The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-10-21
RALLY OF STOCKS
|NLATE DEALINGS
Market Closes Firm After Irrcg-
ular Morning and Period OF
Dizziness at Noon.
CHANGES IN CURRENCY BILL
Financial Districts Hear Favor
able Stories Regarding Pro-
gress OF Legislation.
ny uRnAnAN WALL.


Nclv York October 9n.-Stocks rallied in
The late dealings to-day closing firm after
an IRREGULAR morning and period OF cN-
treiuC Uuiluess about noon.
Tho financial districts had variety OF
favorable stories from Washington regard
ing the progress OF President Wilson's cur
reuty legislation. Taking these stories ut
al ,hanres will bc made ii the bill All in
favor of the banking interests II
further stated that the administration is
aiiye to the injury cuuscd by prolonged
az The Oli is predicted some six weeks later
Traders WHO construed the news favor
able were responsible for the rally
Particular interest in speculation is still.
al minimum Such business transacted for
commission houses We're largely on tho sell
ing side. Price movements were In the main
confictiuG New Haven continuing its
downward path made new record by sell.
ing at S. Persistent rumors OF sl.o0o.0oo. 900
PENNSYLVANIA mortgage were responsible for
break 81 the shares to l0s7,.
Investors complain of thin bids when
at;emp; is mnde to realize. American En-
5eenadiSn racine was soft, Scoring ne, ' dsi
Reading moved irrcgulariy and Union
Pacific closed unchanged. The latter rallies
but feebly. OF the metal stocks Utah Cop
per gained q full point. and Amalgamated
copper closed strong, tho best prices for tho
day steel common looks oversoid Traders
advanced the stock point in tho last hour.
Liquidation in tho Rock Island shares
came to halt, and both the common and
lie salG ior 'he company Is the assurance
That tho November interest on the Rock
Island IS VIII be paid. The future. however.
IS still cloudcd IN doubt. As a matter OF
record. tho bonds reflect little no rally
ing power.
Conditions in tho bond market sl,owed-lit-
lie change over the Weekend. with pressure
noted in some OF the hiGh grade issues.
Government - fell to l09ts. white Southern
Pacific collateral - we're strong
Money rates We're not affected by the sub
siantiai Increase shown IN the Saturday
10.
here 10y London institutions. This cnus-
Cd n further weakness in foreign exchange.
gold 10 this side.
Railroad earnings for the second week OF
October were mainly decreases. Colorado
southern had loss OF sJl.Oo0 ana interna-
tionai and Great Northern. $1,000; Minneapo-
lis, and 81. Louis 5000. The Toledo st,
Louis and Western had an increase Of SIT. GlD
Stocks have again worked down TO the
point whore tn. market appears 10 be tech
nically oversold. This encourages the room,
traders 10 work Tor rally in prices. The
hopes OF tho fraternity are for tho moment
hung on further favorable news regarding
the currency bill,
New York October o0-Hopes that tho
rise IN stocks late last wco! WAS the pre-
lude 10 Il sustained UPWARD movement wsr.
eHunGuished to-day For = time after the
opening prices rose slightly. This was large
ly Under the spur Of buying by London. \
,'rande. Erie first preferred. Rock Island
preferred and American Car rose "A point
or more bnt IL was soon apparent that 40
broad demand Lad developed The shorts
ceased buying stocks 10 cover and nut ont
new lines instead. The market turned. ana
early advances We're soon replaced with
losses. the list was Well under Saturdays
close most OF the day. although q late rally
reduced losses ano IN some cases cancelled
them. Tn. discourHg!ug feature from The
point Of View OF the huls Was the ease with
which prices We're depressed. Tho railroad
list was heaviest. Such stocks as 81. Paul,
).ehigh Reading Pennsylvania New Yorl;
central and Union Pacific were of la2 points
~ the low figures o! the day. New Haven,
which dropped 10 IS, reached new low
record
The coppers were benefited temporarily
by AN advance In the metal in London. For
day after reaching new low points for the
YEAR late last week
Bonds were i:rerulaI et;h further pressure
on Rock Island itGuc- 1'6tal sales par