Evening star., 1902-08-29
Good Strong Undertone to
Stock Market.
Blu YING OF READING
ROCK ISLAND TAKES Squirt ON
RUMoR.
Pennsylvania Said to Want the Road
to Get Into Far West
ern Territory.
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK, August 29-Prices in to-
days stock market reflected a steady un-
dertone and some revival of buying by the
several pools. London bought some stocks
on balance. especially Union Pacific, upon
which foreign houses are inclined to rely for
leadership in the American department Lo-
cally interests were thought to have en-
couraged higher prices for the stock in the
hope of making the convertible features OF
the bonds attractive.
The pool in Southern Pacific was thought
to have ceased selling stock for the time
being and was again supporting the price.
There is no abatement OF confidence in the
ultimate success OF the pool in fulfilling its
original predictions Of higher prices as the
result of earnings
Atchison issues were something OF a fea-
ture throughout the day. both the common
and preferred shares selling up substantially
under an increased volume OF business
The fact that Rock Island was stronger
under buying by the same interests who
were active in the Atchsons led TO the
revival of the rumor which first attracted
attention nearly eighteen months ago. At
that time 1t was hinted that the rapid
progress of events in the railroad world
might force the Pennsylvania TO depart
from its traditions and enter the field be-
yond the Mississippi Should such a step
be decided upon there Is no doubt but that
Atchison would be the road most sought
after, and possibly both IL and the Rock
Island.
In order to make the latter road figure
in such deal, now that Il has been so
thoroughly financed" the so-called Moor
following were said to be buying into Atch-
ison in the hope Of strengthening their po-
sitiOn. The Rock Islands chances for such
a deal have been decidedly reduced by the
recent recapitaiization, but Atchison is a
sonably sure to be watched from now ON
as an important factor in the western rail-
read situation.
Reading issues were strong under good
inside demand, record prices being ma lie
for the common shares. The coal stocks re-
fected the growing conviction that the
strike is nearing the end. but beyond the
violence in the coal region there was no
news to confirm this view. Erie stocks are
growing in favor, but they move only when
Readings are leading the coal group. RU-
mors of a settlement of the strike over the
holidays Influenced the late trading in these
stocks.
Southern railway made an excellent state
ment of earnings and all the securities I'm
that section reflected a firmer tone. Illi-
rois Central was steady under moderate
dealings and St. Paul and Nashville made
fractional gains. The Industrial list was
irregular. the express company shares re-
acting under realizing sales and the trac-
tons gaining a few fractions on the pros
poets for good earnings
Indications are that the banks have lost
$5,SOo.oS In cash during the week, but have
reduced both loans and deposits. Bankers
are somewhat more hopeful OF the money
market. but the call rate over to Tuesday
was firm at . per cent