The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-09-11
FAVORABLE NEWS
ASSISTS MARKET
Crop Report, Steel Statement
and Union Pacific Rumor
Make Strong Market.
BYsBROADAN WALL.

4
| New York. September 1o.-A favor
able Interpretation of the government
crop reports, a better Steel statement
than expected, and confirmation of the
story that Union Pacific directors con-
template distributing cash bonus.
combined to make to-day's stock mar
ket the broadcast and strongest for
many Il day.
For some time past there has been
a sleeping short interest in Union Pa
cine that never had a fair chance to
! cover. for no sooner did tho price re-
cedc slightly under fresh efforts at
depression. than the market grew cS-
cecdingly dull.
This last attempt carried the price
to 14s on Tuesday, and the raiders
154 1-2
Union Pacific opened ut ISL "a, stop
loss orders collided with buying orders
for foreign account. and the price car
RED to 154 5-S before IL O'clock The
market then receded to 1874 with ~
final squirt just before the close that
brought the stock to the high figure
of the day, 155 is.
Readers of this column are familiar
with the story that directors purpose
to grant an extra distribution to stock
holders. 1t is n mistake to assume.
cided at the meeting tomorrow
There was also sharp rise OF points
III Union Pacific preferred on the theory
that this stock would benefit from any
extra distribution.
In well-informed quarters. however,
il is not expected that the preferred
shares will benefit, nor is it certain
that the distribution will occur before
next spring.
There was a broad tone to general
trading. Southern Pacific was very
strong, while Atchison, st. Paul and
the Hill stocks were firm and active.
Industrial stocks, under the lead of
Steel common. rose steadily. Bethle-
hem Steel. Republic Steel, both were
in good demand, while American Can
jumped a point and the preferred moro
than two. The excellent report of the
lnterboro- metropolitan brought n re-
newal OF speculative interests.
Reading was strong and closed at
the top of the day; interesting develop
mcnts are expected to unfold without
any warning to the Street: n sharp
advance would not be surprising in
view of the cumulative buying that has
been noticed for some weeks past.
The short interest in this issue be-
came enlarged in anticipation of the
government suit. AS a market factor
the news fell fiat, and the shorts have
| nowhere to go but the open market
to undo their bad judgment.
Copper stocks were tho one dull
feature of an otherwise interesting
market; Amalgamated Copper moved
within half point, closing practically
| unchanged; the metal market both
here and abroad continues to show
strength. efforts being made to pre-
vent runaway market.
Foreign stock markets were by no
means disposed to follow our lead;
London houses were heavy sellers dis
| posing of some 10000 shares, mostly
| Union Pacific and Atchison.
| Comm odity markets were reaction
airy. Money worked n little higher for
time loans with broader demand for
rediscounts from institutions out of
| town.
All the leaders were strong to-day.
and speculative interests showed n ten
dency to expand. Strength and activity
| may be expected to continue.
The buying in Colorado Fuel to-day
| looked excellent