The times. [volume] (Richmond, Va.) 1890-1903, 1902-08-30
SHAW'S PLAN GIVES
new CONFIDENCE
The Stock Market Showed More
Strength Yesterday.
SOUTHERN RAILROAD MERGER
The Feature Of the Day the Scheme of
the Secretary of the Treasury to
Secure Larger Bank Note Cir.
culaiion-FaiIure of Offer.
SOUTHERN RAILROAD MERGER
lRy Associated Press.l


NEW YORK. Aug. 23.-There was e
considerable revival of confidence indi
Gated in to-day's stock, and in the fina
dealings IT broadened out Into strength
ihis was in the face OF rise in cal
loan rate to S per cent, and a forecas
OF the bank statement indicating a cut
IN reserves of nearly s6,O0,oo. The i'm
seemed to be overlooked on account OF
me reports OF the comprehensive plar
said to be favored by the Secretary o.
the Treasury for the expansion of tht
note circulation of The banks, by which
IL is hoped to relieve the demands upon
ne money reserve for use in the circuIa-
IL ~lH be remembered that the offer OF
secretary Gage to redeem bonds made in
April OF last year had resulted up TO the
ffSt OF January OF the present year in the
redemption of Government bonds to tbs
par value of s5s,222, $50 hnc IN the paymen,
of sH,744.ss2' These disbursements were
an important influence in maintaining the
tranquility Of the money market last fali,
but the Governments standing offer
proved so attractive that the banks be-
gan to sell bonds and retire their circu-
lation in the spring as rapidly as me Ia "
purpose of the bond redenptions. SO that
Secretary Shaw withdrew the offer early
in March. His efforts to stimuli, stimulate m, me
conditions thus caused in the redeInptions
of Government bonds. These bonds have
declined materially since the withdrawal
They have risen again since the expansion
plan was discussed, and United States As
jumped 1R.. indicating the scsnty floating
supply and the difficulties of bank note
expansion
The encouraging effect upon sentiment
of the discussion Of this project was sup
piemented by the belief that the language
of the circular issued by the Southern
Railway voting trustees could be accented
as indicating the institution of the project
for the Southern railroad merger. There
We're the usual rnnprs also OF early
settlement Of the anthracite strike. The
buying of Enion Pacific was attributed to
a desire on the part of insiders to encour-
nge the conversion of bonds into stock.
There were some points Of irregllarity in
ah s he sSRe eSee m
Guiding the bonds upon which action on
the interest is expected on Monday, We're
notably weak. The selling was accom-
panied by reports that it was due to Ii
quotation. induced by the coming retire
ment OF a leading interest Atchison and
activity and strength. and there We're
gains OF a point or more by many less
active stocks.
The bond market was firm in sympathy
10000. '0N''0' 0A'l' Sa'eS' pa Na'ue 80
The total sales of stocks for the day
MONEY AND EXcHANGE-Money on
1g5 per cent; prime mercantile paper. 5D
BY per cent. Sterling exchange easy with
actual business in bankers bills at s4.s6.60
days; posted rates, S.S504. s51s and s4S$;
commercial bills. s4.SSA@4.S3&. Bar sill
yer. 521s; Mexican dollars. 4lA Govern
fneGt bonds strong: State bonds inactive;
railroad bonds firm.
Total bank clearings for week ended Au-
gust 2Sth. s., 0522, 800. S3S; increase. lG7 per
cent Outside New York. s677. o75 lSS; in
crease, 4.6 per cent.
STOCK QUOTATIONS.
Op'n High Low Gre
Atchison ................ 947a 952i 9.3s 95M
Atchison pfd .......... 1887 JOS 103Is l04aI
p. and Q. ..::.......... 114sa il4a l1SS 114aEE
3. r. T. ......... ..... 6674 sSA 81 Ga;
Can. Pacific .......... l4l ls3 1sO7s 1929
Can. Southern ........- so spa;
c. and Q. -.........-... 55M 65$ IS 55as