The Washington times., 1902-08-21
Majority of the Improve
ments in Prices With
out Explanation.
SOUTHERN RAILWAY LEADS
Texas and Pacific Second, With South
ern Pacific and Denver and Rio
Grande Third Western Union in De-
mand on Rumors of Combine.


of stocks established new high records
today, and the volume of business eX-
panded to proportions larger than at
any time within about a month. With
the exception of the virtual doubling OF
the aggregate of dealings the move
ment of the market presented exactly
similar characteristics TO that of yester-
day. That is TO say, the market sus-
tanned a large. amount of profit-taking.
London was an early buyer, and then a
seller. tie distribution of the business
covered a great many of the lower and
medium priced specialties. and at the
close the majority of the list left off
with net gains.
Advance Unexplained.
Similarly. also, a number of the i'm
provements in prices were unexplained.
Doubtless part of the gains were es-
tablished at the expense of persons.
mainly professional traders, who have
recently been counting with some conf
dence upon lower level of values as
the result of expected firmer rates for
money.
AS matter of fact. the feature of the
money market again today was fairly
abundant offerings on call by both trus;
companies and by the local banks for
account of their country correspond
ents, especially at the West and in New
England. These offerings resulted in an
extreme decline in call rates of Il. per
cent from the average figure prevailing
on Tuesday. The ruling rate today was
per cent
The time money market also was a
shade lower. The movement of interior
funds obviously might change when
least expected. but. as stated. the drift
is still toward New York.
The Country Surplus
Incidentally. the surplus of money
from the country has heen reflected in
q demand. almost entirely confined TO
out-of-town interests. for prime mercan-
tile paper in the last week or so. that
has kept that market on a parity with
the time money market. whereas sharp
rise on discount figures had been ex-
pected.
The banks continue to gain from the
subtreasury, notwithstanding yester-
days gold withdrawal for export, partly
on account of payments for gold from
domestic sources deposited at Pacific
coast points. The sterling exchange
market was slightly frmer. A continued
advance in the grain markets was at
tributed logically to the technical con-
dition of these markets after the de-
clines following the publication of the
Government crop report, indicating a
record breaking crop OF corn and large
yields of other staple cereals. Sentiment
was favoTably Influenced by the return
to this city Of prominent fnancier who
is popularity depended upon to adjust a
number of vitality important railway
combinations and business undertakings.
London Market Strengthened.
The London market for American
railway shares was strengthened by the
current reports of the approaching col
the higher range OF. quotations cabled
gave an upward impetus TO the local
market. The transactions here for
foreign account were larger than for
some time past.
Southern Railway was the leader in
extent OF trading in the railway list and
1t established a net gain of q point
Texas and Pacific came next and on
sales OF nearly s.. 600 shares at a slight
concession from the best figure, it closed
nearly points high Third place was oc-
eupied jointly by Southern Pacific and
Denver and Rio Grande common.
The last mentioned stock was more
extensively dealt in than for a long
time past. and il enjoyed an improve
ment of "a per cent. The common stock
gained about half as much. The i'm
proNement in the shares was explained
h! reports that important interests,
some OF them identified with the prop
erty. have been accumulating them Tor
some time past. with q view TO perma-
rent Investment
The earnings OF the road submitted
today for the second week of Angus.
showed = fairly substantial increase in
the gross figures.
Western Unions Gain.
In the speciGlties Western Union dis
played noteworthy increase in the
volume of trading. and closed at a net
gain Of rs per cent, at the highes.
figure OF the day The advance in the
stock was attended by further sugges-
tioas of a possible agreement with the
comDauy's most important. competitor
ii commanded a premium for use and.
after tho close, rumors were curren;
that . firm that has been lending a good
deal Of the stock. had called Il in.
1t is claimed that there is less West
erp Union in Wall Street held in mar
yin than ever before and tha. a con-
fideut short interest has bceu formin;
ever since the reported misunderstood
iDS between the controlling interests
ir -he property and the Pennsylvania
Railroad.
In the industrial shares Colorado Fuel
and IRON held the center Of the stage
and sustained an extreme decline of
s points on transactions OF nearly g, 900
shares. The net loss was 55z per cent.
nhe Delli3g was attributed 10 adherents