Evening star., 1902-08-18
Stocks Were Dull and Market
Narrow.
COALERS WERE HEAVY
CONSIDERABLE SHORT INTEREST
IN READING.
Argument for Decline When the
Coal Strike is Settled-Gen-
eral Market Reports.
Special Dispatch to The Evening Star.

| Special Dispatch to The Evening Star.
NEW YORK, August 1S.-The stock mar
ket hesitated noticeahly during the opening
and evidences OF scattered liquidation were
numerous.
London sent over a lower range OF prices
and sold a few stocks in the market
Commission houses had little business
and the pools showed no disposition to
force up prices. The news OF the day was
of routine character and not equal to In
spring any new ventures. Dullness was
| inevitable. and the Insignificant trading re-
suited in irregular changes. but mainly I'm
the direction Of commissions
The belief that Mr.. Morgan had exercised
his option on the Gates holdings in Louis
vile and that the property would be turned
over to another line under per cent
guarantee or for a bond helped the price
of that stock A gain of per cent I'm
Louisville encouraged some professional
trading in other southern shares. but with
out noteworthy result Chicago Terminal
issues were bought in fair volume in an
tlcipauon OF some change in policy under
Hartman control and the encoura ging pros
poets for securing new tenants. This move
ment has long been expected. but its advent
today found the general market entirely out
OF sympathy with higher prices.
lhe Southern Pacific kept the price Of
lnose Shares firm around 81. but made little
| effort to advance the stock. Speculative
realizing was encountered at the best prtces
ana there Is lack Of harmony among the
larger holders on the subject OF forcing the
ADVANCE The announcement that some
SIoHnpo is to be spent upon improve
mentS has an encouraging sound hut IL
does not follow, argued I'm some quar-
ters. that dividends on the stock will begin
IN the very near future. A. a result of this
new plan, however, there a revival OF
activity In Pacific Mail, under the impress
sion that the needs of this property would
be covered by the bond issue.
Union Pacific was neglected in spite OF
the encouraging announcement that share
holders had aVailed themselves of the priYi-
lege OF subscribing to the new issue OF
Sl,op,oo0 Oregon Short Line bonds 10
within half million of the entire offering
Missouri Pacific was heavy throughout the
DAY, and evidences of a desire to distribute
pool holdings were numerous Other Gould
shares sold down in sympathy. but changes
We're mostly fractional. The fact that the
recent market was under the leadership OF
the stocks in the group for a protracted
period makes reaction more OF less neces-
Sary.
Some buying OF the latter class was re-
ported in New York Central, Pennsylva-
mia, Illinois Central and similar issues but
no gains were made in the prices OF this
group. Atchson shares We're barely steady
and St Paul was frequently heavy in a
very dull and narrow market
The coal issues were steady at fractional
declines, and there was little disposition to
trade in them, pending some news from the
predicted conference between Mr. Morgan
and President Mitchell later In the week.
Reading is developing a short interest as
the result of the enormous falling off In
earnings since the coal strike, but there
are plans for this property which can
scarcely be permanently thwarted by the
present labor difficulty.
The comparative strength Of the coal
stocks in the presence OF known losses on a
large scale attracts attention. but leads to
the belief among the professionals that IL
Is all for effect and that sharp declines will
follow the settlement of the strike. The ar
gument Is sufficiently ordinary to fail en-
tlrely In the present case.
Some strength in Colorado Fuel was re-
corded for time, but was based on no
new developments. Wednesdays meeting
promises some interesting disclosures, but
the subsequent course of the stock is ex-
tremely doubtful.
The money market rested at 42t and
per cent, and there WAS every evidence
that an active money market was impend-
ing. For this reason the entire market
eased off during the final hour under
mixed sales by the room. Manipulation
cannot thrive on tight money, and traders
may concentrate their efforts on the short
account with the result that temporary de-
clines will be established.