The times. [volume] (Richmond, Va.) 1890-1903, 1902-02-16
COPPER LEADS
MARKET UPWARD
In Spite of Poor Bank Statement
Market Was Strong.
CLOSING PRICES The BEST
In Many Stocks-CoIorado Southern Issues
Still ActiYe-ConsolIdats Tobacco
As Move Up-Traders Are
Still Hopeful.
CLOSING PRICES The BEST

The stock market was rather dull yes
terday, as traders were disposed to hold
off and see what the bank statement was
going to show. The New York fractions
were fairly active. The Metropolitan's
new scheme was not well received, and
that stock was literally sold at declining
prices, in spite of supporting orders.
Later in the day, however, these support
ing orders had their effect, and the stock
enjoyed a sharp rally, closing higher than
the opening price.
There was also an upward movement IN
ANA lgamate ted Copper, winch gave strength
to the whole market. Colorado Southern
issues were strong, although there was
ferred and the common. The second pre-
ferrcd now seems to be the f;IVorltc, and
it sold yesterday as high as 35ii- No refL-
son is assigned for this. but some of the
Richmond brokers are advising their GUS
toners to buy second preferred at current
prices.
The Southern Railway stocks, both
common and preferred, We're Very strong,
and Louisville and Nashville kept COM
pany, selling at 1oo@ but afterwards go
Consolidated Tobacco bonds were also
more active and stronger. the last safe
being at 90, the highest of the day, and
the highest for several days. 1t is be-
lieyed that these bonds are soon TO sell
very much higher, although that predic-
ton has been made for several months,
and some of the Richmond holders nave
grown tired and sold out
THE BANK STATEMENT.
The bank statement was again diSap-
pointing. 1t was expected that the m
crease in cash would be more than S2.oOV,-
COO In point of fact there was q decrease
of about $700,NG0. There was again q large
expansion in loans OF more than $l5,GSo,oto
making total increase III the loan ;tc-
count of So, OO0, 900 in the past three weeks
There was a corresponding incrSase in
the surplus reserves, bringing the tuHd
down to about Sli,3UV,VOp.
Strangely enough. this unfavorable
statement did not have an uiIfaEorahle
effect upon the market. On the contrary,
stocks began TO rally soon after the state,
ment appeared, and there We're. substantial
gains in several stocks, the market CLOS
ing strong at about the best prices OF the
day.
Traders are not much troubled about the
bank statement, so long as money is in
plentiful supply at two and three per cent
1t will be recalled that the market went
up on the Saturday before upon an iinlaV-
Orable bank statement. and was higher
the following week Richmond traders are
generally peSSiuiStic and believe tnat q
much higher market will be seen later on.
COLORADO AND SOUTHERN
A high official of Colorado and Southern
saws: 1.-THE newspapers have sold our
road many times to very many people:
To-day they have sold il to Colorado Fuel
and Iron interests. and the latest runlor
is that it is to be divided between Union
Pacific ana Atchison. I'he fact is that our
road has not been sold and, as far as any
body knows, is not for sale. the report
that the Goulds are again seeking Tor
the Fort Worth and Denver City is wrong
on the face of it. The stock that controls
Fort Worth and Denver City IS held tlfl,
der the Colorado and Southern mortage.