The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-08-07
Wall Street Emerged from
Gloom Of Depression.
WEAK AT THE OPENING
pay Closed, However, With ar Animated
Buying Movement In Progress and
With Prices Several Points
Above Wednesdays Level.
iBy Associated pres..)

NEW YORK, August e-Wall Street
emerged to-day from It's gloom, which
sill, clouded the situation during the
early hours OF the trading. in stocks. and
an effective rally in prices was pro-
duced The day closed with an animated
prices in the active list from one to
over three points above last nlght. t lur
Ing the period Of early weakness. theIe
were numerous deGlines OF irotii rr u.J
low levels for the year. The early W eaik
ness was not universal, many stocks
showing good resistance and re II nnns
1asn qsy fof e. the ' Socks ar There
acute weakness after the opening, o %ison
and Baltimore and Ohio. This seemed 10
be continuation OF yesterdays il aa,ni
dalton, and the closing out OF col,a arna,
IN loans the weak spots wc re the most
notablc. Kept the tone unsettled and ner-
Vous. The eagerness shown for the an
nouncement. which was made IN q c on,
safely passed the Stock Exchange clear
Ing house and the evident reiiei aI.eI
the announcement was maze. sno g
ther failures would result from the strain
ed condition of affairs. After the Clear
ing house sheets had gone through there
Immediately urgent characte had spent
its force. The stability OF parts OF Inc Inc
market. which were supported oy r rargS
shrinkage in collateral. which aroused Used
such acute uneasness y estern,ay.d ,ri, ne
market gradually strengthened during
quite buoyant at the last. II may be
accepted as matter OF course, that
covering OF short contracts by profess
slonal traders played an important part
n
ors would no desist from putting out
short sales. as long as the. decline N
prices The mere az Of a the
gave rise to a flood OF rumors intended
TO explain the change, in sentiment. The
favorite rumor was that coalition nag
capitalists In the country to buy all
stocks that we're offered and TO lend
freely to the distressed interests III the
market. As a matter OF fact. there is
reason to believe that an exchange OF
views on the situation among important
capitalists has disclosed an agreement; OF
opinion as TO the ACCESSIBILITY of avoiding
the further selling out Of collateral as far
as possible But. the. lenders In the stock
market show considerable variation In
the policy pursued in this,,matter. as was
la teral this morning. There Was as little
in the news of the day to account for
the rally as there has been for the re-
cent heavy decline. Liquidation In grain
and cotton was supposed to be induced to
come extent. by the threatening situation
in Wall Street. an dthe rise In the call
loan rate to fouraper cent. this afternoon
was said to be due. In part. to the can
collation. Of some loans In cotton. Specu-
lativc bonds made violent recoveries In
sympathy with stocks. The general bond
market was irregular.
Total sales. r,ar value. So. 10000.
United States bonds were all unchanged
on the last call.
Total sales OF stocks to-day were $4,000
shares.
MONEY AND ExCHANG'E-CLOS
Money OH call. flrmer. but closed steady
~ per se1 1r closing 2s u per cent
ninety days. l-2 per cent: six months.
i 1.4IiS per cent : nrime mercantile ma nor