Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-06-06
FINANCE AND TRADE
London Prices Encouraged a
Higher Range.
ACTIVITY IN READING
10000 SHARES COMMON BOUGHT
BY ONE BROKER.
Railroad List Was Dull and Irregular
Central National Bank
Fined.
Special Dispatch to The Evening star.

Special Dispatch TO The Evening Star.
NEW YORK, June 6.-Hlgher prices In
the London market encouraged a higher
range in the local stock market this MORN
ing, but there was no real change IN condi-
tons, London's advance was largely
manipulated. an unwarranted rumor of a
coal strike settlement including a 10 Der
cent concession to the miners being used TO
rally that market. The report was PROMPT
ly denied on this side. but the denial caused
no material change In local sentiment.
The buying during the morning was said
to have been against previous sales and
was consequently regarded as OF little mo-
ment. Commission houses. some Of then,
the largest IN the street. had buying orders
IN Reading, which were said to have been
inspired by conditions wholly outside of the
strike. The dissolution OF the voting trust
next fan was urged as the probable cause
this time ~
The purchase OF some 10000 shares of the
common stock by single broker during
the morning advanced the price ~ nor
cent below the weak closing level Of YES
terday. The room was inclined to the view
mat the stock was obtained rather easily
ana was not Inclined to follow the move
ment III the views OF the room had been
seriously considered by the important in
terests identified with the purchases OF
reading common the price Of the stock
NVutu never nave crossed
The willingness to buy Il in the sixties
cannot be attributed to any of the routine
speculative motives. Yet there is no stock
al the moment superior TO h in the matter
of stability and breadth of market. The
movement cannot inspire public interest be-
cause Of the lack OF convincing explanation
but as an evidence OF the ability OF a few
well-organized interests to hold I'D prices
under adverse circumstances Il Is reassur-
ing to the general market The news from
the coal strike was again mixed, but there
is disposition to expect outbreak of
violence which may hurry the climax.
The steel stocks were heavy continued
selling In the United States issues being
noted, while inside interests in Colorado
Fuel seemed to be willing to sell at every
advance. There was fair support in Ten
nessee Coal and Iron. and the pressure
TO sell the Fuller issues appeared to have
relaxed.
The railroad list was duh and irregular
within very narrow limits. Crop advices
We're considered to show some Improvement
In certain particulars. and there was less
effort to sell the grangers. Earnings were
generally good. although Southern Pacific's
report for April reporting a net decrease of
S44i,22S and a deficit of $3.50, SIC after
charges was not welcomed by the pool I'm
that property.
An Increase of sG0o.OOo I'm Great North
ern's gross receipts for May was one OF
several offsets to the Southern Pacific
showing. Inside buying orders were re-
ported in Canadian Pacific as an offset TO
the liquidating sales. the price gaining ~
per cent in consequence.
The money rate was around 80 per cent
the lack Of demand being a significant fea-
ture of the loan market.
The net changes in this weeks currency
movement are likely to show but small va
riations from the conditions noted last
week. The banks have gained a small sum
from present estimates, but the gain will
be one of bookkeeping merely.
The timing of the Central National Bank
in the sum of 5000 for violation of clear
ing house rules in the matter of out-af-
town collections was much-discussed in
cident In banking circles