The times. [volume] (Richmond, Va.) 1890-1903, 1901-10-08
RAGGED BREAKS
IN PRICE LEVEL
Heavy and Concentrated Buying in.
Evidence All Day.
DECLINE. EFFECTUALLY CHECKED
Broad Covering Movement Late ia the Day
Lifted Prices Throughout The
List and Made the Closing
Firm.
DECLINE EFFECTUALLY CHECKED
ny Associated pressl

NEW YORK, Get. 7-Liquidation of the
same character as that which has been
manifest for some time PROCEEDED to-day.
Some ragged breaks in the price level of
the market resulted but heavy and con-
centrated buying was in evidence all day.
AS a consequence the decline was checked
and the latter part Of the day was given
over to broad and comprehensive COW
erng movement which lifted prices
throughout the list, losses in the railroad
list being quite generally recovered, and
largely reduced even in the weakest OF
the induStriaS.
When the market opened feeling OF
announcement was general. especially
because last weeks liquidation had
proved Intellectual to recuperate the con-
ditionS Of the banks by reason Of the eX-
tension 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 requirement was by further
liquidation in the stock market. Foreign
exchange continued to advance. preclud-
ing the hope OF relief from that quarter.
Large selling OF stocks Tor London ac-
count sustained the exchange market
Renewed GENERALIZATION in foreign COP
per securities and forced iduination III
Paris We're the occaIon of this foreign
selling, and the prompt decline in Anal
i:aTnated Copper here gave promise or q
continuance OF that disturbing influence.
Pressure from the lenders Of money was
undoubtedly a the root of the stock
market depression, but vulnerable points
IN the industrial list bore the hrunt or
this pressure rather than the railroad list
in general. and the rates for call loans
were not disturbed
There was q growing spirit OF Skeptlsnl
as to the prospect of dividends on indus
trial common stocks where the ofSanlZa-
tons We're dependent for success on GoH-
tinucd or even increased prosperity. rms
sentiment toward recent financial pro
jects was extended to the railroad world
by reason Of the annual showing OF the
Chicago. Burlington and Quincy which
was published on Saturday and winch
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
eS-Cividend Of , per cent. WAS subjected
to savage attack and was forced down
AZ. Missouri Pacific lost Us much. ana
railroads were quite weak The selling
OF BROOKLYN Transit. which carried 1t
down *. was apparently based on the
general conotion of poor earnings and
an unduly high price. Sugar was weak
at the extreme decline OF 2lS on dread Of
the effect OF the war AGAINST heet-suEar.
Atchison led the recovery OF very conf
Gent rumors that the semi-annual diEl-
Qcnd rate is to be increased TO per cent.
There We're purchases by q single COM
mission house of several thousand shares
each of various stock all around the
room, and this was supposed to represent
covering By. a large western bear contin-
gent. The rally ran between ana points
In many of the principal! active stocks. and
the demand for Amaigamated Copper
showed some urgency. the stock reach
iHS - over Saturday. The days net gain
is q point. The covering demand mace
I'll NJ closing. y renewed advance in Solre
OF the junior Nanderbiits was q feature of
the day.
The railroad bond market was weak
carly. but rallied in Sympathy with
stocks. Total sales. par value $2,37o.0Gn.
United States new Is declined IL per
cent. on the last call.
The total sales Of stocks to-day were
CHI