The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-10-08
Partial Recovery Was Forced on New
York Stock Exchange.
LIQUIDATION CONTINUED ON BIG SCALE
But the Effect of Buying Was 10 Offset
That and an Advance of One
Point Was Scored.

New York, October 7.--Liqudatlon of the
same character as that which has been
manifest for some time past 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 consequence the decline was
checked and the latter part of the day was
given over to comprehensive covering which
lifted prices throughout the list, losses In
the railroad list being quite generally re-
rovered, and largely reduced even in the
weakest OF the industrials
When the market opened n feeling Of dis
rouragement was general, because last
weeks liquidation had proved Intellectual
to recuperate the conditions 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 requirement was by
further liquidation in the stock market.
Foreign exchange continued to advance
precludlng the hope of relief from that
quarter. Large selling OF stocks for Ion
don account sustained the exchange mar
ket Renewed demonstrations In foreign
copper securities and forced llquidations in
Paris were the occasion Of this foreign sell
ing and the prompt decline In Amalgamated
Copper here gave promise of a CONTINUANCE
of that disturbing influence.
Pressure from the lenders or money was
undoubtedly at the root Of the stock mar
ket depression but vulnerable points In tbs
industrial list bore the hrnnt OF THIS press
ure rather than their list In general anS
the rates for call loans were not disturbed
There was a growing spirit of skeptlclsn az
TO the prospects OF dividends on industrial
common stocks Of whicn organization
were dependent for success on continues
or even Increased prosperity rms sentl
ment toward recent financial projects WA
extended to the railroad world by rensoi
OF the annual showing Of the Chicago; bur
lington and Quincy which was published
on Saturday, and which showed q halRnc'
OF earnings, after charges, insufficient 4
pay the interest ON the newly Issued bond
FOR which the stock Is collateral. 81. Pam
which sold ex-diyldend Of per cent wa
subjected 10 savage attack and was force!
down ia. Missouri Pacific lost as muci
and some OF the cotton and rn-carFyinl
roads were quite weak,
The selling, Of Brooklyn Rapid Transit
which carried II down AZ, was apparently
based on the general condition or poo
earnings aud an unduly high price, SuEa
was weak ut the extreme decline OF ~
points on dread of the effect OF the wa
Atchison led the recovery on very cont
dent rumOrs that tue semi-annual diyiden'
rate Is 10 be increased 20 per cent Iher
were purchasers by singe commission o
several thousand shares each on Yafieu
stocks all round the room ana this wa
supposed 10 represent covering by A larg
tween and 3 points In many Of the ,priin
clpal active stocks and the demand 70
Apaigamated copper showed some urgency
this. stock rising IA over Saturday. IA
n demand made nrm closing.
renewed advance In some Of the junio
Nanderbif's was a feature OF the day.
Railroad bonds were weak early but IA