The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-09-03
LOT OF STOCKS ARE UP
READING COMMON RISES 5-s POINTS
ON SALES OF 100000 SHARES.
London's Interest I'm Americans and
the Coal Strikes End Seeming Near
Are Favorable Factors.

NEW YORK, Sept 2.-The resumption OF
operations in the stock market after the
triple holiday was accompanied by in
creased activity and strength in the entire
list. More than a score of stocks estab-
lished new high records, among them be-
ing Atchison common, Canadian Pacific, c.,
c., c. & st. L., Colorado Southern second
preferred, Detroit Southern common and
preferred, NJ, X. & T. preferred, st. Louis
Southwestern, Norfolk & Western, Penn
sylvania. B. & o., the Readings, st. Joseph
& Grand Island second preferred, Toledo.
st. Louis Western common and pre-
ferred. Wheeling & Lake Erie common and
second preferred and the Sloss-Sheffield
Steel issues.
Contributing factors were last weeks ia
vorable bank statement and the strength
Of Americans abroad, London buying on
balance to the extent of 10000 shares, chief
ly Atchison and Reading. No specific news
was heard to account for the improved con-
ditions and general enthusiasm, save in
the case of the anthracite coalers, concern
ing which there appears to be a fast
increasing belief. fostered in high circles.
that the strike is nearing an end. Reading
common was the feature, scoring net adj
vance Of 5as points, and closing at the
highest figure of the day on transactions
aggregating over $4,000 shares, or almost
one-quarter of the days total operations.
The other Reading issues made material
gains, as did also Lackawanna, Delaware
Hudson, New Jersey Central and the
Fries. There were rumors that the heavy
buying or Reading common had unwilling
ly created condition savoring of a corner.
The buying of this stock came in large
part from houses supposed to represent in
side interests. To a great extent the
strength of the Western railroad stocks
was ascribed to the better outlook result
ing from the new agreement to advance
grain rates to last springs basis from the
Missouri river to Chicago and ST. Louis
points. Railroad returns as reported for
July were in the main satisfactory. Such
properties as Louisville & Nashville, Union
Pacific, ST. Paul, Norfolk & Western, Wa
BASH. Minneapolis, st. Paul & Sault Ste
SpfcuouS roads, showed net increases. An
other favorable feature that was not dis
regarded by students of the market was
responding period of last year. The list
continued strong and active to the end.
though the closing, save i'm a few instances,
was not at best prices. The only unfavor-
able developments were the higher rates
for call money, per cent. being the max
mum figure, with a fractional decline at
the close. and further drafts 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 was. nevertheless.
much public and speculative interest OF a
genuine character.
On the curb Northern Securities and the
new stocks OF the Rock Island Company
sold higher than at any previous time.
Rock Island strength was attributed to
heavy buying by the controlling interests.
Stocks of the American sBicycle Company
were weak throughout, a result of the
days developments, the price of the COM
mon stock selling off la, as against 49,
at last Fridays close. Railroad bonds were
generally higher, in sympathy with the
stock list particularly the convertibles.
Total sales, par value, $4.63O,OO0 United
States twos and threes advanced "a per
cent. on the last call.
The following table shows the range of
quotations on Tuesday:
lGranger FarweH & Co.'S telegram