The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-02-14
The PRICES
DROPPED
increase in Business on Stock
Exchange on Selling Side.
SUPPORT IN CLOSING HOUR
Sentimental Effect of This Was Little
More Than to Check Selling Else
where-Close Dull and Heavy
Bonds We're Irregular
SUPPoRTIN CLOSING HOUR
INV Associated prcss1


Il NEW YORK, Feb. 1S.-Thc increase in
business on the Stock JExchai,ge to-day
was mostly on the selling side and caused
Il further recess in the level of prices.
The marketing of stocks was pretty con-
slant until a supporting movement in the
1Iries during the final hour. Support was
evident at the same time in some of the.
other Morgan stocks, notably Reading
and Southern Railway. the latter rising
mental effect Of this support was little
more than to check the selling elsewhere.
The buying of the Erles themselves was
not followed up, and the closing was dull
and heavy.
The selling of the Fries was on very
large scale from the outset, London join
ng In the movement. Extreme declines
In the first preferred Of rs, and in the
second preferred S2ss. The terms Of the
Dew issue of bonds were Disappointing
holders who had bought with the idea
that some new disposition of the whole
property was involved. Some sort of new
i capitalization by the Erie has been under
stood to be on the programme for sew
sral years past. The prospect Of In
creased earnings by reason of the outlay
and the, possible rights to subscription by by
did not prove sufficiently attractive to
prevent very heavy realizing on the. re-
cent advance. The stocks We're practical
~ uIlSuppOIlcu uIllll lLC ishSk iiou',
sympathetic effect on the general list
was considerable, and the active specula-
tive leaders We're Very generally point
or more below Wednesdays level at one
The concentrated selling Of some of the
recent speculative favorltes pointed to
enormous realizing on the ne, part Of some
evidences also Of bearish manipulation.
and especially in the circulation Of rumors
OF the serious illness OF a prominent opera
no To- sod fn h I'M Tlf
interests committed to his guardianship.
The rally in the last hour was helped by
the preliminary figures of the weeks cur.
gain in cash by the banks during the
week, up to Wednesday night OF over
million dollars
the money situation was dominated by the
further considerable rise, IN sterling eX,
change, practically TO the, gold export
point, allowing for. Yesterdays reaction
fast ships to sail until next week. but a
probability of gold exports Is indicated.
Money is growing tighter In London, and
the selling Of stocks here to-day for. that
account was large and was a material
factor in the strengthening of exchange.
The January exports of domestic pro-
ducts showed, the expected increase by
corn. but a decrease In cotton was dis
appointing, and the present high price
of that staple, it is feared, will discour-
age the export demand.
The Central of Georgia income bonds
rose sharply, but the movement of prices
generally in the bond market was irreg-
ular Total sales, par value, :2,S0,0D.
United States 2's declined !. and the old
As y per cent. on the last call.
The total sales OF stocks for the day
We're 6i4,70o shares.
MONEY AND EXCHANGE-CI.OSE:
levelMoney on call steady at 2&ds per
cent; closing. %. per cent; time money,
steady; sixty days, 4 per cent; ninety
days, 4 per cent; six months, 4AG44a per