The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1902-09-06
STOCK MARKET
HAS HEAVY TONE
Opening Reflected Little of Pre-
vious Days Activity
ST. PAUL AGAIN PROMINENT
Comparative Inactivity of Reading
Common Created the Impression
That the Contest for Control
Had Been Settled.
ST. PAUL AGAIN PROMINENT

New York. September Sat the open
ing today the stock market reflected lit
tie OF yesterdays satisfactory tendency
though the undertone was heavy on I'M
steady money and lower prices from
London. ST. Paul came into prominence
and with Missouri Pacific divided the
days honors. renewing rumors of
closer working agreement between those
Syo lines. On transactions exceeding
1900 shares st. Paul, while closing some
what below the best, made net gain OF
almost three points, while Missouri Pa
cihc which was much more active gained
ia The other southwestern stocks, es-
pecially those in the Gould system made
some recovery on the growing belief that
the governments crop reports would
prove somewhat exaggerated. Norfolk
and Westerns strength was due to IA
vorable forecasts regarding the annual
report and Pennsylvania gain, which
was not long maintained, was attrib-
uted to the collapse of the tunnel fran
chise opposition.
The comparative inactivity Of Reading
common. which was heavy throughout,
resulted, 1t was believed from the i'm
preston that the probable contest for
control had been settled. The Chesa-
peake and Ohio pool was checked by
reason of the roads poor showing for
the latter part of August, but closed
with a fractional gain. Wabash issues
adv anced on news of favorable judi
cial decision, and the debenture BIS to-
gether with st. Paul common, were
among the features Tat made new Ugh
records.
The early session also brought gains to
a number of industrials including Vir-
ginia- Carolina chemical, cotton oil, peo-
pies gas and Sloss- Sheffield steel, but
with the exception of gas and the chem
ical issues, the improvements did not
hold Manhattan was the feature of the
fractions, though its gain was only frae-
tional on the day. 1rregularity followed
another squeeze in call money, which
worked nominally as high as ten per cent
but actually not higher than eight and
fell as low as 49,. Much Of the after
Moons business was in the industrials,
notably Colorado Auel, Pacific Mail, Peo-
pies Cas- leather issues and the indie
pendent steel and iron companies, all of
which closed with net gains. In the last
hour there was a general recovery to
above the previous days final prices, and
the closing was in the main firm. The
sub treasury debt balance at the clearing
house of over one million dollars, was
chiefly due to heavy payments for the
navy and $250,0OO for account of Klon-
dixie gold.
There was also transfers of 100000 for
local banks to New Orleans. Tomorrow's
bank statement WILL it is believed, show
a further loss of surplus reserve, but Is
not expected to reflect in full the S6O00,-
600 lost to the sub-treasury and the in
terror by local institutions London was
again prominent in today's operations
though selling on balance. Railroad
bonds showed good tone throughout
the day but the market was less active.
Total sales par value $3.220,000
United States old As, coupon, advanced
q and the new As registered, declined
" per cent on the last call.