The times. [volume] (Richmond, Va.) 1890-1903, 1901-03-24
STRIKING GAINS
IN STOCK PRICES
Market Leaped Into Buoyant and
Animated Condition:
EARLY LOSSES WIPED OUT.
Closing Animstcd and Uadcrtonc Strong,
With Prices Near the Bcst-Busincss
in Bonds Has Continued
Large.
EARLY LOSSES WIPED OUT
{Ey Ass ,cia.ed rrcss.e

NEW YORK, March o3-To-d days bank
statement affords convincing evidence
that capitalists who have engaged in the
recent great syndicate operations had
made provision for them some time since
aad while the resources OF the market
were still Si!perabuldan Mt. Assurance is
warranted that their plans are carefully
adjusted SO that the syndicate operations
In themselves will have but Slight effect
on the money market.
That there should have achieved a loan
contraction by the banks of upwards of
four million dollars in Il week in which
payment Was made Of over ten million
dollars on account Of Union Pacific bond
subscription. and a call made for pay
on account of steel syndicate subscrip-
lions and in which a furious speculation
was carried on in the stock market. WAS
materially marked. From heSitatnS
and Irregular condition. due to heavy
protit-taking under cover of the feverisil
advance of few stocks, The market
]caped into animated and buoyant
condition. earlier losses being gradually
wiped out and many striking gains in
price established.
The early strength was confined to a
comparatively small number of stocks.
and was due to belief IN the progress of
plans for great consolidation of south
western railroads The Denver and Rio
Grandcs led in the advance with extreme
gains of :, Tor the common and Us Tor the
preferred. The Rio Grande and Western
stocks. usually in the background. sold IL
points higher for the preferred than The
last sales The Wabash stocks. Missouri
Texas and Pacific, st. Louis and San
Francisco. ana the Colorado and south.
ern stocks all responded with gains OF
] to ~ over yesterday
\ number of recently CONSPICUOUS minor
railroad stocks advanced feverishlE. in
Guiding tie New York. Chicago and St
and Louisville stocks and the Lake Erie
and Western The strength of these
stocks did not prevent declines running
to a point or more in many active stocks
on realizing. protit-taking going on very
acutely under cover of their strength:
The Smelling stocks We're raided down y
and 5l:. the common and oreferrea: hue
rose strongly again over last nlsht ie.si'
The steel stocks were rather heaNN.
It is was not until the bank stass'nclt
that the undertone OF depressl i'l1,,,, "a a,s
realizing here and there, but the Closing
was animated and the uhdertone strong,
with prices near the best
Business in railroad bonds has con-
tinued large, the speculative issues BENG
the favorites: but bond dealers report
some disposition on the part or customers
10 sell high grade bonds and relnEeSt IN
railroad stocks. with good dividend pros
poets United States IS advanced s.
new As and old Is coupon = and Ielun no.
coupon declined Il over the closing can
of a week ago.
.95,Sup SHdi6S.
MONEY AND ENCHANGE.-Money on
call nominal: prime mercantile paper: %
az, per cent. Sterling exchange nominal:
with actual business in bankers DIS at
s4S7G4.s IS for demand and e at st 'I :. i S}
sixty days; posted rates q o ana S;l,.sr
certificates 61a a63; bar silver. W.
MeSican dollars, ~. State bonds mac
tive: railroad bonds irregular: Govern
,nents irregular
WEEKLY BANI sTATEMEN T.. ne
weekly statement &c averages OF the AS
sociated Banks follow: :, 40, coo
Loans. S9lo113. 11t: dec. "a .u,.'no oo
Deposits $1,000 42s,$ 800; dec. 9'' e. 200
Circulation, SCI, 80. 100; dec. mo'.%~
1.eSai go $50 400. dec 800. 500
Total reserve S26e3 sl 90; dec. 1,1o-'oVo
reserve ieauii co. ,4a1 SO
r.,,,, ,s:..r,.a $40 21n 4o3: inc 2G9. So