Evening star., 1902-09-02
Advance of Four Per Cent in
Reading.
ON STRIKE RUM0RS
GENERAL MARKET HAD STRONG
UNDERGONE.
London Bought Canadian Pacific and
the Stock Made a Gain Of
One Per Cent.
Special Dispatch to The Evening star.

Special Dispatch 70 The Evening star
NEW YORK. September 2-The range or
prices for American securities in the Lon
don market today. like that OF yesterday,
was considerably higher as a general rule
than our closing OF last Friday. Canadian
Pacific stock was the most conspicuous for
strength in that market, the gain being /
per cent.
In the local stock market a good deal OF
activity and strength was displayed at the
opening. The stimulus to prices was found
In the strong buying abroad of Americans
over the holidays here and the considera-
tion of the bank statement. which was bet
ter than expected.
The initial dealings showed advances Of
per cent in Illinois Central and Louisville
and Nashville. while Canadian Pacific rose
"a. Rock Island gained 4. and the new is
sues Of this company 'on the curb were
higher, owing to reported success OF the
finance plan.
AtchIson issues Union Pacific and South
ern Pacific all showed good advances at this
| opening. Detroit Southern Issues were
buoyant, the preferred stock gaining per
cent. Other strong features of the early
| dealings were the Readings. Eries New
| York Central, Colorado Southern Second
Preferred, 500 and Toledo, Morris and
| Southwestern issues.
| In the industrials, Sloss- Sheffield stock on
small sales gained nearly per cent; Colo
| rado Fuel gained l per cent at the start,
but soon lost it all International Silver
| advanced about per cent on the declara-
| tion of another dividend on the preferred
1 stock of that company. Bicycle was weak,
| the price reacting to about 2. but there
| was no news to account for its weakness.
After the first half hour Of trading there
| were general reactions of from u to y per
| cent realization selling. but the under
| tone Of speculation was In the main good.
| Another rally occurred after the first
| hours trading, the strength being so gem
| eral as to make it unnecessary to particu-
| larize. Part Of the buying Of Canadian Pa
| cifc was said to be for German account.
While the strength and activity in the De-
l troit Southern issues were traced TO buying
| orders by the Harris-Gates contingent. the
| theory being that they want the road In
give the Glover Leaf property an outlet ID
the lakes at Detroit, where connections can
be made with the Grand Trunk and the
evidence on quite large scale
when the rallies occurred. but ere
ated very little impression on the
strength of the general market The first
call loan was made at per cent S2oO,ooo
being loaned at that figure. The demand
for money did not seem urgent, and the
supply appeared about normal. Banks, IL
is said. continue to favor call borrowers,
while the trust companies are putting out
most Of the time money
The strength in the Reading issues. SO
| pronounced in the early afternoon trading,
was said to be directly due TO the prediction
Of an early ending OF the anthracite coal
strike made by Senator Piatt. who. Ii Is
considered. has good sources Of informa-
ton on the subject.
1t was also expected that something IA
, vorable might develop today In case the
usual Tuesday conference OF the anthracite 3
coal presidents was held. Good local buy
, ing was reported in Western Union. Lon
, dons largest purchases were in the Atchi-
son issues and Reading securities. In the
late trading the market reacted slightly on
: further profit-taking sales. Money was
. per cent bid. and at half-past O'Clock
loaned high as per cent.
, The competitive buying in Reading today
, which advanced that stock over per cen,
, from the opening figures, was easily the
/. feature of the afternoon trading. The story
| was that some of the larger interests recog'
: | nized the probability Of a transfer OF con-
: | troll to the Pennsylvania interest, and thai
| the Vanderbilts had been buying to secure
| representation, they did in Chesapeake
9 and Ohio.
Others thought the movement in Readine
: | looked as il the end of the strike being
e anticipated. As against the latter theory
: | however, ii was curious to see that ths
= advance in Reading had little sympathetic
+. effect on the other hard coal properties.