- IIleTC Whb
more business In the first half hour
To-day than the whole Of last FRI
days fivo-hour session. The prices
too. showed rising tendency aud
the combination OF tho activity and
strength was not without effect on
the traders It was a maker OF bull
sentiment, and traders who had no
position hastencd to take one on the
bull side, while those who held bear
commitments outstanding, put their
wits to work deyising ways and means
OF getting rid OF the burden az quick
ly and with as little loss as possible.
"A few minutes, sufficed to show that
the market had left Its rut and the
activity during the remainder of the
session was a matter Of course. There
was, OF course, a lot Of bear talk, but
IT was not Of very convincing kind,
nor were the points argued with the
confidence that sometimes carries con-
viction, even when the reasoning is
obscure or the premises doubtful.
q The lack of spirit among the bears
was quite noticeable. II amounted to-
depression that, combined with the
effects OF the heat, made the advo-
Gates Of decline melancholy look
eng lot indeed They had to flock
together because others avoid them,
snd among themselves the fact was
hut Ill concealed that they were bored
by one another's company.
Many who talked bearishly did SO
because they wanted a chance to cover
and many others because they were
out OF stock and wanted an oppor-
tunitS to buy. None OF Wall Streeta
npiorisms Is more true than that there
is no bear more bcarish than sold
on: bun.
National Lead was the one excep-
tion to the general strength OF tho
market in the first hour, but the cur.
rent OF rising prices was SO strong
that this single Issue could not Ions re-
atst 1t. By noon. the stock had be-
gun to move with the others and all
through the afternoon 1t moved with
them. The carly weakness was not
explained.
There may have been little lqui-
dalton. or as ono broker suggested.
some might have had recourse to ma
nipulation to d.press the price in or
Ger to get some OF the stocks as cheap
as possible. The news certainly was
rot OF kind calculated to produce
the first effects and was entirely IN
leeping with the later action OF the
stock In the market. 1t was asserted
OF apparently excellent authority that
70 far In the present year the COM
paiiy's business is larger than that for
the corresponding period in 1907, this
good result being attributed in no
small measure to the advertising cam
paign which the company has carried
on since 1906. The present outlook
for business Is said to be promising.
One OF the traders had peculiar
theory about the strength OF American
Smelling and Refining. He said 1t
would help to beat Bryan. Everybody
IN Denver has some OF the stock. When
they see 1t advancing they are not
likely to want such interference with
the market or with business affairs as
would wipe out their prospective
profits. and 1t was argued everybody
VINO is anybody In Denver Is thus
made worker In the cause OF con-
servatisnl--to talk II to the Democrats
and promote 1t in every possible way.
The general impression regarding
the advance in American Smelling ana
Netining was that powerful interests
long connected wit hthe company. en-.
courased by the outlook for a res,Imn.
ton of activity in the metal Industry
mad begun 10 buy back stock sold IN
1913 and 1907 at gaagayerage price ell
above the present market level. There
were in some places a rumor to the
ERECT that these interests were reallv
ABOUT TO sever their connection with
the company, and that the control
would hereafter rest at the doors Of
the Standard Oil interests, hut this
story was regarded as a grotesoue ex.
asgerhtion OF an earlier and generally
credited report that some member of
,he STANDARD Oil party would before
LII. aymh accept place on the board OF
directors OF The Shelters company.
Wall street does not believe tb.t
me control OF the company has changed
or that 1t Is likely to change.
Heavy dealings-so heavy as to re-
eaiit some past operations OF magnitude
on the bull side OF the stock-were,
next 10 the strength, the most note
worthy feature in the market for
American Smelling and Refining When
two or three years ago this stock was
The best trading medium in the in
.dustrial list. the proportion of large
transactions was high. or. as the
traders used to say. "smelters was
thrown around In chunks so big that
oniy large interests could handle
them. The recurrence Of this and
other characteristics appear to indi-
cate where the present movement has
had It's origin.
Bulls on the Hill stocks said they
were unable to satisfy the desires OF a
part OF the trading element for an
explanation OF the advance in these
issues other than the commonplace
one that It probably reflected the crop
outlook. which is the best ever seen
in the Northwest.
Northern Pacific was relatively
stronger than Great Northern, but this,
however might be due to the fact
that the liquidation of the Union Pa
rific's holdings continued to later
date In the latter. than In the former.
the floating supply for this reason
being better absorbed In the case OF
Northern Pacific than of the other
stock. Those old stories Of the alleged
poor physical condition of the two
roads We're reiterated. but We're yigor-
ously denied by persons Interested and
by others who recently made trips over
the lines partly on business or for
pleasure. and partly for investigation
.-one Of the most Elusive rumors that
have kept Wall Street guessing in the.
past year or so. N
The news OF the Unemployment OF
an army Of men by the Pittsburg steel
plants naturally exerted Its greatest
Influence on the United States Steel.
A,x. ,1t 80 r. }