The times. [volume] (Richmond, Va.) 1890-1903, 1902-07-16
Prices Go Down Below Those &
the Day Before.
START UPWARD WITH RUSH
This Results from Broadening of Buy.
ng Movement in the Changers an d
Pacifcs-An Advance in Anal
gamated Copper.
tBy Associated Press. !

NEW YORK, July l5.-Prices of stocks
started upwards with a rush this morning.
apparently as an extension and a broad
ening OF the buying movement which be-
came conspicuous yesterday in the Gran
gers and Paciflcs. There was an appear
ance Of confident demand from new
ers which have been employed by the
western contingent during the recent rise
did not affect the strength of the market.
This gave rise to the conviction that
large capitalists who have hitherto hello
aloof from the market Were coming In
prepared to continue the upward move
ment of stocks. There was active rea!J.
ing in Missouri Pacific and in a few Other
the whole market ultimately gave way.
There was a momentarys check TO the
downward movement, effected by raiiy
IN Missouri Pacific. to point over. Ias.
night: but the market gave way. again
and receded generally to beioW Adse
nights level, with only few stocks II re-
sisting the downward tendency. Inc
market closed heavy and not Tar ABOVE
the lowest. Among the late points OF
strength were Anlalgamated copper: tIie
United States Steel stocks, the CiilcaSo
and Alton stocks and Ioieoo, 81. Eou as
and Western preferred. The advance IN
Amalcamated Copper was in expectation
OF action on the dividend tomorrow. me
Steel stocks responded fracnonally 10 Inc
showing in the brief nleo IN Iep,S 10 tle
suit against the company's bond CONVEX
sion Man including affidav1tS from the
Scornora tion's officials bearing on the value
of assets A very favorable weather map
this morning and a somewhat easier tone
of money and the belief that important
financial interests were newly embarked
IN the market helped the morning advance.
The violent slump in the. corn market at
Chicago and the belief that the integrity
of the corn corner was threatened mad
much TO do with the break in. the market.
as II was feared that liquidation would
be forced in the stock market to protect
the position in the corn market With
the easing of the money rate here came
q. hardening in the foreign exchange rate
and a relapse in the sterling rate at Far
Is which brought the international eX-
changes back to about the gold export
point. At the same time New York eX-
change at Chicago dropped back again
from Is cents discount to forty cents DIS
count There were. however. no deposits
OF currency at the sub-TreaSury for trans
fer to Interior points. The sub-Ireasurv
has contributed thus far this week to the
money market 81, 500. 900. The time money
are still disposed to keep their funds
ready to hand in call loans. London
turned buyer this morning here. helping
on the advance and promising some sup
ply also to the exchange market in pay
ments for stocks. The threatening de-
velopments in the freight handlers strike
at Chicago may have been an influence
on the reaction in the market.
The bond market was Irregular Total
new as declined !. per cent. on call.
The total sales of stocks for the day
were T9eo0 shares.
MONEY AND ExcHANGE-Money, on
call steady at 2&@3s1 per cent; closing