The times. [volume] (Richmond, Va.) 1890-1903, 1902-09-26
STOCK MARKET GOSSIP.

When the stock market opened yester-
day 1t appeared that the rally on the
day before was only temporary, and that
liquidation was still going on. The banks
tried for long time to stave Oft the evil
day, but when they found that their re-
serve fund was below the legal limit and
that there was no immediate relief in
sight from additional cash, they began to
call loans, which was the only remedy.
This remedy was vigorously applied. and
the banks have no doubt put themselves
in very much stronger position Prices
sagged in Wall Street. but by and by
when it was announced that Secretary
Shaw would increase Government depoS-
its in designated banks up to market
value of Government bonds, and when it
was further announced that ne would
antjcipate interest on Government bonds
up to June SOth. 1903. the market rallied
and prices generally We're marked Up. 1t
Is said that the increased deposits Will
amount TO something ike htteen or
twenty million dollars, and that the an
iicipated interest payments VIII amount
20 $2D5Go,O@1 more
Louisville and Nashville was heavy in
reSterdaE'S trading, as was also Illinois
central. This was traceable 10 Western
tealizings on the indefienite postponement
of the Louisville financing plan
Norfolk ad Western showed good rally
to hs 75 R2"st 1'lo "@s ll' 49,
Chesapeake and Ohio continues to show
a considerable falling off in earnings.
owing TO the coal strike. but it was one
of the strongest stocks on the board
Another one of the strong stocks was
Union Pacific This stock IS very highly
regarded in Richmond, and its friends be
lieye that it will sell very much higher
eventually, The convertible bonds at
present prices are said TO be a line pur-
chase.
Richmond traders are still very bullish
On Colorado-Southern first preferred. and
think that purchases at present prices
viii Yield a handsome profit. This stock
is now paving per cent. and is selling
around 7S It is richly worth 50.
Some Of the Richmond traders are also
very builish on Consolidated Tobacco
bonds. These bonds lost Very little in
the recent slump. and although they sold
down yesterday as low as 63$., s soon as
Shaw S annopnceInent was made they SOLO
higher and closed at 6T7s.
The National Bank of Commerce OF
New York has increased its holdings OF
Government bonds to over sI2.eoo.ool. and
increased its circulation to over 5000, 900.
The banks have gained from the sub
Treasury since Friday s2,ooD, 900 in cash.
CheTpical common gained a fun point
in yesterdays trading. closing at 6S bid.
Wall Street concerns makes the fol-
lowing statement with reference to the
affairs OF the Virginia carolina Chemical
co :!s|3na s.,. 80 m, oo - nona. =, -.
Virginia Carolina Chemical Company to
Messrs. Hallgarten & Co. and Blair &
Co has been contemplated ever since
the company purchased its potash plant
,n Germany last summer. The bonds
however, will reimburse the company
partly for this outlay, and more particu-
larly for a number OF other purchases
made during the past year tn the way of
cotton mills and mining plants. The Is
sue of bonds is sufficient TO give the
company all the available funds neces-
Eary to continue the manufacture of fer
tilizers and cottsn-seed oil on a large
scale. In other words. the company is
put IN ample funds by this transaction
10 enlarge its business as demanded ,,w
Its now enlarged capacity for doing bust,
ness.
THE management anticipates a greatly
enlarged trade in fertilizers the current
year The cotton-seed oil business how
ever, may be less bright than heretofore
owing TO the high price OF the seed. Dur.
ing the past year the OIL business CAS-
been profitable indicated in the lasr
report but the consequence has been -. |
increase In opposition mills The rise in
the price of cotton-seed promises, how
ever. not only to curtail the sale of oil.