The age-herald., 1901-03-25
STOCK MARKET IS
 HIGHLY ANIMATED. Earlier Losses We're 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 23.-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 s!Sse and while the resources of the money market were still superabundant assur- ance 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 A,000,o0 in week in which payment was made of over S10,0O0.000 on account of Union Pacific bond subscrip tions and a call made for payment of $2S,o 00O Monday on account of steel syndicate subscriptions and in which d furious speculation was carried on in the stock market Is an impressed demonstra- tio0 of the new scope of the resources of GsJ New York money market.
 Tsss effect on the stock market was ma teriesy marked. From hesitation and irregular condition, due to heavy profit taking under cover of the feverish ad- vance of few stocks, the market leaped into an animated and buoyant condition, earlier losses being generally wiped out and many small gains in price establish ed The early strength was confined to a 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 Q adH xrtSf1, at,,, of fO the common and 31s 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 1@2h 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 lzing, profit-taking going on very actively under cover of their strength. The smelt- Ing stocks were raided down 25a and 3la; the common and preferred rose strong again over last nights level The steel stocks were rather heavy.
 It was not until the bank statement was made that the undertone of depres- sion was overcome. There was some re- tnewal of the 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 plemented by outside buying of stock. The announcement that the Rockefeller Lake Superior Iron interests were to be included in the steel merger and the knowledge that a sufficient proportion of the steel stocks had been deposited to secure the plan awakened the steel group from its recent lethargy and removed a hampering effect on the general advance, adding a strong influence in It's 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 in the coming British war loan.
 Business in railroad bonds continued large, the speculative issues being the fa- vorites. But bond dealers report some disposition on the part of the customers to sell high grade bonds and reinvest in railroad stocks with good dividend pros- pecta. United States 3s advanced #, the new and old coupon N and the refunding 2s registered B. The refunding 2s cou- pon declined IS over the closing call of a week ago.
 New York Stock Market.