The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1901-10-08
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Financial
THE STOCK MARK ~.

New YORK, OCT L-L1quluatlOn OF the
/ same character as that which has been
| manifest for some proceeded to-day.
Some ragged breaks in the price level
of the market resulted. But heavy and
concentrated buying was In evidence
all day. AS a consequence the decline
| was checked and the latter part of the
day was given over to a broad and
comprehensive covering movement
which lifted prices throughout the list,
generally recovered and largely re-
duced even in the weakest of the in
dustrials. When the market opened a
| feeling of encouragement was general,
especially because last weeks liquida-
ton had proved Intellectual to recuper-
ate the condition Of the banks, by
reason Of the extension of new credits.
The completion of the season of the
interior movement of currency was still
to be met therefore and the only clear
source from which to supply this re-
| quirement was by further liquidation
IN the stock market. Foreign exchange
continued to advance, precluding the
hope OF relief from that quarter Large
selling Of stocks for London account
sustained the exchange market. Re-
newed Generalization in foreign copper
securities and forced liquidation in
Paris were the occasion of this foreign
selling. Pressure from the lenders Of
money was undoubtedly at the root of
the stock market depression. But vul-
nerable points in he industrial list bore
the brunt of this pressure rather than
the railroad list in general. and the
rates for call loans were not disturbed.
There was a growing spirit of scepti-
cism as to the prospect of dividends on
industrial common stocks where the
organizations were dependent for sue
cess on continued or even increased
prosperity
This sentiment towards recent finan-
cial projects was extended to the rail-
road world by reason of the annual
Showing of Chicago, Burlington and
Quincy, which showed a balance of
earnings after charges insufficient to
pay the interest on the newly issued
bonds for which the stock is collateral.
St. Paul which sold ex-dividend of 8
per cent, was subjected to savage at
tack and was forced down / ga Mis-
souri, Pacific lost as much and some of
the cotton and corn carrying railroads
were quite weak The selling of Brook
Ign Transit, which carried it down
4 3S, was apparently based on the
general condition of poor earnings and
an unduly high price. Sugar was weak
at the extreme decline of 1-S on dread
of the effect of the war against beet
sugar. Atchison lead the recovery on
very confident rumors that the semi
annual dividend rate is to be increased
to per cent. There were purchases by
single commission house of several
thousand shares each of various stocks
all around the room and this was sup
posed to represent covering by large
western bear contingent. The rally ran
between and 3 points In many of the
principal active stocks and the demand
for Amalgamated Copper showed some
urgency, the stock rising 1-2 over
Saturday. The days net gain is a
point The covering demand made a
firm closing. A renewed advance in
some of the Junior Vandarbilts was a
feature Of the day.
The railroad bond market was weak
early and rallied in sympathy with
stocks. Total sales par value $780,
900.
United States new fours declined ia
per cent. on the last call