The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1902-09-05
STOCK MARKET
VERY IRREGULAR
Trouble Resulted from Furry in
Call Money
EARLY TRADING WAS HEAVY
As a Whole, However, the Day Was
Less Active and Mere clrcumscribed
In the Distribution of Business.
United States Steel Strong.

New York, September 4.-Partly as a
result of the furry in call money, which
loaned as high as per cent, and for
other potent reasons, the stock market
today developed a distinctly irregular
tone. Before the close of the morning
session more or less weakness was shown
in number of speculative issues, name
1y. Reading Pennsylvania, New York
Central, Union Pacific and Southern rail-
way. These and other less prominent
stocks fell to a level generally lower
than yesterdays closing price. Much Of
the selling was of character technically
known as good" and in a conservative
quarter the opinion prevails that the
pace of the early week had been too fast
Trading In the forenoon was again very
heavy but the day as a whole was less
active and more circumscribed in distri-
button Of business. In the face Of these
adverse conditions, new high records were
made in Baltimore and Ohio, Pennsyl-
vania, Wabash common and preferred
Wheeling and Lake Erie, Pacific Coast
National Railway of Mexico, Pittsburg,
Cleveland, Chicago and ST. Louis, cast
aron pipe and foundry issues, and Sloss-
Sheffield steel common and preferred.
The feature of the opening was the
strength and activity of United States
steel common. Purchases of the stock
were on large scale and resulted in a
substantial advance, but the full i'm
provement was not maintained. The
movement in steel common presumably
was based on its strength in London,
from which center good buying was re-
ported for American interests. Locally,
London traded in about 100000 shares
chiefly steel common, but sold on bal
ance.
The early decline In Pennsylvania was
followed by a reactionary movement in
the stocks of most of the southwestern
roads. There was no news concerning
Reading and the common stock on deal
ings much below those of the previous
two days, closed with a decline of "a
points.
Opinions differ as to the ultimate fate
Of that property, but the knowing ones
declare that its future rests with Penn
Eylyania interests, who, it is expected,
will turn it over to the Baltimore and
Ohio line. Shares of the latter road, par
ticularly the common, were active ana
strong at the outset, but closed with a
net loss. A smart advance in WABASH was
attributed to manipulation by a leading
operator. The early afternoon saw sharp
gains in Peoples Gas, Manhattan, Vir-
GINA Carolina Chemical, cotton oil, and
some Of the more obscure issues. The
advance IN gas was accepted as a drive"
against the short interest in that stock
Selling orders in the last hour caused re-
cessions throughout The general list, and
the closing, while active, was weak. In
the standard railway group marked
weakness was shown by Norfolk ana
Western Louisville and Nashville Illinois
Central and Union Pacinc, In addition to
those already named. OF the miscel1an-
eous stocks the weakest was American
bicycle preferred, which declined points
On the curb, northern securities more
than maintained its strength of the early
week, opening at 1171R, but Ieacting
toward the close. Call money opened at
b1b per cent, and only a comparatively
small amount was placed at the top fig
ure, the bulk of the loans beng made at
from to 7 per cent. There was little
disposition to lend money on time in
view Of the rates for demand loans. For
egn exchange continued easy, with no
sign of an early reversal. The sum of $75-
900 was transferred to New Orleans for
local banks, and this, with other oper-
ations, shows a gain by the sub-treasury
of over 100000 since last Friday.
Railroad bonds continued very active
and irregular Total sales, par value s4.-
$4,000
United States old ana new As, regis
tered, advanced q per cent on the last
call.