Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-09-05
FINANCE AND TRADE
Stocks Opened Strong Under
Room Trading.
R E A G ED LATER
PUBLIC DID NOT COME IN ON
RISE.
The Close Was Steady - Changes in
Some Of the
Groups.
! 10 The Evening Star.

| Special Dispatch 10 The Evening Star.
NEW YORK. September a.-American
shares in the London stock market today
were generally fractionaIly lever than CA
closing prices Of yesterday. the exceptions
| being Norfolk and Western and the United
States Steel stocks, which were Is per cent
higher.
In the local stock market the opening
showed another attempt on the part OF the
larger interests to rally the market in or
der to tempt the public into buying stocks.
This ruse was partially successful in
the initial trading. a strong rally in St
Paul stocks extending to II. in the common
after opening up L per cent above last
nights closing price. and IL per cent ad-
vance in the preferred being helpful fac
tors. The rumors to account for the greater
activity and strength in these issues were
| the same that have been heard in the
| street for long time, namely, that an in
! crease in the common dividend rate had
| been virtually decided upon.
Pennsylvania gained 1 per cent on the
collapse Of the opposition to the tunnel
| franchise.
Reading issues were still held in check by
the unfavorable outlook for ending the
strike and by daily evidence that the cor
troll of the property had been virtually
settled. The common stock sold of one
half at the start, rallied enough to recover
this loss. and then eased off for a loss of
nearly point. Missouri Pacific was eN-
tensiyely manipulated and the price was
made to touch new high level 12W in
the upward movement inaugurated some
weeks ago. Stock came out in round lots
at the higher level. and the stock receded
slowly to about the opening figures.
The southwestern stocks a group were
somewhat higher on a feeling among the
trades that the government cotton report
had exaggerated the damage done to thu
cotton crop, especially in Texas.
Norfolk and Western showed
strength and more activity on the report
that the soft coal strikers along that road
had decided to return I" work next Mon
day, and also on the good earning reports
for the fourth week in August, which
showed an increase of SS;I. "a gross and for
the month $369615 gross
Manhattan advanced l per cent on a
continuation of the buying so noticeable
for the past few days.
In the industrial group Sloss- Sheffield
made a further advance OF per cent.
Peoples Gas. Cotton Oil. little over l per
cent, while Virginia, Carolina and Chemical
Company was exceptionally strong.
Amalgamted Copper. the United States
Steel Wires and Sugar We're inactive and
about stationary.
After the first hour of trading call money
loaned at per cent. the market generally
developing some irregularity and weakness
the fear of a money squeeze tending to re-
strain the earlier bullish sentiment.
In the early afternoon activity was CEN
tered in two or three stocks. Peoples Gas,
st. Paul and Missouri Pacific. the former
gaining L per cent over the early advance,
while the two latter stocks nearly reached
the figures touched in the initial trading.
The rest of the list, with the possible ex-
/ cepton of Chesapeake and Ohio, was not
active.
Money held steady around to per cent. 1t
was estimated that the banks up to the
close of business Thursday had lost in cash
to the subtreasury s+1Si.oo and in addi-
ton loss to the interior of s1.197 900.
In the late trading the market was in
clined TO steadiness, prices a rude show
ing fractional improvements over the mid
day reaction, but there was very little ami
nation except in spots, the general inci-
nation being to await the bank statement
tomorrow before making new ventures.