The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-10-09
There We're Only Occasional
Pausesin Downward Course
NO RELIEF TO WEAKNESS
Net Declines Of One to Two Points and
Upwards Quite General Through
out the List-Bonds Stronger
Than Stocks.
my Associated rrcs..l


NEW YORK, Oct. s-There was prac-
tically no relief to the weakness OF to-
days stock market from start to finish.
There was an occasional pause in the
downward course of prices. which was
ment, but tho usual rebound on, short
covering was in every case feeble ana
ineffective. The last prices were praSe s
closing was weak. Net declines OF to
2 points and upwards are quite general
throughout the list. There was nothing
to contraction OF credits, such as forced
the heavy selling in the recent past al
though there are time loans, maturing M;
fSm e an 10 det he to- secure anS eS
seemed 10 be prompted more BY scnti-
Inent Of disgust and discoufagcmcnt with
the whole situation Ii the securities mar
ket The extended repoi Is this morning
of the testimony elected yesterday n the
hearing OF the legal proceedings connect
combination, created a profound impress
sion throughout the financial world. The
details there set forth Of the process Of
corporation promotion, underwriting, and
analoges with a large mass Of industrial
securities, which have come into the mar
ket In the last few years, and are n3E
lying there in practically waterloggtddS
Of Yesterdays disclosures, were Of SO
grave character. and applied to SUCH IGN
PG Of the p 1 nsse ove the
most conservative convictions. The gray
ity OF the occasion received Us recogni-
ton In the unusual course Of the pubic
nally disclaimng the implications OF the
incident by j. Z. Morgan and Company:
Following the widespread disturbance, Of
sentiment In the market caused by the
reduction OF the dividend on United states
Steel, the industrial stocks had bad day
OF 1t. United States Steel. common, soid
and the preferred stock vas even more
severely handled with decline OF IS.
Yesterdays argument that the REDUCTION
IL fbe ' aecury FOR o the dvdend on the pre-
ferred lost it's force in face Of COM
putation that the decrease In net earnings
vas at rate rat. grsa y J., than me reaufi-
gamated Copper was the fellow-sufferer
most acutely affected. The stock fell to
a new low. record at 35 5.s in the late
had been accorded above 36. 1t was ar
gued that the reaction In the iron and
steel market must extend to copper, while
the relative price of Amalgamated and
United States Steel on similar dividend
level was again used to the disadvantage
OF the former stock. Brokers whose OPP
various stocks were attributed to inside
supporting orders turned sellers to-day:
with corresponding effect on the general
sentiment. Tho weakness was by no
means confined to the industrials, and
tho railroads suffered quite generally in
the general depression which weighed the
market. Specific news was entirely lack
Ing to account for the selling pressure
all through the market.
The bond market behaved. better than
stocks and showed some evidence Of In
yestment absorption.
Total sales. par value. S3,b520oO.
United States 2s declined IA per cent.
on the last call.
To-day's total stock sales were $4,000
shares.
MONEY AND ExCHANGE -cLosE
Money on call. steady; lowest, ! ID per
cent; highest, 2 l-2 per cent; ruling rate.
2 Ia per cent: last loan, 2 1-2 per cent;
closing. 2a2 Is per cent; time loans.
easy, on large offerings: sxty-days.
3-4d5 per cent: ninety days. S per cent:
six months, Lag "a - per cent: prime
ling exchange. steady. with actual bust
ness In bankers bills. at siS5.s5GDis5.7o