The daily morning journal and courier., 1902-09-05
 THE STOCK MARKET.
A Distinctly 1rregular Tone Yssteraay.

New York, Sept. 4.-Partly as result of the furry in call money which loaned as high as per cent. and for other po- | tent reasons the stock market to-day
 developed a distinctly irregular tone.
 Before the close of the morning session
 more or less weakness was shown in a
 number of the speculative issues, name
 ly Reading, Pennsylvania, New York
 Central, Union Pacific and Southern
 Railway. These and other less prom
 inent stocks fell to level generally
 lower than yesterdays closing prices. 1 Much of the selling was of character | technically known as good" and in
 conservative quarters the opinion pre-
 yelled that the pace of the early week
 had been too fast. Trading in the for 1 eign was again very heavy but the day as whole was less active and more
 circumscribed in distribution of busi-
 ness. In the face of these adverse con- l ditions new high records were made in | Baltimore and Ohio, Pennsylvania
 Wabash common and pfd., Wheeling &
 Lake Erie Pacific coast, National Rail-
 road of Mexico, Pittsbarg c. c. x St. Louis, Cast Iron Pipe and foundry is
 sues and Sloss Sheffield steel common 1 and pfd.
 The feature of the opening was the strength and activity Of United States steel common. Purchases of the stock
 were on large scale and resulted in a
 substantial advance but the full inn | provement was not maintained. The
 move in steel common was presumably
 based on it's strength in London from
 which center good buying was reported 1 for American interests. Locally Lon
 don traded in about 40,000 shares, chief | ly steel common, but sold on balance.
 The early decline in Pennsylvania was followed by reactionary movement in the stocks of most of the Southwestern
 roads. There was news concerning
 Reaing and the common stock in deal | ings much below those of the previous two days, closed with decline of 2 1-2
 points. Opinions differ as to the ulti-
 mate fate of that property, but the
 knoWng ones declare that it's future
 rests with Pennsylvania interests
 which, it is expected will turn 1t over
 to the Baltimore & Ohio line. Shares
 of the latter road, particularly the com-
 mon were active and strong at the out
 set, but closed with a net loss. A
 smart alvance in Wabash was attribut- | ed to manipulation by leading opera | tor. The early afternoon saw sharp gains in Peoples Gas Manhattan, Vir- ginia, Carolina Chemical, Cotton oil
 and some of the more obscure issues. | The advance in gas was accepted as
 drive" against the short interest in 1 that stock Selling orders in the last | hour caused recessions throughout the general list, and the closing while ac- 1 tive, was weak. In the standard rail- | way group marked weakness was shown by Norfolk & Western, Louis- vile & Nashville, Illinois Central and l Union Pacific in addition to those al- ready named. Of the miscellaneous stocks the weakest was American Bicy- c1e pfd., which declined points. On the curb Northern Securities more than
 maintained it's strength of the early Neeh, OpGilIliS dI IL L-G, DuL ItdClnlS | toward the close. A number of rail-
 roads reported gross earnings from
 Jly 1st, and material increases were
 shown by Canadian Pacific Wabash, Hooking Valley and Buffalo, Rochester
 & Pittsburg. Mexican Central reported
 an increase of gross earnings for the seven months of the year of over $650,- 900. Call money opened at 5 1-2 per cent. and only a comparatively small | amount was placed at the top figure
 The bulk of the loans being made at from 6 to per cent. There was little disposition to lend money on time in view of ther attes for demand loans
 Foreign exchange continued easy with
 no sign of an early reversal. The sum
 $75, 900 was transferred to New Orleans
 for local banks and this with other op- erations shows gain by the subtreas-
 ury of over $3, 100000 since last Friday. Railroad bonds continued very active and irregular. Total sales par value
 $4. 935, GOO.
 U. s. old and new As registered ad- !'vanced 3-4 per cent. on the last call.
 NEW YORK STOCK MARKET.