The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1902-09-03
ENTIRE STOCK
LIST is ACTIVE
Operations Since Triple Holiday
Show Much Strength
NO PARTICULAR REASON
Reading Common Was the Feature,
Scoring an Advance of 5sS Points
and Closing at the Highest
Figure of the Day.
NO PARTICULAR REASON

New York, September 2.-The resump-
ton OF operations in the stock market
after the triple holiday was accompanied
by increased activity and strength in the
entire list. More than a score of stocks
established new high records, among
them being Atchison. common Canadian
Pacific, Cleveland. Cincinnati. Chicago
and St.. Louis. Colorado Southern sec
ond preferred, Detroit Southern common
and preferred; Missouri. Kansas and
Texas preferred, ST. Louis Southwestern,
Norfolk and Western. Pennsylvania, Bal
timore and Ohio, the Readings, st.
Joseph and Rock Island second preferred;
Toledo, st. Louis and Western common
and preferred. Wheeling and Lake Erie
common and second preferred, and the
Sloss-Sheffield steel issues. Contributing
factors were last weeks favorable bank
statement and the strength of Ameri-
cans abroad. London buying on balance
to the extent of 10000 shares, chiefly
Atchison and Readings. No specific news
was heard to account for the improved
conditions and enthusiasm save in the
case of the anthracite coalers concerning
which there appeared to be a fast in
creasing belief fostered in high circles
that the strike is nearing an end. Read
Ing common was the feature scoring a
net advance of 55s points and closing at
the highest figure of the day on transac-
lions aggregating over 100000 shares, or
almost one-quarter of the days total op-
erations. The other Reading issues made
material gains as did also Lackawanna,
Delaware and Hudson, New Jersey Cen
trail and the Fries There were rumors
that the heavy buying OF Reading COM
mon had unwittingly created a condition
savoring of a corner. The buying of
this stock came in large part from
houses supposed to represent inside in
terest. To a great extent the strength of
the western railroad stocks was ascribed
TO the better outlook resulting from the
new agreement to advance grain rates
to last springs basis from the Missouri
river to Chicago and st. Louis points.
Railroad earnings for July were in the
main satisfactory. Such properties as
Louisville and Nashville, Union Pacific,
ST. Paul, Norfolk and Western, Wabash,
Minneapolis, st. Paul and Sault Ste.
s-arie, as we'll as a number of less con-
spicuous roads, showed net increases.
Another favorable feature which was
not disregarded by students of the mar
net WAS lIc 1dI66 lnClCdSN VI N<NpOA -
over the corresponding period for last
year. The list continued strong and ac-
tive to the end though the closing save
in a few instances. were not at best
prices. The only unfayorable develop
ments were the higher rates for call
money, six per cent being the maximum
figure, with a fractional decline at the
close and. further deficits on local banks
amounting to 100000 for the crop move
ments in the west and southwest Much
of the days business was credited to
pool manipulation, but there were never
theless much public and speculative in
terest of a genuine character. On the
curb" northern securities and new
stocks of the Rock Island company sold
higher than at any previous time. Rock
Island strength was attributed to heavy
buying at controlling interests. Stocks
OF the American Bicycle company sold
. higher than at any previous time Stocks
of the American Bicycle company was
weak throughout as result of the day s
developments, the price of the common
stock selling off to Ia as against 31s at
last Fridays close.
Railroad bonds were generally higher in
sympst thy with the stock list, particularly
the convertibles Total sales par value
S4,6SOO00 United States End. and IS ad-
vanced a per cent on the last CALL