Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-09-11
SHIPS ORDERED SOUTH FINANCE AND TRADE
Naval Vessels Sent to the Heavy Buying of Reading
Isthmus. Railway Issues
WILL PROTECT TRAFFIC STRENGTH IN B. AND O.
WISCONSIN AND INDUsTRIALs
DISPATCHED. ERALLY NEGLECTED.
out-omcias al Turnson the Usual
Rumo
Heavy Buying of Reading
Railway Issues.
STRENGTH IN B. AND O.
THE INDUSTRIALS WERE GEN
ERALLY NEGLECTED.
Market Was Strong and Weak b,
Turns on the Usual
Rumors.
, The Evening Star.

Special Dispatch to The Evening Star
NEW YORK, September lin the Lon
don stock market today American railway
shares showed some Irregularities at the
start. but later in the day the market rail-
lied, and prices advanced from Il 10 !. per
cent above our closing figures of yesterday
In the local stock market the opening was
considerably better than had been looked
for after the shakedown in prices late yes
terday
Sentiment was favorably affected hy the
good government crop report and the high
er London quotations. There were also
more reassuring reports TO Mr. Sage's
health and IL was thought that the re-
action yesterday evening was largely due TO
manipulation on the part OF the larger in
terests in order to shake on the weaker
following.
were the most prominent leaders in the
early speculation. the former opening up a
little over point and gaining fractionally.
while Reading common gained 3-s at the
start and quickly advanced over a point
more in the initial trading. the buying OF
10000 shares OF this stock By one trader I'm
TINS advance was considered to be good.
and the traders were Inclined to follow, on
the persistent strike settlement rumors
notwithstanding all the newspaper reports
to the contrary.
Missouri Pacific opened strong and solid
Ia per cent above yesterdays close the
belief continuing that the Standard Oh and
Gould interests were still at work on that
stock and other issues of the Southwestern
group: Some short interest was seen to
nave been made in the stock on yesterdays
sharp decline, and that, too, was helpful in
the advance.
Louisville and Nashville advanced 1as.
and strength also shown by Chesa-
peake and Ohio and the Southern railway
issues.
st. Paul lost ground on apprehension OF
disappointment in the matter Of an in
creased dividend, speculative statement be
Ing somewhat mixed as to the possible
action of the directors at their meeting to-
day.
In the local traction shares the tone was
moderately firm.
In the Industrial list Colorado Fuel scored
an early gain of Ia on reports that the
Gates party had sold out its holdings to
Gould. This was afterward denied, and
the stock lost most Of its early advance
Tennessee Coal and Iron, after opening
up 1&. shortly thereafter declined over 1
per cent.
American smelters ruled higher; Copper
stocks were reactionary in tendency, while
the United States steel issues were inactive
and slightly lower.
After the first hour OF business the mar
ket became somewhat irregular. the weak
ness In St Paul, good selling in Wabash
preferred and fears of another poor bank
statement on Saturday causing reactions OF
from u to liz per cent in the most active
issues. Call money loaned at per cent.
Just after midday the market strengthen
ed again, prices gaining from Il to a per
cent, and the rally lasted until after the de-
livery hour, the most conspicuous stocks
in point of activity and strength being
Baltimore and Ohio common. the Reading
issues, Western Union and st. Paul. The
rest of the list, however, did not show much
activity nor inclination to join in the ad-
vance.
The news OF an additional issue Of s42-
100000 of Baltimore and Ohio common
stock to be offered at par to present holders
of both the common and preferred shares.
a. well as the convertibles and the few
outstanding voting trustee certificate hold
ers was not received with much favor by
the room traders, and a general selling
movement was started. prices yielding to
about where they We're before the MONDAY
rally.
In regard to the new issue of Baltimore
and Ohio stock the rights OF which ar
equivalent to 30 per cent of the present
holding, It is said the idea is to furnish new
equipment to the extent of s2Oono 900: s1o-
enop to pay for securities already in
Guided in the plan making Pittsburg Lake
Erie and West Virginia division and al
ready placed under that divisional 3a per
cent mortgage, and the remainder to be
used for double tracking additional yards
at five cities and for various other con-
struction work. And It is suspected
though not stated, for a larger representa-
ton in the Reading Company.