Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1902-10-09
DECIDED RELIEF.
,rss1rRE OF CREDIT coNTRAc.
TroN BY BANKS WITHDRAWN.
SHARP RECOVERY IN PRICES.
sher of Enthusiasm in Early Deal
tne.. But Enthnsinsm Does Not
i,ast-Marhet Becomes. Arathctsc.
and Closing Prices Are Below the


q KEW YORK, October s.--There was de-
u ,,aed relief today from lie pressure of
Il N, credit contraction by the banks. and
ME- result was a sharp recovery in the
,~ioes Of stocks. The demand to cover
4 mort contracts by the bears was con-
,s6erapge factor as the recent heavy de-
fnes have made operators on that side
# the market bold and quite active. There
4 mas some show Of enthusiasm in the
,srly buying, and considerable gains were
established The enthusiasm, however.
I'D not last the day out and the bears
t-ss.ns.d some confidence and ceased their
,,orts TO cover. Some points of strength
persisted to the last. notably Union Pa
,inr hut the market generally became
sovnewhat apathetic. and closing prices
ere generally below the best. A stiffen
Ing in the money rate late in the day
% Is per cent. and a heavy selling move
nent in AmaIgamated Copper, helped to
,;rsct;ia the late dealings. The weakness
+ Amalgamated is due 10 the decline in
tl!c price OF copper. both in New York and
london
INC considerable strengthening of the
posjticr Il the banks as a result of the
peslr- liquidation. and several develop
.ash reserves. gave rise TO the query
whether the corner had been turned in
money striagsncy. SO that some confidence
might be felt That forced liquidation of
l.ockS had come 10 an end. The earlier
,iag was that this might be hoped for
Rith sCnIe confidence. but the wavering
r5rlSA Of prices later in the day showed
shat this OPINION vas shaken. The mere
fact that tn Gays volume of trading ran
10 bat little ovor half a million shares.
compared with an average OF about q mil
lion during the recent days of weakness
shows that The recovery was lacking in
srbng impetus. The banks also showed
IN disposition 10 deviate from their recent
Determination not TO extend credits TO
stock market customers for the present.
LOUISVILLE AND NASHVILLE PAY
MENT DUE.
There Was = payment due to-day Of
nearly or0 OFT account Of the sub
tor1ntions 10 the syndicate for taking over
the Louisville and Nashville. This repre-
Pants a 50 per cent. payment and the re-
nainmg 80 per cert. is payable a week
from today. A 90 per cert. instalment
mas been called by the ship combine syn
iicate. calling for about Sl5,Q000 ea and
avable this week. Fifty per cent. of sub
,Uiptions for the new Baltimore and Ohio
took. calling for sci. 25o,non. are payable
IN October nth. These large syndicate
requirements may be the cause of the
continued unscttlenlent in the money mar
tct. in spite NJ The relieving factors al
york The s3,G0o30o Of Austra liam gold
81 san Francisco wes made paT.>le at
the siIh-treasury here to-day. Large re-
puiremeufs fer the payment Of New York
taxes have been net, and are returning
u the channels Of the market,
Bt--assuring reports of the health OF
Russel Sag" were a quietng influence in
Pie money market. Foreign exchange con
ilaues its downward course. and some
l1an bills were sold III that market
COAL STRIKE ENCOURAGEMENT.
There were some hopeful expressions
,lrrcnt over the coal strike outlook to-
Jay. which helped to sustain the market
ruou Pacific Was supported with deter
mnation, and closed al the highest price
The bond market was more irregular
than stocks. and developed points OF
weakness as The day progressed. Total
Fades par Vallie. S3e50000 United States
new is advanced Il per cent on the last
aalI
The fetal sales of stocks to-day were
'l.fIJ0 shares
MONEY AMI EXCHANGE.
Money on call hrmer at 7@l5 per cent;
closing offered at = Prime mercantile
paper Per cent.
Sterling exchange steady at the decline.
with actual business in bankers billy at
lS5S75q4.S6 for demand. and at 4.s2.75G
lS2S75 for sixty-day bills; posted rates
ASi and iS7G14. SIP; commercial bills Asa.
IA S22.
Bar silver. 5Gs: Mexican dollars, 4Ol4.
Government bonds firm, State bonds
Eteady Railroad bonds Irregular