Evening star., 1902-04-25
Southern and Louisville and
Nashville Bought.
DEMAND FOR M0NON
READING WAS ALSO A FEATURE
LATER ON.
Indications That the Market Is Again
Drifting Into Exploiting
Specialties.
Special pt.n.tch TO The Evening star.

Special Dispatch to The Evening Star.
NEW YORK. April 25.-opening prices
this morning were generally strong under
fair volume OF commission house buying
and renewed activity on the part OF the
several POOLS London sent over a higher
range of prices and was again a consider
able buyer In the local market. The west
bought back the Granger shares on the bet
ter crop news. but later In the day re-
vival of adverse rumors was inaugurated
in the hope Of forcing prices down some
what
The undertone continued relatively firm
in spite of these efforts and prices were
well sustained under decreased volume OF
business.
A sudden buying demand for Southern
Railway. Louisville and Nashville and
Monon was the feature OF the days mar
ket. The first named property, particularly
the common stock. was bought In round
amounts by interests prominent in the first
advance and gained per cent under a vol
ume of business which monopolized thu
trading of the late afternoon.
Louisville moved up easily in sympathy
and finally Monon was pushed TO the front
on the theory that IL was the connecting
link between the south and Chicago The
Gates party were credited with an Intention
to force Louisville and Nashville into new
anu CpllS SpGCuiatlNF
demand went into the stock on this pro
spect.
The market had all the earmarks OF run
ming again into specialtles. and there would
be no surprise should the stocks which sub
mitted to the original manipulation be-
pressed into service again. Brooklyn Rapid
Transit was well bought throughout the
day, and promises of surprising develop
ments were revived in quarters usually
well informed in this connection.
The price was kept between 20 and Il
during the greater part of the day upon a
mixed volume of good speculative business.
but there was some evidence of the move
ment having been premature.
Reading issues were again steady and
gave evidence of continued good buying
from sources heretofore credited with de-
sire to accumulate stock. Erie showed lit
tie sympathy with the demand in spite OF
the more favorable outlook for settling the
strike difficulty and reported buying by the
Morgan-Hill interests.
The publication OF the steel circular was
the subject of mixed comment, but was
on the whole, regarded a very plausible
document. The new bonds are expected to
become more popular In London than the
preferred stock has been. and the company
may be helped to the extent OF relieving its
syndicate managers of an unwiedly mass
of securities. Both classes Of stock were
kept firm, in order TO create sentiment ia
vorable to the company's intentions as out
lined in the circular
The $5O,o00.ooo of new bonds and the ex-
change of S2oO.0O0.o0O per cent preferred
stock for like amount of per cent bonds
reduces the disbursements from earnings
by S1.J000J0. In good times this saving
will be regarded going to the credit OF
the common stock. but in lean periods the
preferred shareholders may fret over the
fact that $50 ooo.ooo obligation has been
put ahead of their certificates. The syn
dicate has undoubtedly adopted a wise
course from the foatation standpoint, but
Its investment qualifications remain to be
tested
The market closed Irregular under a de-
creased volume of business