The Washington times., 1902-08-26
MARKET CONTINUES
UPWARD TENDENCY
Union Pacific Common
Takes First Place in
Dealings.
BONDS SHARE IN ACTIVITY
ConveTtibles of This Road Close at a
Gain of Nearly Two Points-Gossip
Connects Buying With the Recent
Advance in Southern.

SOl4lCSIo bHN AAS W All ihS ANSNNhs
Advance in Southern.
NEW YORK. Aug. 25.-Transactions in
the stock exchange markets today were
heavy in volume and were again upon a
rising plane. In stocks the record was
nearly $4,000 shares, and trading was
more active in the railway bond market
than for some time past. Union Pacific
common held first place with nearly
1901 600 shares, and that stock, with
Southern Pacific, accounted for over
one-fourth of the entire total.
In the railway bond market Union Pa
cific convertibles figured for S3,1O0, ,0G0
out OF an aggregate of S4,925.000, and
showed at the close a gain of nearly 2
points. Union Pacific stock finished
25s per cent higher. while Southern Pa
cific closed only fractionally above Sat
urday's final price.
There was no special news to account
for these movements, and a number of
persons who help to make public opinion
in Wall Street attributed the rise. as
they are in the habit of characterizing
almost all of the changes on market
nowadays, 10 manipulation.
Union Pacific and Southern.
other authorities inferred that the
buying of Union Pacific had considera BILE
reference to the high price at which
Southern Pacific is selling. owing TO the
90 ha. hn mir
thing ike $50. .OOO, 600 of Southern Pacific
stock. 1t is clear that the steady appre-
citation in the market price of Southern
Pacific is adding materially to the value
of the assets of the Union Pacific Rail-
road Company. Quite a little of the
buying of Union Pacific was called good
The Southern stocks were held in
check somewhat by a disposition on the
part of the financial community to avail;
the appearance of the circular to be
issued to the stockholders of the South
ern Railway, and authoritative informa-
tion regarding the developments, which
are expected to materially and favor
ably affect the railway transportation
system in the South.
One Of the features of the day was un-
usual activity in the shares of Penn
sylvania Railroad and of the properties
in which it is credited with a controll-
ing interest.
Baltimore and Ohio Active.
Baltimore and Ohio was conspicuous
by net gain of AS per cent, closing
within a slight fraction of highest fig
ure, upon transactions of about "a 900
shares. Gossip incidental to the rise
included assumptions thai the hitch re-
garding the participation of holders of
preferred stock in increased dividend
payments had been removed.
There was also a reiteration of ru-
mors connecting the company with the
Reading system. Pennsylvania was ac-
tive and left off a point higher. and
Norfolk and Western displayed firmness,
while Chesapeake and Ohio scored net
improvement OF nearly per cent
Western Union established the usual
net improvement of point and there
abouts that has made the stock con-
spicuous for some time. The trading in
it aggregated $1,000 shares. 1t is claimed
that the economies that have been in
troduced will be reflected in an increase
in earnings equivalent 10 l PEI cent an
nually on the stock. The surplus divi-
dend reported on June 80 1901. was
S631 900, an increase Of $47O,000 over the
fiscal year 1900, and this year there was
d proportionate increase.
The money market was easier. not
withstanding the fact that the increas-
ing outgo Of money through the sub
treasury, principally 10 the West. has
caused 4 net loss TO the banks up to the
close Of business on Saturday of nearly
81 SOC, ,000 About S40O, 900 additional was
transferred today.
Call Money Declines.
Call funds declined late in the day to
2la per cent, and time accommodations
were unchanged. Sterling exchange was