Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-07-19
Sharp Advance in Pennsyl-
vania Stock.
READING ALSO BOUGHT
RUMoR OF PEACE ESTABLISHED
WITH GOULD.
Western Union Advanced Two Points
on Strength of It-Soml
Realizing.
pecial Disnatch to The Evening Star.

Special Disnatch 10 The Evening Star.
NEW YORK, July 19.-American shares
In the London stock market this morning
were firm. while South African mining
shares were weak on unfounded reports Of
RELAPSE to King Edward Consols also
showed some weakness. Business there
was light.
In the local stock market the initial
prices showed the effect of realizing sales,
reactions at the start extending to about
l per cent and over In some OF the active
specialties. The tone. however. was far
from weak and speculation was very ac-
tive.
The early decline Of over A point in
Chesapeake and Ohio and a fractional re-
cession In Southern Railway were obvious
attempts to discourage too much company
on the long side OF these specialties. Read
ing issues displayed great ffrmness. not
outstanding the denial by one Of the
Pennsylvania RAILROAD Company's officials
that control OF the former company had
been secured by his company.
New York Central was steady In the early
dealings at a trile under last nights prices
while Nickel Plate advanced sharply nearly
y per cent. There was also a sharp rally In
Hooking Valley. The most conspicuous fea-
ture OF the market. however. the sc-
tiyity and strength displayed in Pennsylva-
MIA railroad stock, the advance being over :
per cent on heavy buying orders. and the
street thought that some new rearrange-
ment OF the trunk line interests had been
effected.
There was also a report in circulation
that harmonious relations had been
established between Pennsylvania and the
so-called Gould interest. While this re-
port could not be verified officially. there
was some circumstantial support OF the ru-
advance of = IN West
ern Union telegraph stock, and the reports
referred to had the effect Of sustaining the
general market in the face of rather heavy
realizing by the traders.
The good bank statement furnished an
other bull factor in the last hour OF bust
ness. though. with the exceptions noted
above. prices rule, were only fraction
ally changed The closing was strong and
as the papers will doubtless all be bullish
tomorrow, a continuance OF the advance is
looked for in the carly part OF next week.
but conservative people think should
have a good reaction before next week is
over. the street is unquestionabiy dis
counting crop prospects very rapidly.
Bank statement is as follows: Reserve
increased So, 4S2.STJ; loans decreased 81
AZ. 800; specie increased s. G8l 500; legals
increased S444600; deposits decreased ST.
sos 100: circulation increased $50. 400.
While the above statement does not
show as large an increase In lawful money
was estimated yesterday-the average
gain being 81 le6 l0o-the decrease in the
loan item is rather surprising. in view %
the larger speculation in stocks this week.
The decrease in the deposits is over 81
600. 100 larger than is called for by the two
primary changes. and the net result brings
the surplus up to $15 19.2 T5. The state
ment a whole is good one and fore
shadows a comforts able money market in
the near future.
Government bonds were unchanged while
railroad bonds were active and firm.