Evening star., 1901-08-30
Erie Issues Were Once More the Fea-
ture in Stocks.
BULGE In WABASH AT CL 0SE
Due to Short Covering-Activity ia
St. Paul.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch TO The Evening Star.
NEW YORK. August 3o.-London's stock
market quotations today showed advances
extending from u to 1 per cent In the
American railway department. while the
tone throughout was cheerful and specu-
lative conditions wore an unusually healthy
aspect. Buying orders, In that market,
from the continent was a strong feature.
The local stock market at the opening.
as a rule. showed only narrow changes
from yesterdays closing prices. These diff
ferences, however, were generally In the
direction of improvement. London quota
tions. as shown above. We're favorable. but
trading generally In the early dealings was
dull, and traders seemed indisposed to
make large commitments, on account or
the coming two days holiday on the stock
exchange, commencing with today's close.
The Erie issues. as was the case In the
the features of strength In our local specu-
iation. All classes Of this security were In
demand and the several issues displayed
decided activity, while prices had a de-
cided tendency upward.
Union Pacific and st. Paul both showed
strength, the former on the growing i'm
preston that important developments in
connection with the company's finances are
rapidly maturing, while the latter was in
good favor on account Of its large current
net earnings. s--a t.-s
Another stock showing increased activity
and friendship was Wabash preferred, and
there were many rumors about important
traffic contracts that had been secured by
the company in connection with its con-
templated Pittsburg extension.
In Missouri Pacific the strength in the
stock was attributed to expected early an
Aouncements in connection with the Gould
southwestern deals. st. Louis and San
strong and active, the initial price show
Ing 1 per cent advance over last nights
closing figures
In the industrial list Peoples Gas showed
strength but the trading in 1t was not
active. Developments in this speciality re-
garding the proposed increase in it's stock
are expected very soon.
United States Steel issues maintained
their recent bullish strength, while Ameri-
can Smelling, common, fell almost a point
on realizing sales In the other active in.
dustrials the changes were unimportant
All things considered, the market. In the
forenoon dealings, showed a pronounced
undertone Of strength. and some traders
were disposed to even up short contracts
in view Of the general support given to the
active stocks on all recessions.
Toward noon the market quieted down
considerably, with the exceptional Of Chi
cago Terminal securities and Amalgamated
Copper. In the former security It was
limited a bull pool was working In the In
terest of higher prices. basng the move
ment on rumors that the Terminal company
was to be taken over by the Alton.
Copper advanced over point from the
early price on good buying. Colorado Fuel
and Leather preferred were also strong on
good business prospects Up to the noon
hour London's purchases amounted to
about 10000 shares, taking some Of nearly
all the active stocks-the largest amounts,
however, were of Erie and Reading issues.
About delivery hour the market became
active and prices were again advanced,
Notwithstanding preliminary estimates Of
weeks movement Of money point to an
unfavorable bank statement. The infiu.
ence Of this outlook. however. appeared to
be nullifled by the weakness In sterling
exchange. which is looked upon as assur.
ing gold imports If our money market
should require them.
The late rally in prices was caused princi-
pally by bears covering their short con.
tracts, the furry in call money rates which
they had expected to see not occurring.
Railroad bonds showed increased activity
and strength.
In the absence of bad news over the holi-
days the market Is likely to start of next
week with an increased bullish impetus.
Southern railway common was well bought
today and ought to sell higher next week.