The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1902-09-04
STOCK MARKET
CHANGES FRONT
1 Was Governed Largely by
Different influences.
READING AGAIN TO FRONT
List Received What at First Threat.
ened to Be Serious Setback on
News of Accident to Presi
DENTAL Party.
READING AGAIN TO FRONT

New York, September S.-The course OF
the stock market today was in marked
contrast to that of yesterday, in that it
was governed largely by different in
huences, although Reading and some of
the other coalers were again to the for
ward. Opening with a renewal of the
previous days bullish enthusiasm and
strength the list received what at first
threatened to be a serious set back on
early news of the accident to the Presi-
dental party. Rumors more or less con-
flicting were numerous and the list I'M
derwent a general recession. AS soon as
the extent of the disaster became known
the market recovered the greatest part
of its strongest undertone but for time
there was a marked decrease of opera
tions Later, however the early activity
was resumed and the day as a whole
was the largest In volume of the present
season.
The last hour witnessed an extraordi-
nary squirt In Pennsylvania, that stock
selling up to 1881, a net advance of five
points on transactions involving over 1OO,-
600 shares. The advance in this stock
was accompanied by rumors crediting
the road with control of Reading. An
other reason advanced In explanation of
Pennsylvania's strength was the rather
good showing made in the company's
report for the first seven months of the
year. Net earnings on the lines direct
~ operated by Pennsylvania for the
period named, show an increase of over
$2,5000OO, while the companys lines west
of Pittsburg and Erie show an increase
of more than 1880 600. Interest continues
to center largely in Readings and the
common opened with a material advance
on heavy transactions. The gain was al
most entirely wiped out as soon as the
Pittsburg incident became known. Sub
sequently, however the stock more than
recovered this loss, selling up to 7Sl9.
closing at 76ik and registering a net gain
for the day of more than a point on
transactions aggregating over $2S5,0O0
shares. The other Reading issues on
moderate trading made fractional gains.
There were no material changes in the
other anthracite stocks, except in New
Jersey Central, which declined four
points. In the soft coal group Norfolk
and Western was the feature. the stock
scoring a substantial gain on very heavy
trading. Pittsburg c. G. and St Louis
on very light transactions made net
gain of over points, and c. and o., in
which operations were quite extensive,
also closed at material advance. Labor
Commissioner Wrights report on the
strike situation excited little comment In
many quarters the report was regarded
as distinctly favorable to the miners.
Trading in Reading had every indica-
tion of competitive buying and reports
.of a triangular contest involving Penn
sylvania, Morgan and Gould interests
were prevalent. Pennsylvania sharp
advance toward the close alreary referr-
ed to, gave color to these rumors, but
nothing tangible came from any authori-
tative quarter.
In addition to Reading common new
high records were made by Atchison,
Baltimore and Ohio, Norfolk and West
ern, Pennsylvania, st. Paul. Detroit
Southern preferred, North American,
Wheeling and Lake Erie Sloss, Sheffield
steel issues, Southern Pacific and sew
eral less conspicuous stocks. Marked
strength was shown by Illinois Central
New York Central. Rock Island Denver
and Rio Grande, Manhattan, Sugar Anal
ganated and Anaconda Copper and Inter-
national Power. On the curb northern Sc
curities were again very strong with a
new high record. Monetary conditions
continue satisfactory, although a fair
amount of money was placed at per
cent. The prevailing rate was 51s per cent
Reports from Washington agree that the
treasury is prepared for any possible
money stringency. In brief there promises
TO be abundant resources to meet the
crop movement Contrary to expectations
no transfers were made by the SUBJ
treasury.
The bond market continued very active
and showed some irregular1ty on profit
taking Total sales, par value 81 1861
United States bonds were all unchanged
on the last call