The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-07-19
ALL CROPS DOWN
As MARKET RISES
HEAVY RAINS AND CHANGE OF
TEMPERATURE HAS GREAT
EFFECT.
CANADIAN PACIFIC UP
on STRENGTH OF RUMoRED Or
DERs FOR CAR BUILDING
UNITED STATES STEEL
LEADS MARKET.
tBy Thomas G. SI,otweli.l

NEW YORK. July 1s.~-HaAsv
rains in the corn belt, with such
change OF temperature as indicates z
complete breaking UP OF the drought,
caused sharp reversal in the stock
market to-day. Gains of two points
and more were recorded in leading
issues, and the market closed strong
and active Al the best prices OF the
day. Canadian Pacific made a. new
high record. Cotton broke from also
to $3.50 a bale. and corn was down
cent a bushei More was heard OF
new orders for steel, and the rail
road equipment shares showed the
Influence Of new business. The spec
ulattve feature Of the day Was a raid
on New York city bonds. which broke
them nearly point.
Local traction shares were the first
TO show signs of activity. INTERIOR
ough Metropolitan preferred. which
closed the previoGs day at 81 "a
moved UP steadily until it sold al 8 ).
As IL rose city bonds gradually de
clined. and at first II was thought
that the decline in city bonds was
due TO the fact that the citys credit
would be injured hy guaranteeing new
subway honds. Later. however il
was discovered that an institution
was supposed 10 he !n trouble over
Chemical stocks we're strong. a. a
direct result OF the break in the price
Of cotton options. As explained In
TINS column several times recently
the big cotton crop insures CHEAP
raw material fer tbs cotton oil COM
panies, and also makes certain use
Of an unusual amount Of fertilizer
next year In the South In addition
there is q material short interest in
the chemical stocks which will SUI
fer more severe loss the longer IL de-
Steel Is Leader.
An advance in American Car and
Foundry was followed by the discov-
cry that some important orders for
equipment were about 10 De signed
and the insiders were hurrying to take
advantage of the fact IN the stock
market. This naturally led TO an ad-
vance in steel shares for II In known
that the steel trust Is receiving some
official announcement is being made
Of 1t. Steel was leader OF the mar
ket in the last hour
1t was just before the close of the
market that stop loss order was
caught in Union Pacific for the ac~
count of a bear trader who Is heav-
lily short of the issue. purchase
or several thousand shares in Ave
minutes for this account put the price
up point This advance attracted
other buying to such an extent that
the high price WAS maintained tn the
close. Southern Pacific and Atchison
improved in sympathy, and this
strength extended TO the entire mar
ket. which closed in the midst Of
considerable huliish enthusiasm.
Canadian Pacific's new high record
WAS at 24s S-t. The rumor persist,
that the company will increase its
dividend from the land department.
Nothing authoritative could be learn
ed in regard to this. however. be-
cause the Canadian Pacific insiders
have in the last year or two become
heavy spectators. and withheld in
formation until the authorities have
acted upon II in the market. This
was the case when the stock was sell
ing around 1913 at the time of last
increase of dividend, and 1t is quite
probable that another increase Of
dividend has been decided upon.