The times. [volume] (Richmond, Va.) 1890-1903, 1902-10-09
SHARP RECOVERY
IN PRICE. OF STOCKS
,here Was Decided Relief from
Pressure Of Credit Contraction.
ENTHUSIASM OF EARLYHoURs
Il Did Not Las, the Day However. and
Prices Closed Below the Best-stif-
fleming of Money Rate Helped to
Unsettle Late Dealings.
ENTHUSIASM or EARLY HOURS
ny Associated Press.l

NEW YORK. Oct s.--Thcre was de-
c:dcd relief to-day from the pressure OF
the credit contraction by the banks. ana
the result was sharp recovery in the
prices of stocks. The demand to cover
short contracts by the bears was q con-
siderable factor. as the recent heavy de-
clines have made operators on that side
of the market bod and quite active. There
was some show of enthusiasm In the
early buying and considerable gains were
established. The enthusiasm: however,
did not last the day out and the bears
regained some confidence and ceased thst
Efforts to'cover. Some points OF Strength =.
persisted to the last, notably Union Facl-
&c. but the market generally peca.ne
somewhat apatheic. and closing p Ices
were generally below the best a sn.len-
ing in the money rate lato IN the Gay 70
l5 per cent. and q heavy selling move
nlent In Amaigamatad Copper heipeo 70
unsettie the late dealings. Inc Weah-
the decline in the price OF C., copper pom III u.
New York and London. The considera-
Bile Strengthening OF the position OF me
banks as a result OF the weeks haul sa..
ton and several developments to-day
tending to r lentsh their cash reserves
gaev rise TO inc query Whether the cor
SO that some confidence might be felt
that forced liquidation Of stocks had
come to an end The earlier view vas
that this might be hoped for with some
prices later in the day showed that this
opinion was shaken. The mere fact that
little over half a. million shares, COM
pared with an average OF about a million
during the recent days of weakness
shows that the recovery rec, was Ia, lacking IN
no disposition to deviate from their re-
cent determination not TO extend credits
to stock market customers for the pres
ent. There was a payment due to-day
of nearly S1S.000.610 on account OF the sub
scriptions to The syndicate for taking
over the Louisville and Nashville. This
represents 50 per cent. payment, and
the remaining SO per cent. is payable 4
week from to-day.
4 30 per cent; installment has s., been
calling for about sl50o0.ooo and PAYABLE
this week. Fifty per cent. of subscrip-
lions for new y, BE- Baltimore and Ohio sto 1s
calling for S21.2o0,Gb9 are payable on @Oc-
1ober 18th. These large syndicate Ieaire,,
ments may sbe the cause of the continued
unse,tement in the money market IN
spite 2. Of e. the relieving factors ,z at WORK a,,
Francisco was made payable at the sub
Treasury here to-day. Large require
ments for tho payment OF New York
taxes have been met and are returning
to the channels of tho market.
Measuring reports of the health OF Isus-
FELL Sage We're a quietins influence y
continued its downward course. and some.
loan bills were sold in that market.
There were some hopeful expressions
current over the coal strike outlook to-
day. which helped sustain the market.
Union Pacific was supported with deter
animation and closed at the highest price.
The bond market was more irregular
than stocks and developed points OF
weakness as the day progress. Tota>
sales par value, s3,G65. 900 United States
NEVIS advanced Il per cent on the last
call.
The total sales OF stocks for the day
were 6G9700 shares.
MONEY AND EXCHANGE-Money on
call firm at 76I15 per cent: closed offered
at per cent: prime mercantile paper, b
per cent. Sterling. exchange steady at
decline with actual business in bankers
bills at s.. $50. ST5d4.s6 for demand and at
81 so7594S2.S75 for sixty days bills; posted
rates. s4.S4 and s4.S@i.S7is; commercial
Lex