The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1908-07-19
STEELTAK[s.JUMP;
MARKET GOES Up
With Favorable Prices Transac-
tions on Change Exceed Those
Of Many Months.
RATE ADVANCE HAS EFFECT.

z f4tt 4
This Shown in Increased Activity
in Stocks Of the Big Western
Roads.
NEW YORK, Iuly .1s.-The iaitial
transactions In tho stock market to-
day showed practically no price
changes us compared With last nights
closing, until the first sale OF United
States Steel, which was rather late IN
opening, was recorded at 43. This
marked q new high record for the
year for this issue, and gave strong
bull impulse to the whole list
Thereafter prices generally began to
move upwards. and this tendency was
maintained to the end, activity In
creasing as the session approached Its
close until In the last few minutes 1t
exceeded anything seen on the New
York Stock Exchange In many months.
The facilities OF the exchange for re-
cording transactions were taxed to the
utmost, and In the last haif hour the
ticker fell behind the actual transac-
lions to such an extent that not until
several minutes after the close was 1t
able to record the last sales.
The trading broadened substantially.
Pennsylvania and New York Central
becoming quite active and strong as a
result OF reports that an agreement 10
advance rates in trunk line territory
had been practically reached and
would to some extent be given erect
In tho not distant future.
Western Roads Are Strong.
ST. Paul, Union Pacific, North Pa
clfic and Chicago and Northwestern
were also strong. tho known attitude
OF Mr.. Hill and Mr.. Hartman TOWARDS
The question OF rate advances peing
regarded as clearly foreshadowing ac-
unn'of this kind by the western roads
Great Northern, however, for some IN
explained reason, did not, to any great
,rtcnt. participate In the strength OF
tho other stocks. Additional reason
for the market action OF the granger
stocks was found in the report OF the
Chicago, Burlington and QUINCY on
crop conditions in Nebraska, Wh1cn
,,ara = condition OF 100 for corn In
that state and said that wheat thresh-
inc was progressing under favorable
circumstarces, the crop yielding very
welt United States Steel was the
strongest stock on the whole Ast' rls
ing to 1853 and establishing fecoro
nearly two points above last ,lsn. .s
close and nearly double the io"es.
prices OF panic
surnas. Previous Records.
1,nited states steel. Union Pacitlc.
Northern Pacific, st. Paul, and penn
.ylyania, have now surpassed their pre-
y,ous high record for the year. ana
nv doing so have encouraged the hopes
of spectators that further suoslaa-
tai rise in prices is yet to come. Iraae
conditions are generally favorapie.
which commercial agencies say busi-
ness is slow, the tendency is In tho
right direction. and preparations are
making for an active fall trade.
Commercial failures during the week
were smaller than in the week proceed
ing. and bank clearings OF the United
states were $2,551, 1903, 720. as compared
With s2,74s.255.636 in the corresponding
week last year, tho decrease being
less than per cent. Compared with
last week, there was no change OF con-
sequence.
An agreement on wages for the
next year has been signed by repre-
sentatives OF the Public Iron and Steel
Company and those OF the Amalgam-
Tinplate Workers..
Earnings OF the subsidiary COM
panies OF the American Telegraph and
Telephone Company show that this
company has not been adversely az
fected by the falling off in general
business. the month OF May and the
five months Of the year so far re-
ported showing substantial gain in
gross and net earnings and in surplus
available for dividends. To this is
attributed the advance in the COM
pany's stocks and bonds. The bank
statement made an unexpectedly favor
able showing, the gain In cash being
much larger than anS OF the prelimi-
nary estimates and the surplus reserve
showing an increase since the end Of
last week of s5.675,15o.
Bonds We're strong. Total sales, par
value. $2.194,o00 United States bonds
have been unchanged on call during thu
week. s'l5f7
To-day's sales were $4,000 shares In
Guiding: Sugar. 1900: Tobacco, $500:
Atlantic Coast Line. 600: st. paul.
10000; Chesapeake and Ohio, 1900;
Louisville and Nashville, i. / 90; Norfolk
and Western, LOO; Pennsylvania. 90. 100:
Reading. 1920: Union Pacific, $500;
United States Steel. $1,000; Southern
Railway. pfd.. 300; Tennessee Copper.
100; sloss- Sheffield, 800; Virginia Caro-
lima Chemical, 200; pfd, 100.
NEW YORK. July 1s.-Money ON
e call nominal; time loanstquiet and firm;
sixty days. per cent. and ninety days
TO 2 1s; six months. 3A@4. Close:
Prime mercantile paper, az "a per
cent. Sterling exchange fairly steady,
with actual business in bankers bills
at $4.S695@s4.s7 for demand, and at
s4.S575@s4.s5s5 for sixty-day bills
Commercial bills, s4.s5A@s4.s5h. Bar
silver. So u, Mexican dollars, As.
RICHMOND STOCK MARKET.
Richmond. Va. July is. 1905.
SALES AT BOARD. SS533
Virginia Centuries-1.00O at 3Ok,
~,