The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-07-19
MARKET IS ACTIVE
AND PRICES HIGHER
Efforts of Shorts to Cover and
Renewed Foreign Demand
Responsible.
ny BROADAN wALL.

New York. July 1S.-Persistent efforts
oi shorts to cover Steel and Union Pa
enc coupled with renewed demand
Tor stocks abroad, were responsible Tor
an active and strong market that car
ried shares to new high level ana
crossed the leading issues ut the BEST
prices Of the day.
II reports may be believed. Boston
operator, who was conspicuous for his
tearish position OH Steel and Onion
racine, is having some difficulty In
changing his position. Attention was
called in this column to the nervous.
ness of those who had sold Steel III an
ticipation of the success of the gov
eminent suit. There was n ramon to-
day that in view of the disclosures con.
necting Lamar with the Steel investi.
CATION the government would discor-
tinue It's proceeding against the corpo-
T. ton. This report did not receive
general crcdencc but IL was enough q
induce considerable buying
IT is more than a theory-in fact, il
Is behef-that the stock marke; is
neihG prepared for the marketing OF
IL u Southern Pacific shares, and shat
al advance at this. time meets cncour-
asement from the leading banking in
tefests Then, too. there is "A decided
Improvement in the demand for invest
nents. which was emphasized in the
successful closing of the syndicate that
brought out the S3O.0OO,OOO St Paul -
per cent bonds.
The loaning of foreign funds In this
market is believed to be part of the
iian preparatory to the marketing of
the Union Pacific holdings of Southern
Pacific 1t is now felt that this can be
accomplished within the next ninety
days, probably on rising stock mar
Eet and to the advantage of the share
holders and the Union Pacific COMPANY
Inc stock market to-day was given
Il severe test in the continued liquida-
ton of California Petroleum that car
RED the common shares to a new low
level, 10 ga. loss Of over three points
Ihis incident the general market dis
regarded. as II did later the sharp drop
in New Haven. which occurred in tho
early afternoon. the shares declining
from 100 2 to lO2
There notable strength and
activity in the Can issues the pre-
ferred rising per cent and the com
mon ] Il. An early announcement is
expected regarding the payment of the
back dividends due the preferred share
holders.
Amalgamatcd Copper rose sharply on
sudden squirt on the domestic buying
OF the metal. The demand for ingot
copper indicates that the manufactu-
ers are short OF immediate require
ments. The Bethlehem steel issues adj
vanced easily on light trading. and
the general industrial list showed
strength and activity.
The most notable feature Of the
days market WAS. of course, the pcr-
sistent strength in United states Steel
common This closed the stock at tho
very top at an extreme advance OF
3-S per cent Union Pacific. while
less active. gained l-2. and Reading.
an old-timc speculative favoritc. closed
strong, with Eaii] OF about the same
ne very tame excuse offered by the
Vulcan DEFINING directors for their
action in withholding confirmation of
their action from the public. will. no
doubt. subject them TO official investi-
cation. The financial district is In no
mood to put up with ANTICIPATED meth
oda In the conduct Of corporations in
which the public is Interested
The reports Of foreign commerce. for
the fiscal year showed that both cx-
ports and imports attained high rec
ords. imports increased sl59.35s and
exports $26l. 439,jol. This will do much
10 take care OF the American securi-
ties rcsold to us by Europe
There is an easier tone In the money
market and the bank statement to-
morrow is expected 10 show an in
creas" in cash holdings
With decided Improvement in the
public inquiry for stocks. and an anx-