The times. [volume] (Richmond, Va.) 1890-1903, 1901-02-16
STOCKS RALLIED
IN LATE DEALINGS.
Majority Show Net Gains, But They
are Mostly Small.
CALL MONEY RATE DECLINED.
Stock Market was Distinctly Reaction
nry During Greater Part of the
Day and Prices Drifted Down
ward-Bonds Inactive.
fBy Associated rress.)

NEW YORK, Feb. 15.-Prices of stocks
mace a good recovery in the latter part
of to-day's trading under the aggressive
leadership of Burlington New York Cen
tral and Delaware anu Hudson. AS a re-
suit the majority of stocks show net
gains but most of these are small.
During the greater part of the day the
market wss distinctly reactionary and
drifted cS>enward whenever any consld-
The spots of strength here ana there
among the more obscure stocks did not
sustain prices in the general list Lon
don's buying of Americans served only
as a temporary prop, although the open
ing advances extended TO about point
in several OF the international stocks. A
further violent break in the smelling
stocks. which carried the common down
2eS. and the preferred .. was the first de-
Neiopmcnt to seriously undermine the
market. The metal stocks were all affect
ed in sympathy, and the losses in the steer
stocks ran UP to points. New York
Central was one of the early points OF
strength. and Delaware and Hudson was
also firm throughout. but the market did
not respond to these unsupplemented by
absorption of Burlington was very heavy,
carried up by rapid stages q points,
establishing gain Of Az There was no
news TO explain the, squirt in this stock,
but it was supposed to be concerned in
developments looking to a transcont-
mental outlet for Burlington.
The grangers improved about , points
recoveries in Brooklyn Transit and
Sugar, which. however. left them only
small net gains, owing to their early
weakness. The general list was at one
time point or more below last nights
level for the principal active stocks.
The late rally was not by any means
universal, but many active stocks were
lifted from their late depression. New
York CentraIs rise of u. and Delaware
and Hudsons rise of 10 points apparently
has some connection. although what it
was was not disclosed. Among the move
ment OF usually obscure stocks may be
mentioned a rise of 10 points In American
Express: S for the new North American
stock and PA for the DID, ) for Texas
and Pacific Land Trust: for General
Electric. with reaction of III: AZ for
ferred. and for Pullman and Mime
apolis and ST Louis, the latter reacting y
Apparently the suspense of the con-
tinued negotiations over the great steel
merger and uneasinesS eyer the money
outlook were the factors influential in re-
pressing speculative activity A decline
in the cdll-money rate to Il, per cent. at
the close had something TO do with the
final rally. The ease of money belied the
forecast for the bank statement which
Indicates weak return, but with large
receipts OF customs and the payment of
nearly s.: 100000 on account of a Central
Pacific note. the Sub-Treasury has taken
$3.50. 600, in, spite of the high level Of
pension disbursements reported. The
banks have 9.e continued to receive
in the shape of gold from San Francisco
by registered mail. The amount is esti-
mated at over 100000. 1t will be seen
that this indicates a cash loss of between
S1Do.oo0 and S2000.003. The loan item.
however. is of prominent interest There
have been additional large loans during
the week, and the superstition is that a
payment of something like S25,G00.0OO
has been made to Mr.. Carnegie on the
steel deal. which will figure in the loan
item.
The softness Of the money market this
week maNlead to a surprise in the bank
statement
The activity of the bond market de-
c1ined in sympathy with stocks and prices
S3.a4o.060 United States refunding rs
advanced * per cent. and the 3's Il on
the last call.
Total sales of stocks to-day were 922sOo
shares.