The White Pine news. [volume] (Ely, Nev.) 1906-1910, 1908-07-10
PRICES GOING UP.
Movement Hats at Times, But Soon
Begins Climbing Again-An
Obstacles Overcome.

NEW YORK, July 9.-The move
ment to advance prices OF stocks
made material progress today, al
though the result was not uninter-
rupted and was not free from some
imposing obstacles in the volume OF
the selling encountered at some
stages of the advance. The selling
was particularly notable in stocks
which have been speculative medi-
ums even while the general list was
lying practically dormant. The com
sequence was hating and irregular
movement due to the numerous
checks when these obstacles became
insurmountable. The selling to re-
alize, however, was not pushed far
on the decline and the running out
of selling orders brought the reac-
lions continually to a pause. Con-
spicuous strength in individual stocks
had a sustaining influence on the
general list.
The most prominent instance was
the unusual rise of 81 points in
United States Steel preferred. The
nnwieldy bulk of the market supply
of this stock and the heavy volume
of the usual trading in the steel
stocks gives such a movement sug-
gestion of special causes, that as
signed in the present instance being
a rumor that the $50,000,000 of
sinking fund bonds held by the cor
poration and available for the ex-
change into preferred stock were to
be used for that purpose. Such an
operation was in progress in 1903
in connection with an offer to pre-
ferred stockholders of $4,000, 900
of the bonds at par. The fact that
preferred stock several points higher
than the bonds, seems to discredlt
the rumor of the proposed exchange.
The assertion of Chairman Gary that
the business of the corporation had
undergone marked betterment in the
past few weeks was held more direct
ly responsible for the distribution of
stocks, Some of the hesitation man
ifest In the movement of railroad
stocks was due to the desire to await
the appearance of the government re-
port on the grain crop, which did not
appear until 2 o'clock. The favora-
bile Interpretation placed on the out
look for corn was visible in the spe-
cial strength of railroads which car
ry much of that crop as well as in
tire weakness of the price of that
; grain. Reports of threat on the
part of Erie to cut rates to trunk line
territory restrained the movement in
those stocks.
Some of this estraint was thrown
off in the latter part of the day, when
the general upward movement gain
ed considerable force. Large gov
eminent disbursements were reported
in the debit balance of $3,75O,OOO of
the sub treasury at the clearing
house. New York banks are dispos-
ed to surrender not only the quota of
government deposits covered by the
call of the secretary of the treasury,
but their total roldings, rather than
nav the | per cent into funds called
for by the new legislative provisions.
Accumulated influence was eXerted
by reports from various sources OF
trade revival and the fact that the
work of the Democratic convention at
Denver Is nearing completion, was
an element in the awakening of ac-
tiyity in the market. During the final
hour considerable animation was
shown ard substantial gains showed
for the day.
Bonds We're firm. Total sales, par
value. S3.09s,000.
United States bonds were I'M
changed ON call.