The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-07-28
THE LOSSES
WIPED OUT
Early Weakness Of the Stock
Market Soon Disappeared.
TONE BECAME STRONG
The Los3es, Even in The Weak Stocks,
We're Wiped Out-The Close
Was Quiet and Steady
Notes.
INV Associated I,rnse. !

NEW YOflK. July 27.--Thc failure OF
another Stock Exchange firm. announced
shortly after the opening this morning,
renewed the feeling Of nervousness, and
prices were again forced TO a lower level:
There were violent declines in some of
the stocks IN which the failed firm was
standard railroad stocks at the same time
sold down from to 2 points under Sat-
urday,a level; But even during this pc
Rod OF initial weakness there was mani
fest a good absorption OF stocks and
points OF strength persisted against tho
depression. Later III the day, when it
Was seen that no further failures were
to be announced. the tone of the, market
became very strong, and the early losses
were wiped out, even in the weak stocks,
while the general level OF the. market
night. The demand was especially con-
spicuous for New York Central. St. Paul,
southern, Pacific. Reading, pennsylvania,
stantial grade. Some large orders were
executed In all OF the stocks, and at
other points throughout the market, so
tnat prices ended the day from ~ to lover over
inent stocks and at much wider advances
Tor some Of tho less active issues.
Only few of the inactive stocks show
ized the recent market. which pointed TO
conclusion that there was less pres
sure TO close out unmnrkctable securl;
ties figuring as collateral in loans and
RECOMMENDATION. Thc recent contraction
of credit in the stock market has been
as those in which the recently failed firms
have been largely engaged. involving as
they did. initiation and manipulation OF
the values of securities. The letting out
sense OF relief from tho oppression Of
artificial conditions hanging over the
market. and sustained with difficulty.
These held projects arc quite apart from
were successful! In holding up prices un.
til their holdings were taken off Their
hands and which have left behind them
also their train of financial distress and
of the syndicates' interests in these and
the abandonment OF the artificial support.
the stocks have been allowed to sink TO
the level natural to the chances IN the ia
abandonment OF efforts 10 sustain by
main strength tho prices of securities
The market FOR which has passed ana tho
closing up OF affairs which resulted 10
the cause OF sensible relief In the stock
market. There were fears that further
failures would occur to-day. and tho
strong rally in the market was helped py
The averting of these.
Tho market closed quiet and steady and
pnly slightly below the top level.
The bond market continued Irregular.
some issues. Total saics, par value. So
ec5.ooo.
United States bonds all unchanged on
Total sales OF stocks to-day were sso, 800
shares
MONEY AND EXCHANGE-CLOSE
Money on call. steady, 2Ge IL per cent:
last CALI at 2 per cent: closing. ! l-2a2
per cent; time money. strong; sixty days,
la IL pcr cent; ninety days. 56o ia;
ak months, s per cent; prime mercantile
paper, 1876 per cent: sterling eS-
change, heavy. at s4.s5: s"a4 800 for de-
bills: posted rates. s4.Si !-2G4s1: commer-
cial bills. s4.s3 II: bar silver. 50 Sd; Mcx'-
ran dollars ~ 1-2.