The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-03-28


that will be the result from bond CONVEX.
sons would not amount to more titan 81
ooo. 900 to IS, 900, COO. and on this theory they
started to sell the list with some vehe-
uence, and as prices moved on down
numerous stop-loss orders were uncover
ID, the execution OF which intensified
the depression. II
The break in the prominent railways
from the highest point was IL points IN
New York Central, IL In st. Paul and
3 1-2 in pennsylvania. The drive against
these atocks received an impetus from
new stock issues. That OF the Pennsyl.
yania has already been announced and
the trading element Is disposed to dis
count similar action on the part OF Ne"
York Central and st. Paul.
The Evening Sun says: The stock mar
kct opened strong, chiefly because OF. ex-
aRgerated notions as to the smmedlate
effect upon the money market OF inc
Treasury's bond conversion scheme an
nounced after the close OF business yes
terday. gS ". 9s
PRICES were firmly maintained fora q
time. but renewed liquidation and 4 con.
tinued heavy selling for the short account
soon set in and prices broke generally
and some cases violently. There was
little In this mornings news q, the gay s
developments which could be cited IN
explanation OF the markets tendencies.
The pronounced weakness OF sucn
stocks as New York Central. Pennsyl-
yania and st. Paul had the natural eff
feet OF unsettling confidence, as did the
weakness OF the bond market. where
one of the features was tho heavy sell
tnE OF the Lake Shore 81 IL per cent.
bonds. That gilt-edged investment Sc
curity sold to-day nearly 10 points below
Its issue price.
Aside from the prospects OF q poor
bank statement tomorrow. there was
nothing whatever that could be adduced
aside from technical conditions In ex-
PLANTATION OF the course followed by the
general market or particular stocks. Price
movements varied only In respect OF the
extent OF the declines. which was most
severe In the higher priced stocks
The Evening Post says: Encouraged by
the favorable response OF the London
market to Secretary Shaw's bond pur-
chase offer, local speculative interests
did their utmost to-day to put up prices
I point or 80 throughout the list. Fall
1 ing OF public support, however, the ef-
fort fell flat. and with Its collapse. most
OF the early gains were sacrificed. In
the decline, which became general after
trading was we'll under way. London.
which had sold earlier in the day. turned
buyer, and took some 10000 shares Of the
best that was offered In this market.
Pennsylvania and New York Central
were centers OF chief weakness, under
the Influence OF some very heavy selling,
IN this movement. several large blocks
OF Pennsylvania changed hands. indi-
eating apparent doubt on the part OF In
vestment interests concerning the outlook
I for the stock under present conditions.
The Granger shares also weakened, st.
Paul being sold heavily and registering
a sharp decline. During the later trad
Ing the entire list declined. kall sections
giving way to the general weakness which
becnme the feature of the market to-
wards the last, Amalgamated Copper.
Louisville. Atchison, Union Pacific, South
ern Pacific and the Steel shares wore all
heavily sold during the last few minuts.',
Just before the market closed. the sell.
Ing movement became general affecting
practically everything on the list, At
the Inst, however. there IVES u slight rail-
", which benefited st, Paul. ana 9 few
OIL ssllnS. 80 GllfG5 t-Itf .5Ih