The times. [volume] (Richmond, Va.) 1890-1903, 1902-03-15
SOUTHERN TOCK
CHECKED REL Sc
Selling Movement Stopped on
Dividend Announcement.
CALL LOAN RATE ADVANCED
ssehed Four Per Cent. Which Is Highest of
the Yeef-Msuy Minor Stocks slumpsd.
But Others Advanced
Irregular.
CALL LOAN RATE ADVANCED
Try Associated Press. )


NEW YORK, March 14-There were
rome remarkable movements to-day
among the obscure .specialties, but the
important representative stocks were
neglected and practically imnovable.
Important developments in the money
market situation helped the stock market
90 face with equsnimity the forecast of
a movement OF currency Of the week,
entirely the slender surplus reserves of
the banks. The rise in the call loan rate
above per cent, the highest Of the year,
Indicated the pressure upon the money
supplies. An announcement during the
morning of an additional deposit of half
million dollars at the sub-Treasury for
{ transfer to San Francisco emphasized the
influence of the earlier declines reported.
Altogether. the banks we're shown to be
losers TO the extent of upwards OF Sc, Co.,
900 since the last bank statement, includ-
ing to-day's transfer to San Francisco.
Last weeks bank statement, it will be
remembered. showed surplus reserves of
only s., 9sS. 4ss5. During the day there came
very heavy offerings of Government bonds
at the sub-Treasury for redemption. This
was the direct rcsu,. cf the withdrawal
of the Governments offer, TO redeem
tons to-day ran up to s2,479,554, and as
the payments are in cash they will show
for one day S average in to-morrows bank
statement. Consideration was also given
TO the fact that a Standard OIL dividend
of $40 per share is payable tomorrow, IN
volving the disbursement of $21,00O,0o0,
which can hardly DE without effect in the
money market The increased pressure
for money To-day also led to renewed
borrowing in foreign markets. under
which the exchange rate yielded a frac-
ton. OF other developments the settle
ment of the Boston strike was favorably
interpreted, although some uneasiness still
prevails concerning the settlement of the
yearly terms with the anthracite miners.
The increase in the Southern Railway
preferred dividend had been expected with
great confidence, but the stocks of that
company advanced on the announcement,
which also served to check a selling
movement in the general list. There were
stocks, which have beer recently adj
vanced On runors OF consultations and
aEsorphons, but there were other strong
points on similar rumors. The violent
advance in the Westinghouse Electric
stocks on light transactions had nothing
IN the way Of news to account for it. The
Gould group of stocks, led by Manhattan,
The Wabash debenture BIS were active
and strong. Otherwise. the bond rlarkst
was irregular. Total sales par val,f,,
81. 9as. 900. United States new As declined
*. the old As 4 and the SIS x per cent
on the last call.
The total sales of stocks for the day
were s472. 200 shares.
MONEY AND ExCHANGE-Money on call
firm at 31a Ia1s per cent; closing BID and ask
cd. 3M GI8 per cent: prime mercantile paper
Az as per cent. Sterling. exchange easy with
demand and at s4.S4S @4.S5 for sixty days:
posted rates. S4.s6 and S4.SSh; commercial
bills. Si.S4Ss M4.S5S. Bar silver, ID; Next
can dollars, 4Sl. Government bonds weak;
Total bank ciearings for week ended March