Evening star., 1902-09-04
Reading Was Again a Market
Feature.
PRICES WERE LOWER
DISPOSITION TO REALIZE IN
LEADING STOCKS.
Keene Pool Bought wabash Very
Freely-People's Gas Stock Took
Turn Upward.
Special Dispatch to The Evening Star.

special Dispatch TO The Evening Star.
NEW YORK, September 4.-There wa-
some irreguarity again today I'm the Lon
don market for American securities. Ches-
apeake and Ohio showed a gain OF y per
cent IN that market. the steel stocks ad-
vanced 1 per cent. while the rest of the
list showed declines Of from Is TO Ss pr
cent.
In the local stock market there was also
Irregularities with considerable streng. IA
shown in some places and a reactioudry
tendency in others, the latter feature being
especially noticeable in stocks which show
ed the most strength during yesterday.
Pennsylvania, which scored such a sharp
advance near the close yesterday. after
opening up a point and rallying y further.
encountered profit taking, and the price re
ceded to about yesterdays closing figures.
New York Central, which enjoyed a strong
rally near the close yesterday, was also re-
dictionary after the first half hours trading.
The weakest feature. however. was Read
ing, which opened off a little over a point.
and lost further fraction in the initial
trading. President Baer's answer to the
two Pennsylvania senators in regard u
their efforts to end the coal strike, in which
he states that the questions at issue can
not be arbitrated, and the conclusions by
Mr.. Wright, commissioner OF labor, in his
investigation of the present strike, that
the President has no power to interfere in
the conflict, had rather a depressing effect
upon the stock
1t was also thought that the competitive
buying of this property, which has been in
evidence for the past few days. was practi-
cally over, and that the question Of control
was settled.
After the first hours trading. Manhattan
and Wabash preferred were both advanced
sharply, the former on the very satisfac-
tory showing of earnings for the year-the
inside element displaying considerable bull
ish temper, while Wabash was bought
heavily by Keene. brokers. London sold
this stock rather freely on the advance.
There was some reaching down for stop
orders In Smelling common, and the raid
appeared to meet with very little opposition
from the insiders in that specially. The
United States Steel issues were stronger
and more active, and London was said To
be quite a heavy purchaser of the common
stock. Arbitrage dealings for London
footed up about 10000 shares up to the
noon hour, selling somewhat on balance.
Peoples Gas taken in hand by the
Flower following in the early afternoon and
gained over per cent on active trading.
There was no news on the stock to account
for the strength displayed.
Southern Railway issues were not active,
but looked weak, presumably on account II
the poor showing for cotton crop shown
by the last government report
Union Pacific and Southern Pacific held
very steady and the buying was said to be
better than the selling. In Missouri Pacific
and Texas Pacific and Amalgamated Cop
per there were reoctionary tendencies, ac-
counted for by the heavy realizing sales in
these stocks on yesterdays bulge.
Around delivery hour there was an EFFORT
made to rally the market. but IT was rather
feeble and prices again soon showed a ten
dency to reast.
The market is acting naturally enough.
in view of the heavy realizing sales during
the past day or two, and the further fact
that the monetary situation reflects con-
tinued gains by the subtreasury from the
local banks That institution had credit
of S393. .594 at the clearing house this morn
ing. which is the largest for many months.
In addition the banks lost yesterday STS6.
600. and since Friday they are said to have
lost about S3.0o0gO0. Call money rates re-
main at 5ls TO q per cent while the time
money market shows increasing dullness
and business is of nominal proportions at
a maximum rate Of per cent. In the late
trading the market was distinctly heavy.
The early weakness in Smelling was
aScrtbed to the shutting down of the large
Guggenheimer plants in Colorado on ac-
count of the low price of silver and the
hostile attitude of the legislature of that
state.
There seemed to be a generous supply OF
United States Steel stock in the late trad
ing and consequent reactionary tendency
in that specially. The recent deliveries of
Reading and one or two other stocks that
have shown much activity and strength
of late were out of extremely good names.
it was stated. Call money was bid up TO
s per cent in the late afternoon.