Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1918-09-04
Steel COMMON PROVES
SENSATION ON MARKET
Hide and Leather, American Stce
Foundries and Southern Railway
n Also Reach High Levels.
COTTON IN WILD RESPONSE
Prices Advance When Government
Report on Cndition Is Announced
Showing August Situation Not
Equal to Expectations.
DY BRoADAN WALL.

NEW YORK. September 3.--Along
about $3.50 this afternoon the creeping
Sbull market gave promise of becoming
an outright roaring bull market. From
ll3 1-2, Steel common. which on Fri
day sold cxdividcnded 4 Ii per cent,
gathered momentum and almost in as
many minutes Was rushed up two and
Ne-half points TO 1iG. With the divi-
dend on, llG makes new high Of 100
IA for this year. The 1917 high was
i56 SIS. Hide and Leather preferred,
American Steel Foundrics and South
ern Hallway common shared Steers
unqucs toned leadership. Cotton, In wild
response to the lowest August cotton
condition report on record. rose l.o
points in few minutes. October cot,
ton at 81 IA cents II pound registered
new high for the staple.
bonds rs we'll. were even better war
news than we have been accustomed TO
Tor weeks past, and "a remarkable
Scarcity OF stock offerings at current
levels. III brokerage circles the hope
was vcntured that Acting Chairman
NcGarrah. Of the money pool commit
out hints as to the probable course OF
A'he market. To-Gay's course of prices
certainly confirmed all MIR. McGarrah
hsd TO say last week about the pos
.ibilities lin view Of the present prog
ress of the allied armies"
INTEREST CENTERS o.
HATES FUR tNLls lso.hNS
Whether activity to-day Will be
elassed by our money pilots az dis
position to indulge in speculative com
mittments" OIL borrowed funds will be
answered b. the weeks course of rates
Tor call loans. The money committee
met to-day, but call funds were avail
able at per cent. and no Indication
was given that the reserve bank in
tends to follow the suggestion OF the
American Bankers Association Journal
that the reserve banks raise their re-
discount rates If credit is TO be cur
Dlrcctor-General McAdoo's pro-
Ysunss , on politics ana on ad
10 nnsG ~ s sns 40
The rails. conference TO be called by
Judge Thorn should serve to Impress
Won investors that many OF the roads
having special claims FOR compsnsa-
ton In addition TO that for the three
year test period arc planning 10 pur-
rue these claims vigorously. on this
Air Line. Baltimore and Ohio. 81. Paul
COPPER STOCKS NOW
IN STRONG POSITIONS
With The copper stocks I'm 4 strong
position and real belief among copper
producers that the metal Will be ad-
houses arc advising investment pur-
eaases Of the coppcrs. One trio In
favor. each on an SIS dividend basis, arc
anaconda, Inspiration and Greene
' Az stocks closed at tho top. after
several new high records for the year
In some cases, the feeling In tho Street
vas for no let-up IN buliishness to-
morrow.
One depressing factor that came in
for little attention is the probability
OF u really serious situation develop
ing from the default on the $4,000, 600
Chicago and Western Indiana notes
due to-day.
NEW YORK. September 3Mcrcantile pa
per s. Sterling siSty-day bits. Az: com
nlercial siN,y -day bills on banks Si.72S:
commercial sixty day bills, sl1is.: demand.
t;5.s1: cables. s,.75a: government bonds
strong: railroad bonds strong: time loans
strong: sixty days. ninety days and six
months. 6, call money ruling rate. Q.