The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-08-07
TURNED ON
ITS COURSE
Prices of Stocks Advanced
Considerably.
A GOOD BUYING DEMAND
There Was Extensive Covering by
Those Who Have Been on the Short
Side, and Gains We're
Quite General.
(By Associated Press.)

(E5y ASSOCldtcu EleSS.J
NEW YORK, August s.-FollovinE
weak, almost panicky opening, to-day's
stock market suddenly reversed its course,
substantial gains Icing registered by
practically all the better class securities
The average OF net advances were about
two per cent. In some instances, gains
were much greater. New York Central
led the active list with a net gain OF
$685.
The change OF front, which occurred In
the early afternoon, was doubtless due
to several reasons. the most potent of
which was ti;c good buying which SEEM
ed to emanale from high quarters. There
Is little room for doubt that stocks were
purchased freely to-day by insiders, by
banks. banking houses, financial institu-
tions generally, and wealthy individuals,
because they seemed cheap. No justifl-
cation could be found for the report
rather industrionsly circulated, that the
Vanderhilts, Rockefellers and Harrirnans.
with their hosts OF followers, had en-,
tered upon a plan to lift prices. AS q
matter Of fact, no littie part OF to-day's
Improvement was undoubtedly due to ex-
tensive covering, many on the short side
regarding the market as being very much
oversold.
Despite the marked improvement, fur
their talk of trouble and proba BILE failures
was heard on every side almost to the
close, which was really buoyant.
Reports current In trustworthy circles
suggest that several firms and individuals
whose affairs were found to be in bad
shane, have been permitted to make pri-
waite settlements, thus saving themselves
such sacrifices as would inevitably have
been made had their holdings been thrown
upon the market.
EXTENSIVE GAINS.
The days business was slightly less
than one million shares. Stocks that made
the most extensive net gains, include
Sugar, American Tobacco, preferred; st.
Paul. Colorado Fuel and Iron. Delaware
and Hudson, Denver and Rio Grande,
General Electric. Hooking Valley, prs.
ferred; Illinois Central. International
Power, Louisville and Nashville, and Me-
tropolitan Subscription. New York. Chi.
cago and st. Louis, second, preferred:
North American. Rubber Goods. pre-
ferred: Southern Pacific, Virginia-Caro.
lima Chemical. commond and preferred;
Wabash. preferred; Westinghouse, Wheel
Ing and Lake Erie, second, preferred;
and St. Louis and San Francisco. Eastern
Illinois certificates. the latter advancing
ten points. Improvement was shown also
in the bond list
George II. Sullivan. assignee for the
firm of Sharp and Bryan. said to-6ay that
he would not be able to make any state
ment In regard to the FIRMS affairs to-
day. He said that there were so many
details to look after that 1t might re-
quire some time before he would be In
a position to state exactly the condition
of the firms affairs.
Henry B. Ketcham, assignee for the
firm of Hurlbutt, Hatch and Company,
said to-day, that he probably would be
unable to make a detailed statement OF
the firms liabilities before late tomorrow
or possibly Monday. Mr.. Ketcham said
that so far as they have been able to
ascertain the firm has no' outstanding
contracts on the floor of the Exchange. He
also said that the secured claims. as near
as he could tell at the present time. are
less than 5000. 600 and the unsecured
claims are under s25o,O0O,
The failure of Laidlaw and Carrie,
which was announced on the Consolidated
Exchange, was not important enought to
have effect on the Stock Exchange.
The firm did a commission business.
which was not extensive. The failure was
without general Importance.
The members OF the firm are William
r. Laidlaw and Daniel T. Carrie.
Laidlaw. a few years ago, sued RUS
sell Sage, .ot1arglng that the aged imam
cier threw him in front of the bomb.
which Norcross threw at Mr.. Sage. Laid
law was then cashier for Bloodgood and
Company. and happened to be IN sase's
office when Norcross entered 1t,