The times. [volume] (Richmond, Va.) 1890-1903, 1902-10-01
THE RISE IN Stocks
as SUDDEN AS fall
Continued from First Page)

Continued from First Page)
The anthracite shares were in q class.
by themselves. During the forenoon they
We're strong. but not more SO than other
Shares Of similar standing, but toward
the close the buying was concentrated
upon these issues. all Of which advanced
sharply. Reading was the leader in the
procession. closing with d gain Of Z IL
at Il IL, while Lackawanna rose IL to
z 81, Erie is to 40 Is, Ontario ana
Western 2 ii to "a 47-S and Deaiawre and
Hudson 5 rs to III ST.
Special considerations were otherwise
apparently overlooked in the general rush
upward. Buying was based upon general
rather than specific developments. ana
beginning with tho covering of the shorts
extended to renewed speculative accul1lu-
lation, which increased as the call money
rates dropped from the high level of is
per cent. to the lowest, and closing tate
OF 2 per cent.
SCENES ON STOCK EXCHANGE
Opening prices were better all the way
from a fraction to five points vice
openings, in which blocks OF two 1holt-
sands. three thousand and five Thousand
shares changed hands. were numerous
The greatest gains were in the stanaaFGa
railway shares. notably St Paul, Louis
me Stilb ->ttslltii!t= NsSiiiIi 10
of the previous days pounding) Missouri
Pacific. Union Pacific, the coalers and
number oil specialties.
On the floor of the Stock Exchange the
greatest excitement and activity pre-
vailss, during the first hour. Brokers on
the short side. were covering with al pos
sible speed. but the bull faction was In ao-
aolute control. The list manifested q vacll-
lating tendency soon after the hrst#hulse,
CT hose
itiai gains had been largest, feceded
from l to points.
The opening rate for call money was
u per cent. but soon advanced to 81
creating general confusion among those
committed to higher prices.
The more sensational features OF the
market developed in the carly AFTERNOON ION
on news from Washington, fatiftlal .
that the President and his lanlnel M =
taken steps 20 terminate ne -coal
IN. snite OF the absence of any conlifnlh-
ton the market seized upon this an
nou,lcemcnt, and with the coal stocks
in the lead. the entire list shot npWal Y.
The market developed puoyaht tone
in tic last hour, though operations ~" s., e.
contfr1tr largely to the coalers, @iAiei
we're heavily traded in and crossed ~
practically best prices of the day. - ne
DAYS operations We're IN excess -
Coo shares. ..raa,
- ~. talss with tho lendin: banking
interests. he,pad in no small 'tielsa
,attI,,.a conf,dence Local banks ioa'lsu
nlo ert.p FT4RY SHAW EXPLAINS |:
saoreta-v shaw gave out the folioWins
statement to-day: ,-ra
..,rh. dcfalt,i,ent is in receipt OF a large
number Of reqncsts from Naalou 49, ,s' tns
IN the country. clearly showing Ina .tls
.ot.,,nn+ gwen out last night was ms
.S,,,,arstncg, o. rather, II MAS not care
fY,Iy read. Iiat there may be no salS ms p.
~. standing the following statement Is
made: :, arv
security other than government ,ootlSis
81, long as government bonas cal spe ~.
cured For the present banks sesln =, ~
bA ab1, Is oftain. frequently by borrow
ne bonds other than two per cent. con-
sals. They can obtain he use or e hesfN
bonds Tor a limited period, and they are
sos Desirable as any as security for depos-
its Thoy are not as desirable as seeur-
III for circulation for the reason .iiie
circulation based thereon IS iaSaole at
one per cent, While cireu'a'io'l 49, w
the two per cent consols is ia Sahle# only
soae-,lalf Of one per cent. Tic banks cam
rot obtain except by purchase any bonds
as 2 basis for circulation, because Whell
,lapositetis for circulation they cannot be
released until Tie circulation IS retired
am! it might take n year heforc the err.
culation can be retired. and the price.of
hontls is sos high Tint bank circulation
is maintained at considerable loss to the
hanks They must be encouraged. or cir.
.c{.i;ttion constantly contracts. Therefore.
.tS,c department has decided TO release for
such barlSs5ass haste DEPOSITS and are not
maintaining their limit Of circulation q
portion Of the bonds now held by the
government. taking in lieu thereof other
satisfactory security. On condition ALWAYS
.l!at the bonds released viii be used for
the Immediate isslfe Of additional circu-
Slation. This provision does not apnly to.
those banks that already have their max
inum circulation: neither does IL apply
10 hanks that do rot have any deposits
The sole fpuspose# of the offer is to ia-s
screaee circllatian that is already printed
and ready TO be Issued ard by hanks that
5;tlreaay have the bonds on deposit. Thase
DEPOSITS heing scattered throughout the
entire country, the relief offered, it is be-
lieved will be national, rather than local
Tor II apniss to all sections Of the. coun-
Try and 10 every State IN the Union"