The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-10-17
SOMETHING
LIKE PANIC
Bears Driven to Cover Short
Contracts.
LIQUIDATION HAS CEASED
Even The lndustrlas We're Free from
The Recent Indiscrimlnate Selling,
and Some Scattering Ad-
vances Arc Shown.
LIQUIDATION HAS CEASED
tny Associated press.I

NEW YORK. Oct. ls.-'rhe bears were
driven to cover their short contracts IN
the course OF to.day's trading In the
stock market. and at the close were IN
something Ike a panic, buying IN Al
dreetiony IN heavy yo v,sw.d NTH ap
parent complancy by large outstanding
short interests. confident that the rally
would be unimportant, as has proved 70
Amaigomaied Copper made feeble re-
spouse yesterday and to-day on the dlvi-
dcnd declaration. although the outstand-
Ing short interest In the rtock was be-
lieved TO have grown to very large pro-
portions. An actual decline Of point In
Reading second preferred on the declara-
ton OF Its Initial dividend also pointed TO
the conclusion that good news was taken
advantage OF 10 liauidate stocks. But
the fact became very evident early To-
day that the pressure OF iiqulda ton was
enduring industrials were. free from the
recent indiscrimindte selling and were
suffered to hold up their heads and make
some scattering advances.
Tho bears began to discover that In
offering prices down they were not meet
ing their recent invariable success II! dis
lodging selling orders and Inducing liqli-
dalton. There were heavy portions OF the
market notwithstanding this general ten
dency, notably in the Pennsylvania. group
and tho anthracite carriers, The reduct..
llOn III SO1l cOHt IhtfS W tHe SSaOodlu
and reports OF the closing down Of. add
ditional anthracite collieries. were sup
posed TO be tho cause OF this heaviness.
but the suspicion grew that those stocks
were depressed TO facilitate covering In
other parts OF the list Beyond the cess
satlon Of the persistent liquidation there
was very little new stock on the market.
for August indicates that their gain In
net earnings over last year averages over
Is per cent. These facts may have. play
ed a part in inducing buying, although
some time The reported contract Of the
United States Steel Corporation for fur
nishing steel to a great shipbuilding com-
as a promising development; The de-
msnds Of the employees OF Manhattan fall
ed to create alarm.
Tho rise Of ~ IN United States steel es
per made those stocks the market lead
crs, although there were some less active
stocks which showed some, larger adj
ers we're In se asvanees Of 5
points, and the market closed buayant
at the top.
Bonds shared moderately In the strength
value. were s3.ss2,Do United States bonds
were unchanged on the last call.
Total sales OF stocks fors the day were
1880 shares.
MONEY AND EXcIIASGE-cLOsE
Money In call, steady; lowest, l:3 4 per
cent: highest. 214; last loan. .; closing, i;
/ per cyht.; ninety days. a-ia6 per cent;
six mohths 3-saJ5 per cent; prime ne--
cantlls papers 51-:4s: sterling exchange,
steady, with actual business In bankers
bills at si.s5.55a14.s6eD for demand and at
A.s2.a5aaS240 for sixty day bills: posted
rates. 3t.S3 and 1856 Ia; commercial bills,
t4.s2 Is: bar silver, rs; Mexican dol
lars. 461.2; government bonds, steady;