Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1917-07-29
PURCHASES BY SHORTS
PRODUCE MARKET Gains
Bears In Industrial Alcohol Backslide
and Shove Price Up
-Four Points.
STEEL AND CRUCIBLE VI
Rails and Coppers Neglected. While
Motors Hold About Steady-Fig-
ures for Cotton Are Boosted by
Covering Operations.
aY RRoAnAN wA.I

NEW YORK, July 2S.-Purchases.
mostly for short covering. produced
gains In to-day's stock market Tho
bank statement showed decrease OF
$37350,o00 in actual excess reserve.
Loans IN the actual return increased
$ll.l76.o0o. while in tho average they
decreased $35.5S4.0OO. Net demand de-
posts In the actual statement Increased
S9,lS4.0O0, while in the average the
item showed a nominal Increase
shorts in Industrial Alcohol backslid
enough to push tho price OF the shares
up more than 4 points, the days high
being 16e 1-2. Baldwin Locomotive
rising points. to rs. but closed at
"a, net gain of point. Sinclair Oil
eased over a point on official announce
ment OF the increase in stock.
Steel at ono time was up a point as
was Crucible. Bethlehem b shares were
also distinctly firmer. Steel equipment
and tobacco shares all were active and
higher. Rails and coppers were neg
Iected. while the motors held about
steady. Shattuck Arizona reports for
.ne three months ended June 80 last
share. against s7ss Year 10 ago s9 While
North Butte, which suffered severely
from fire damage and liabilities. re-
ported earnings at an annual rate of
sZ.3O share. whereas dividends dis
bursed are now at the rate of So a
share
Covering operations advanced the
disposition by farmers to Withhold
shipments of wheat and corn was re-
nected In those commodities. corn
touching 1888 1-2 bushel--a new
record.
NEW YORK. July 2s.-Short cover
Ing was again the paramount influence
IN to-days light operations: the over
sold condition of the list being seen in
tho to 2-point gains recorded by
leading stocks. notably war issues.
Advances were largely surrendered in
hA kyr
market closing. however. with a firm
tone. Shippings. motors. feathers and
secondary specialties shared in the
TEMPORARY rise. hut rails were ignored
throughout. the only feature in that
division being.St Paul, which retained
half OF It's 2-point gain. United States
Steel at one time showed a 1-point
rise at 1913 Is. but forfeited virtually
all It's advantage. other industrials and
equipments reactinG similarly. Indus
trial Alcohol was 43-4 points up at
Its top on active trading. but yielding
In part.
Metals and shippings were incon-
spicuous. except Atlantic Gulf and West
Indies. which rose almost points on
Its May statement OF earnings. but
soon fell back.
The bank statement reported an ac-
tual loss of almost s50.oo0.0o in re-
serves OF members held by the Federal
reserve bank. and a decrease OF slightly
more than s37.0oo.0oo in excess re-
serves. still leaving the total excess
we'll over 100000. 600.
Bonds were irregular on very limited
offerings. the Liberty issue being
quoted at 9o.3s to ao.4o. with occasional
sales az low as 1886.
Total sales. par value. aggregated
3l.27o.o0o.
United States bonds Gold Mssues)
were unchanged on call during the
week.
NEW s,. 59nK Ss,y SI; p.cs,
mercial siIty-day bills on banks. siT1H
commercial HiIty-dav bills, St7lG: demand
!!75 e-ls: cables. s4Ts T-Ie Bar silver 7sii
Mexican dollars. soH: government bonds.
steady: railroad bonds. irregular