The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-08-10
New Y or|k
Stock Market

Z ~ I y a
New York, August o.--The deveiop-
ment OF positive strength In the stock
market was the outgrowth largely OF
the power Of resistance to unfavorablc
factors, which wcresdeinonstrated. The
news ofathe attempt upon the lie or
Mayor Gaynor4 confronted the market
when 1t opened This new element men was
8superposed upon the disappointing gov.
eminent report on condition OF the
grain crops, which influenced The
market TT the close yesterday. The
depression OF the early prices was SO
moderate as to serve as warning
to the bear element in the speculation
that present holders OF stocks would
not be induced easily to sell. a
market bare of stocks is not n COM
Portable situation for an uncovered
short, and substantial demand sprang
up from that source. The advance in
prices was largely due to that cause.
The dealings were. In large de-
gree, professional, and Reading. Union
Pacific and United States Steel alb
sorbed upwards of half the total trans
actions.
There was some disposition to re-
wise Yesterdays aporaisement of the
government crop report, and to take
n more hopeful view of its promise.
The grain market having adjourned
yesterday before the publication of
the bulletin on the report, the stock
market had been without the guide
of the action of those markets, upon
.nshich reliance is largely placed always
in shaping stock market action. The
quiet tone of the corn market to-day
and downward tendency in wheat left
no room for sensational differences OF
ltarm to those crops. The weather
news OF tho day was good and the
tone Of the weekly bulletin Of the
Weather Bureau strengthened the as
surnption that Improvement had been
going on since the date Of the monthly
government report Cotton was af-
fected even more sharply by the
weather news, especially the prospect
OF rains in Texas.
In the field Of dividend action there
was the increase In the Canadian Pa
cific division and the maintenance OF
the Sloss-Shefield Steel dividend. The
Canadian Railroad stock made strong
response, and the sympathetic effect
was particularly marked on the stocks
of the Trans Continental Railroad
lines. The declaration OF the regular
dividend on sheffield Steel dis
posed of rumors that have been very
insistent that 1t was intended to re-
duce or pass the dividend. The re-
bound in the price was corresponding
~ sharp,
The. better feeling over the crop
prcmise was of far-reaching effect. The
manner of its working was illustrated
in the assertion made by President
Brown, of the New York Central, that
he was influenced in placing large
orders for new equipment by the con-
viction that good harvests We're now
assured. The influence of this was
seen in the steel and iron industries,
including United States Steel. Per-
sistent reports that cut had been
made to s26.50 on an order for 10000
tons of steel rails by the Illinois Steel
Company to a Western railroad In
order to save the order from going
to foreign competitors, met with fresh
denials. but was discussed with great
interest in the financial district.
Second consideration of the July
statistics of the Copper Producers AS
ISOLATION seemed to give greater sat
isfaction than the first impression and
the copper stocks were all strong
Bonds We're firm, except for the de-
preston of New York City stocks.
Total sales. par value. s1.1o,.00o.
United States IS registered advanced
is and the coupon la per cent. in
the bid price on call. Total sales for
the day. 563.1o0 shares.
New York, August s.-Money on call
easy. 1902 per cent; ruling rate.
liz; closing bid, ga; offered at It's.