Evening star., 1902-08-25
FINANCE AND TRADE
Stock Market Was Strong
Again Today.
DEMAND FOR B. AND @.
SOUTHWESTERN GROUP Also
WELL BOUGHT.
Buying Came in Latter Case From tn.
Pool of Western
Brokers.
DEMAND FOR B. AND @.
Special DISPATCH to The Evening Star.

Special Dispstch TO The Evening Star.
NEW YORK. August 25-Trading dur
Ing the opening hour this morning reflected
some realizing in the active Issues and for
time the market was irregular under mix
ed dealings. Londons early prices reflect
ed featureiess market at that center, and
traders were inclined TO accept the view
that Saturdays bank statement had lost
its value as a further incentive.
After the first hour the selling gave way
to an aggressive demand and the whole
list developed strength. The pool In South
ern Pacific showed a remarkable capacity
for absorbing stock. and after taking all
offerings advanced the price to its best
level.
Union Pacific was bought in round
amounts during the noon hour, this stock
becoming more active than at any time IN
weeks and leading the whole market into
sharp rally. The buying came from the
western element ard houses with western
connections. Large amounts of convertible
bonds were traded In at prices which kept
pace with the rise in the stock
This movement was said to have been
based upon the advance in Southern Pa
cific, and ascribed TO the fact that the in
creased value of the latter added substan-
TALLY the best asset owned by Union Pa
cific. Whatever inspired the buying, the
market for western shares was improved
by the advance. st. Paul, Illinois Central
and Atchison all showed a stronger tone
and there was moderate revival OF buy
ing in Missouri Pacific.
The Gould buying of Western Union was
resumed upon a considerable scale and
there were rumors OF an intention on the
part Of the same interests 10 advance Man
haitian. A sudden demand for Baltimore
and Ohio developed during the early after
noon, the price gaining over 3 per cent I'm
the process. The taking of one lot of lOOpo
shares of stock by single commission
house was said to be for interests already
large stockholders.
As previously mentioned, the company is
contemplating some extra disbursement to
stockholders, probably in the shape OF
rights. For more than two weeks the stock
has been accumulated and there was COM
parativeiy little stock seeking a market to-
day.
Pennsylvania was bid up with Baltimore
and Ohio and responded easily To the buy
Ing, but the movement was merely I'm SYM
pathy with the first-named undertaking.
The coal stocks generally were strong un-
der a fair demand. Erie issues doing a
trifie better than any. Rumors of an early
attempt to finance Erie. giving il the new
money needed to extend and improve the
property, and providing for an issue of
bonds and the retirement of the second
preferred stock, helped the prices OF all
three issues.
Morgan interests were said to he in sym
pathy with activity In certain sections OF
the market, and it is expected that the So
called Louisville plan will be disclosed dur
ing the week. The southern roads We're
only steady today. however. the western
group attracting the bulk of the business
The steel stocks held well and the street
expects some activity in them in the near
future.
The industrial list as a whole is thought
to show more room for speculative improve
ment than other departments of the market
While net results today were by no means
uniform prices in most instances reflected
gains over last week. Money ruled at
per cent and under, and was not a factor in
the market.