The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-07-22
STOCKS BUOyANT.
TRADING ACTIVE
Early Prices Quietly Firm, and
Close Is at Best
Figures.
by BRoADAN WALL.

New York, July 21.-Stocks were
buoyant to-day. and trading was ac-
i've. The close was at the best Early
prices wore quietly firm. with notice
able strength in steel common. and
this lasted until the end OF the dav
with an extreme advance of two points
There was little fresh news to explain
tho activity, but short covering was
n feature.
republic Steel common rose over a
point on the expectation that the an
nual report, due in n day or two. Will
show the full dividend of I per cent
earned on the preferred and over per
cent on tho common. with a large cash
balance on hand for working capital
There was another Improvement in
the copper market. with fresh demand
FOR the metal War rumors were. in
part. responsible for some of the in
quiries by manufacturers. Amalyam-
ated rose over two points. with strength
and activity In the other copper shares
American Can stocks were both ac-
tive and strong. the common closing
at 80 and the preferred at 90 IA An
early announcement is looked for re-
Sarding the payment Of the balance OF
the back dividends on the preferred
prorcment in the demand for the Can
dcbcnturc bonds.
London arbtragc houses bought
about 5000 shares. AS foreign mar
kets were lower the bulk OF this bust
ness represented covering of stock that
had been sold at prices lower than our
market. In fact. most of the business
was done at loss. Purchases included
Canadian Pacific, st. Paul Union pa
ciilc. steel and Amalgamatcd
The preliminary annual report Of the
Union Pacific. showing surplus in
earnings OF s32. 900. an Increase of
S2.563,oo0. and equal to over Is per
cent on the common brought a burst
OF buying that carried the price to
liS n. southern Pacific rose fraction
ally. and Reading was steady. along
with Lchigh Valley and the other coal
stocks. Baltimore and Ohio advanced
fully point. Notwithstanding the dis
appointment in the June statement.
with its increase In gross OF $500. 600
and net decrease of slT42OO That
so large a gross increase should have
been more than absorbed would be dis
concerning. If II were not known that
tho company Is still charging off flood
losses month by month.
There was break OF II points in
Wclls-FarGo Express which was va
riously explained by the Increased ia
cilities offered by the parcels post and
by rumor from Washington that the
Interstate Commerce Commission will
shortly announce reduction in cx-
press rates.
There was q further Improvement
In the money market and easier condi-
tons in rates for fixed date funds The
bond market is described AS healthier
though there is stu room FOR CON
siderable increase in tho demand
Commission houses report tho best
Mondays business for many weeks and
odd-lot buying was one OF the good
signs OF the day. II is probably too
soon To expect consistent strength In
the stock market. Periods OF dullness
or weakness must he expected. How
ever, tho undertone is now so strong
that scthacks will no doubt encourages
purchases rather than liquidation.
Union Pacific. Steel and Can are cx-
pect1! TO lead in strength and activity.