The Birmingham age-herald., 1902-09-09
STOCK MARKET Is REMARKABLY YSTRONG Several Stocks Reach Record
 Mark and Maintain t NORTHERN SECURITIES All Iron and Steel Stocks Show Effect of the Persistent strength-Money
 Continues High, Reaching
 Ten Per Cent.
NORTHERN SECURITIES

New York, September s.--Persistent strength in the face of continued high money. which at one time ruled at 10 per cent, and Q further declining of local resources. was the most striking feature of today's stock market. Under London's lead the list ignored last weeks bank statement opening with but the slight est trace of irregularity. although this condition became rather acute before the md of the first hour, when demand loans were quoted at per cent.
 Apparently the buying movement which was again largely speculative, was before order based on the assumption that a continuance of high money would bring gold imports. Reading common advanced about points in the initial trading. but soon lost much of it's gain, only to more than recover it's loss at the close. Other early features in point of strength and activity were Missouri Pacific, St. Paul, Baltimore and Ohio, Wabash Issue, Pa- rfic Coast, Pacific Mail and some other railway issues, while III the industrial class there were very material gains in Independent steel and iron stocks. Ameri- 
 The high records again were the order of the day. St. Paul, Minneapolis and Pa rife Coast comment and second. Ameri- can Car and Foundry, pressed steel and preferred cast iron pipe and railway steel springs selling higher than at any previous time. In the outside market heavy dealing in northern securities ad- vanced that stock to 11S1s, new record, and there was considerable activity in new Rock Island issues.
 Recession of the early markets were clearly due to porfit taking no less than to improve the momentary outlook, but from start to close, the market main tained a firm undertone. Reference al- reary has been made to the dominance of the speculative element in today's trans action and it is a fact that commission houses report little increase of invest ment or buying. No less true, however, is it that much of the days buying came from strong quarters, Missouri Pacific and St Paul, for instance, being bought in large blocks by brokers who were said to represent the so-called Standard Oil interests. Western advices re-iter- ating promises of bumper corn crops in Missouri and Kansas are supposed to have stimulated the buying from the railway stocks in that locality. London traded moderately in the market, selling about 5000 shares on balance out of a total of 25,.00 shares A significant feat ure was the unusually heavy demand for stock in the loan, especially in the north ern. Rumors of the purchase of the De- troit Southern and Pere Marquette by Pennsylvania interests were not confirm able Further incidactions of the disin- teregation of the coal strike were at hand, but no news bearing on the an thracite situation was heard. In the last hour the market broadened and grew stronger in many directions. the trans continental stock leading with a sharp gain in Atchison. Missouri Pacific, South ern Pacific and Rock Island, the latter getting the biggest part of its points gain at that time. Transfers of $350, GOO to New Orleans for crop purposes were reported and the sub-treasury had a credit balance of $500, 900 at the clearing house as a result of heavy internal rev enue collections. Call money declined to per cent closing at per cent. There were further declines in sterling ex- change. The closing was in the main firm.
 The bond market was active and firm with a 8 point rise in the Wabash debent- ure Bs on enormous dealings. There was no news to account for the extraor- dnary activity in this issue but the opin- ion was expressed that 1t was in the nature of a speculative. movement based upon the strengthening of the system. Total sales par value $4,350,000. United States old 3s declined s per cent and the new As registered advanced 11h and the 4s, coupon, IA per cent on the last gall.