The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1902-09-27
MUCH STRENGTH
IN STOCK MARKET
Principal Movement Was in L.
& N. and St. Paul
BRISK BUYING OF READING
During the Final Hour the Profess
slonaI Operators Whose Buying
Had Advanced Prices Took
Their Profits Generally.

New York. September 2e-rhere was a
show of considerable strength in the
stock market today. The principal move
ment was in st. Paul and Louisville and
Nashville, and the extreme advance Of
IA in the latter and of S2z in the former
had considerable effect on the railroad
list generally There was a brisk buying
Of Reading. nominaIly based upon the
superstition that the end of the coal
strike Is near. Manhattan was largely
bought by the speculative interests which
have been accommodating the stock for
some time. There was a notable dispo-
sition to advance on the part of num-
Der of minor low-priced industries, es-
pecialiy the railway equipment com
panies.
During the final hour the professional
operators. whose buying had advanced
prices. took their profits very generally
with the result that final prices for a
number of leading stocks are from to
points lower than the best. Net gains
are very generally indicated for the day
nevertheless.
The special ground of the movement In
st. Paul was the publication of report
that import stock subscription privileges
are to accrue shortly. Louisville and
Nashville was helped by the color Of au-
thority given to report that the con-
troll of the system is to be lodged with
the Atlantic Coast Line. This would
satisfactorily solve the problem that has
much puzzled Wall street ever since the
control of the road was snatched from
It's long holders as an incident in a spec
ulative campaign.
Money rates continued firm today, but a
supply was available and the feeling was
engendered that the banks will make a
strong showing in the statement tomor-
row. The money lent in the market was
said to come from the trust companies
and influential bank officials disclaimed
any lending in the stock market on the
part of the banks. Secretary Shaws sup
Elementary offer to purchase government
5 per cent bonds at los had a favorable
sentiment upon 'the market. Like the
offer to anticipate government interest
for the fiscal year, 1t is felt in Wall
street that the effect of this measure will
be sentimental rather than practical. Pre-
Vious to today the last sale price for the
IS was 104, but the ruling quotation is
1864 bid and 1861 asked, and there were
sales on the exchange at 1854 after the
treasury department S O1ef was pFOIul-
gated Bond dealers are emphatic in the
expressed opinion that the secretary 8
price will bring out no important offering
of the bonds.
The preliminary figures Of the weeks
movement of money indicates that the
banks have lost over $4.000,0OO during the
week, including payments by the sub
treasury and the assay office on account
of gold deposited at Pacific coast points
and on account of the $1000,000 in gold
bars which arrived from Europe. Consid-
cred in connection with last week $
deficit in reserves reduction of loans and
deposits, liabilities must have taken
place in order to bring the banks re-
serves up to the legal limit again. Spec
ulators today professed great confidence,
however, that a considerable surplus
would be revealed by tomorrows bank
statement An incident of the day was
the rather firmer tone for sterling ex-
changes in connection with the lessened
stringency in the money market.
The bond market was firm in tone. To-
tai sales, par value, $S740,000. United
States old As coupon declined u per cent
on the last call.