The age-herald., 1901-03-24
STOCK MARKET IS
 HIGHLY ANIMATED Earlier Losses Were Completely
 Wiped Out STRONG BANK STATEMENT The Great Syndicate Operators Had Evidently Arranged Things So That the Money Market Would
 Not Be Materially Affected.
STRONG BANK STATEMENT

New York March 2S.-Today's bank statement affords convincing evidence that the capitalists who have engaged in the recent great syndicate operations have made provision for them some time since, and while the resources of the money market were still superabundant, assur- anee is warranted that their plans are carefully protected so that the syndicate operations in themselves will have but slight effect on the money market
 That there should have been achieved loan contraction by the banks of up- wards of $4,O00,000 in a week in which payment was made of over $10,000,0O0 on account of Union Pacific bond subscrip tions and d call made for payment of $25000.000 Monday on account of steel syndicate subscriptions and in which furious speculation was carried on in the stock market is impressed demonstra- tion of the new scope of the resources of the New York money market.
 The effect on the stock market was ma terially marked. From hesitation and irregular condition, due to heavy profit taking under cover of the feverish ad- vance of a few stocks, the market leaped
 
 earlier losses being generally wiped out and many small gains in price establish ed. The early strength was confined to comparatively small number of stocks and was due to belief in the progerss of plans for a great consolidation of South western railroads.
 The Denver and Rio Grande stocks led the advance with extreme gains of for the common and SIS for the prferred. The Wabash stocks, Missouri Pacific St. Louis Southwestern, Texas and Pacific St. Louis and San Francisco and the Col orado Southern stocks all responded with gains of 1q2i over yesterday. A number of recently conspicuous minor railroad stocks also advanced feverishly, including the New York, Chicago and St. Louis stocks, the Chicago Indianapolis and Louisville stocks and Lake Erie and Western. The strength of these stocks did not prevent declines running to a point or more in many active stocks than real izing, profit-ta king going on very actively under cover of their strength. The smelt- ing stocks were raided down 2k and 3la; the common and preferred rose strong again over last nights level The steel stocks were rathec heavy. - It was not unt,l the bank statement was made that the undertone of depres- sion overcome. There was some re- pewal of tEe realizing here and there, but the closing was animated and the under tone strong. with prices near the best.
 The contest for the control of Burling : ton apparently continued and was sup plemen:>d by outside buying of stock. The announcement that the Rockefeller Lake Superior Iron interests were to be includ ed in the steel merger and the knowledge that sufficient proportion of the steel stocks had been deposited to secure the plan awakened the steel group from it's recent lethargy and removed a hampering effect on the general advance, adding a strong influence in its favor. By Tuesday afternoon the speculative profit taking had overboren the force of the buying and Wednesday saw some sharp reactions. But new points of strength developed and rallied the market
 The strength of the sterling market Is conclusive evidence of the continued em- ployment of American capital in foreign markets and shows that our capital will participate either directly or indirectly in the coming British war loan.
 Business in railroad bonds continued large, the speculative Issues being the fa- yorites. But bond dealers report some disposition on the part of the customers to sell hign grade bonds and reinvest in railroad stocks with good dividend pros poets United States 3s advanced F, the new and old s coupon A and the refunding 2s registered a. The refunding 2s cou- pen declined ls over the closing call of a week ago.
 New York Stock Market.
 By Private Wire to Murphy X. Co