The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-08-12
PRICES WERE
MORESTABLE
Prevailing Sentiment Was
More Composed.
CLOSE STRONG AT TOP
There Was Considerable Demand in
Small! Lots, and Some Selling by
Those Who Had Bought to
Support Market.
CLOSE STRONG AT TOP
1pv Associated press.l

(By Associated PressO .
NEW YORK august usi s,r iT ,nd prey was
much more composed than Tor many
DAYS. The reassurlns effect of tho greater
stability for prices established BY yestcr.
days measures Of support was seen IN
the encouragement expressed in various
quarters that protection for the market
d moraliza ton would be forthcoming ,at
need The feeling that the worst Of the
liquidation may be regarded as com,
pleted and that the absorptive power OIL
the market may be expected to Increase
after a period OF resistance to furthr oe,
cline. the dread Of which Is obviously
keeping many purchasers out OF the mar
ket ii Is believed that there has been
an important absorption OF stocks a.
ready By capitalists OF large means. WHO
pursue the policy OF buying at Intervals
on scale-down OF those stocks OF whose
value they ar satisfied There was
tons. or those In odd lots" meaning MN; less saS
than 100 shares, which Is the unit LOT
official quotations on the stock Exchange.
This buying in lots of ten TO fifty sh are,
ing and was fairly well distributed %
amongst dividend paying stocks, ms ia 10
class Of business that STOCK coiIinls
\ sion houses give small heed to IN ti pes
the sentimental effect at present is con.
siderable. owing to the inferences TO hs
drawn 70 take up these stocks rsik no which bh
the rate OF returriiis inviting. shared IN
this kind OF demand. When prices start
cd upwards there was pressure dcVel-
opcd to SELL which was attributed 70
those who bought stocks YESTERDAY Tor
purposes of support, and who had no
desire to hold them. But the downl%ardi
movements failed to awaken the KIND OF
nervousness that has been the rule Tor
some time past and they served TO demon
strate the existence Of buying orders be-
low the market. which served as a prop.
The Increase In the dividend rate on IA.
madam Pacific was shown in the opening
rise OF - in that stock. in which an
uneasy short interest exists. But there
was clearly no intention TO squeeze the
shorts. This was accepted WIN shIis-
faction as 1t is feared that anything Ike
the working of a corner would pc as
discomposifg to the market as a violent
decline In price. Encouraged by the good
resistance. the whole market turned
strong in the last hour. and rose to the
best of the day. and closing strong at
about the top level.
There We're some sharp advances m
bonds late in the day. but other Issues
tai sales. par value, $4,000
United States SIS declined IA per cent.
Total sales of stocks were $3.50 shares.
MONEY AND ExcHANGE-c,LosE:
cent; closing. ] I-2a2 per cent; time
money firm sixty days. nominal; ninety
days. 4 l-4G5 per cent; six months, l-24
6 per cent: prime mercantile paper $40
per cent. sterling exchange, STEADY. az
decline. with actual business In bankers
bills at $3.50 for demand and at $ s12eg
ls4 and 4s6Gi.ss !rc;. commercial bills,
s4s2 l-4di.s2 "a: bar silver. 81 3-i; Mexi-
can dollars A. 3-4