The times. [volume] (Richmond, Va.) 1890-1903, 1902-02-22
PRICES RALLIED
SUBSTANTIALLY
Market Opened Heavy, but by
Second Hour Selling Ceased.
CALL LOAN RATE EAsED OFF
ISSUANCE of Bank Statement Vas The Turning
Polut-c Cessation OF Liquidation and
Strsng,b in Number of Stocks Dr'y'
the Shorts to Cover.
CALL LOAN RATE EAsED OFF
- AeynrIntra pgcss. y

>-tr,,. s.r,1gI5 Heb. 2i.--rle stock mar
la THIS morning demonstrates ',, esry
cuIfclGsivuiH that SpGchlatiNc it,5
mad overcome the shock cau sso ~ -
,,st,,lay.'>, unexpected announcement OF 1hG
I,.orrGdtngs against the NortheEn 9ecult,
{aS t,7rljIfIfly Stocks helu on IisilE E!Li 'tS
by timid holders mao aplai el.eis ~
o.lt. and the forced liquidation compieted,
sl,f,.n vs.s very little need tor supporting
orders in The market this morning.
At the opening the market was he8Ny;;
n!It by the second hour INC SEEING MO-
fallen To :snch a small proportion that ne
market was practically staEnant ~ i INC
same lime there were points OF if.stS
and "a few stocks gained aGdlilonai
,.;ranfrtl, nv thc day progressed and led
n substantial rally, which placed pf3ce"
cutie generally above last lBht : close'
g'hc issuance of The bank statcineill sestl5.
cd To he Tire turning point ne ct:7li
item was practically unchanged IilStea'
OF the expected decrease OF over a NH
lion dollars. and Tie IeStlIcllon o. tiis
loan ,.xflansion to loss than SG,CVtt9 re-
assured tho sentiment that cTedlt re-
sources were being taken up too hastilE.
The cali money rate caScd on 10 : per
cont under the showing OF the pdnk
statement and the reduced requirements
Tor speculative purposes.
The cessation Of forced liquidation and
the development Of strength IN y number
OF stocks drove the shorts 10 cover a
report that J. J.. MorCcu had gone TO
confer with President Roosevelt gave
room traders comfort. The Colorado and
fhe last on u volume of dealings tinpTecS-
6euted ion. the market. Thor gains reach
ed 3 points or better. Good dividend pros
poets were alleged as The reason for the
advance Chicago Indianapolis and Louis
VILE also rose 3La and tho preferred LEA
ON reuortcd dividend prospects. AmalEa-
INA ted Copper was cratic rising ut one
sine over Il uOif7i but closing practically
unchanged. Manhattan also failed 10
held its gain of IL. Northwestern =; Gov
erred ~. Of Yesterdays loss, United States
Rubber was stcong. Renewed strength
IN The exchange market CnTfobnrated the
expectation that moro gold VIII be c%-
DoGted next week. Bonds We're duh and
irregular Total sales mar value. S2.3S5. 600.
Tho announced intention Of the authori-
Tics at WASHINGTON 10 take steps against
The Northern Securities Company on the
ground t.lat il was formed in violation Of
the Sherman antitrust law OF 1890. upset
the stock marl;ct on Thursday and super
scded every other consideration. Previous
10 that time there had been Il dan and
spottv market with individual stocks ad-
vancinG sharply and the general under
tone firm. This was due to the diSincti-
ration Of holders TO sell much as 10 any
marked demand for stocks. How far the
new tutn OF affairs in Northern Securities
may ultimately affect the market is dlifl-
cult to fnrCsec. The Tufc. however, that
substantial interests come to the support
of values OF properties in which they are
Interested in time OF crisis, without any
purpose of obtaining stocks for pcrnla-
ueut holding, was apparent. This thing
was in evidence AT the time Of President
NcEinley's assassination and in last
MANS panic. The aSSufnntion among SPEC
UlatoTS in Wall Street that the establish
Ynemt Of he status Of the Northern Sccur-
itiCs Company would remove all the re-
rrcsSiVc Influences UDop speculation and
2wstare# conditions interrupted by the
-saitllcTn Pacific quarrel. takes no ac-
gaHDt Of the fact that values We're in
gated ly oNcr-snecnlation last May and
.aat tho events that then speculation was