The times. [volume] (Richmond, Va.) 1890-1903, 1902-09-06
MONEY MARKET is
RATHER UNSTABLE
lower Prices in London Affect
the New York Quotations.
UNDERI0NE SOM EWRAT HEAVY
The Market Reflected But Little Of the
Rcactionary Tendency of the Pre-
.ious Day--FavorabIe Forecast
FIN. & w. Annual Report.
UNDERT0NE SOMEWHAT HEAVY
fRr Assoclated Press. )


NEW YORK. Sept. 5-At the opening
to-day the stock market reflected little
OF yesterdays reaclonary tendency.
though the undertone was somewhat
market and lower prices from London
St Paul came into early prominence, and
with Missouri Pacific divided the days
honors, renewing I'uraors or closer
working agreement between those TWO
lines on transactions exceeding 5000
shares. st. Paul whiie closing somewhat
below the best, made a net gain OF almost
3 points. while Missouri Pacific, which
was much more active, gained ll3. The
other Southwestern stocks especially
those In the Gold system made some re-
coVery on the growing belief that the
Governments crop reports would prove
somewhat exaggerated. Norfolk and
Westerns strength was due to favorable
forecasts regarding the annual report,
and FennsylNaIlias gain. which was not
long maintained. was attributed TO the
collapse of the tunnel franchise opposi-
ton. The comparative inactivity of
Reading common. which was heavy
throughout resulted. il was believed, from
for control had been settled. The Ches-
apeake and Ohio pools was checked by
reason of the roads poor showing Tor the
latter part Of August. but closed with
fra ctional gain. Wabash issues advanced
on news OF a favorable judicial decision,
and the dehenture Bs. together with ST.
Paul common, were among the few issues
that made new high records. The early
session also brought gains TO a number
of induStrials, including lirginla-C Carolina
Chemical Cotton Oil. Peoples Gas ana
Sloss-Shefield Steel, but with the eXcep-
ton of Gas and the Chemical issues. these
improvements did not hold. Manhattan
was the feature of the fractions, though
its gain on the day was only fractional
Irregularity followed another squeeze
IN call money, which worked nomnally
as high as 10 per cent, but actually not
higher than So. and fell as low as 3ia.
Much of the afternoons business was in
the ir1dustriais. notably c. II. l.. Pacific
Mail, Peoples Gas Leather issues, Malt
ing issues and the independent steel and
iron companies. all Of which closed with
net gains.
In the last hour there was a general
recovery to above the previous days
final prices. and the closing was in the
main firm The sub-Treasury debit bal
ance at the clearing-ho of over one
million dollars WIS chiefly due to heavy
payments for the navy, and $3.50 90 for
account of IIondille gold. There was
to New York. Tomorrow bank state
ment Will it is believed. show a further
Joss of surplus reserves but is not eX-
pected to reflect in fun the SIS 10000 lost
10 the sub-Trcasury and the interior by
local institutions. London was again
prominent in to-day's operations, though
selling on balance.
Railroad bonds showed a good tone
throughout the day, but the market was
less active Total sales. par value, Sc, 220.-
900. United States old As coupon adj
vanced q and the new IS, registered. de-
cIined 4 per cent. on the last call.
were SCI. 300 shares