The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1908-07-10
SELLING STOCKS
WITH PRICES GOOD
4 Speculative Element Takes
Profits While Securities Are
OH Higher Level.
@sUNl0N PACIFIC FORCED DOWN
Net Decline, However. Only One
Eighth of Point-Many
Stocks Make Gains,

rSpcciaito The Times pisnc.ch.l
NEW YORK, July s.--Thc days
stock market in its essential particu-
8 lars closely resembled that OF the day
preceding To-day, as on Tuesday, fol-
lowing tile decided strength exhibited
on the day before the desire of a great
number of professional operators was
n: to convert into cash the profits that
4 had accumulated on their speculations
III for the rise, and, as on Tuesday. the
general volume OF new buying that
had been excited in the market was
81 sufficient not only to hold this lquida-
9 ting andoncy In check. but to estab-
8Alish. Te,s considerable gains in stocks
that iladi lot been notably active in the
imme iiasc past. The profit-taking
movement to-dny centred chiefly in
Union i9ac,fic and Reading shares. and
i3 one .,r two other stocks that have late
81 ly been the market leaders, II being
definitely known for instance, that
there was heavy. selling of Union Pa
cific for the account of one large spec
uator who has como into prominence
within the last year as a plunger of
the first rank. There is also trust
worthy reason to believe that strong
effort was made to-day and to con-
Il siderable extent yesterday to depress
the price Of Union Pacific for few
points for the express purpose OF
aocumulating II at a lower level.
Union Pacific Decline.
g But all these forces served only to
cause Union Pacific stock to close to-
day at net decline OF is Of a point
;.Jn "a, =
Z ing elsewhere resulted in but trifling
recessions. On the contrary. the North.
ern Pacific Chicago, Milwaukee and
4 ST Paul, Amalgamated Copper. Amer
lean Smelling and Refining common.
Baltimore and Ohio and Missouri Pa
cific stocks all made good gains. while
.the same continuous and persistent
buying OF the United States Steel COM
NOR and preferred stocks and sinking
.&fund bonds that has heen so long no.
ticed held these issues firm in the face
B of large realizing sales. AT the close
4 of business, the market seemed to be
I'm much better position from tech
meal point of view than 1t was yester-
b day. The borrowing demand for many
Important stocks increased. notably for
ST. Paul common, indicating that the
short interest during the day had been
enlarged, while the general breadth
and sweep Of the upward movement
was Of character that apparently at
tested that the rise in prices had by no
means eliminated.
n Z. 6 q. Dividend Surprisc.
Tho surprise OF the day came In the
announcement in the afternoon that
the directors of the Baltimore and Ohio
Railroad had decided to pay the full
regular sem.-annual Dividends of 22s
e psr cent. on the preferred and per
cent on the common stock of the COM
spany. 1t having been. UP to n short
3 time ago, the almost universal antici-
II patton that the dividend on the CONF
mon stock would be reduced. Natu-
rally this action of the directors was
criticized In various quarters chiefly in
G those where a speculative interest for
B a fall in the market exists, as not be-
Ing sufficiently conservative Yet 1t
must be said that the policy pursued
was not viewed with disapproval under
the circumstances by the majority OF
6 the people in the financial district. 1t
1sis admitted that the net revenues of
s5Ssthe Baltimore and Ohio are short this
year sl,30c,o0o of the sum sufficient to
pay the dividends at the old rate upon
q the companys common shares, the OFF,
4 setting factor being that the company
still has, after making up this def
sls cheney, over SIS 100000 in its profit and
the country, or even rs especially af-
fecting the Baltimore and Ohio prop
two two month"; ago.:, the policy Of the
b management gin, keeping UP dividends
would doubtless have excited general
~ animadversion. Since that time. how
s ever there has been a great change for
= the better in all business relations. and
sst5i 1t begins to appear likely that the pos
~ tive turning of the tide in this direc-
ton has come At any rate, this is
\ unquestionably the view taken by the
Baltimore and Ohio directorate, which
is composed of some of the strongest
z and most far-seeing financial men IN
/, the United States. and if they are right
In their conclusions as they are pretty
&c apt to be, 1t was an act of justice to
Ks the Baltimore and Ohio stockholders
Il to pay the fill dividends that We're de-
Il. clared
Otherwise to-day there was really
very little news. Statistics showing
that building operations in Manhattan
n Island In June had increased 25 per
Atscent. over those OF May. and We're only
tsS 81 per cent. below those at the same
Il time last year. bore with force upon
Il the prospects of the iron and steel
u trade.
Wheat Prices.
.
H day because OF the presence OF almost
e perfect weather for the crops all over
1.-THE agricultural section. They rallied
afterwards, based upon the placing OF
SSssrenewed emphasis upon the govern
ment's monthly report yesterday, which
BE showed that reserves or old wheat ir
asS farmers hands We're half of what they
sstat were a year ago The strength OF
ri Wheat, however, could not prevent :
n declining movement in corn because q,
.gt the consensus that with Indication,
Is for corn crop this year second only
Ito the largest ever gathered, the pres.
s$SS ent price Of the staple is exceedingly
r-i high.
The bond market to-day exhibited
\. Al once more the stimulus OF large ant
we'll distributed Investment purchases
The .features We're the American Telc
phone and Telegraph convertible As
the United States Steel sinking FUN,
mi b.. Pennsylvania convertible IS. Chi,