Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-05-20
Stocks Much Stronger on
Wall Street today.
DUE TO PEACE RUMORS
LoNDoN'S BUYING HELPED NEW
YORK MARKET.
Nearly All Of the Prominent Railroad
Shares Made Substantial
Gains.
Special Dispatch 10 The Evening Star.

Special Dispatch 10 The Evening Star.
NEW YORK. May 20.-Trading In today's
stock market reflected a more hopeful spec
ulative condition. but added little to the
volume OF commission house business. The
buying OF stocks sold during the last few
days was a factor of some importance and
new demand from the pools completed the
effort to force a rally. The western ele-
ment turned around and became aggres-
sive buyers in their specialties and forced
substantial recoveries from the low level
Of yesterday.
London bought $4,000 shares of various
stocks and was rather confident OF the
early announcement of peace IN South
Africa. Rumors predicting a definite an
nouncement to this effect within a few days
were accepted in many quarters. and a
sharp recovery in prices foll owed. The
news was used to the same purpose ON this
side. traders and the short interest buying
nearly all OF the recently active issues
The significant feature of this recovery
was that the coal roads responded as fully
TO the buying as did other issues having no
direct concern with the labor difficulty In
the anthracite coal fields Reading gained
Ia per cent. Delaware and Hudson 2Is per
cent and Erie and Ontario and Western
about per cent each. Should the strike be
Kept within present limits the low level Of
yesterday should fully discount the diff
Guilty. The buying of Reading continues To
attract attention because of the belief that
something more than pool buying is behind
the steady absorption of this stock
The steel stocks were stronger under what
seemed TO be supporting orders. the com
mon being kept steady around 10 and the
preferred around 30. The independent steel
issues recovered moderately under narrow
dealings. Union Pacific was an active fea-
ture of the railway list taL In,
round amounts by the western operators.
Louisville and Nashville was strong under
buying from the same source and rumors of
an important advance Were again I'm clrcu-
lation. The official announcement that the
boards of Louisville and Nashville and
Nashville and Southern railway had not
agreed to offer their joint bonds. having
4 per cent interest for Monon on the basis
of as for the common and 10 for the pre-
ferred stock, was regarded as ending the
Nashville episode of last month.
Canadian Pacific was decidedly strong
and active the result of a demand said
to have been. traced to Toronto. The
changed sentiment In London and the pro-
spects for an increased dividend were the
explanations offered in Justification OF the
advance. The announcement that the
Southern Pacific pool had liquidated some
10000 shares of stock through London was
vigorously denied by the pool
At the same time the imput alton had
the effect of arousing the pool to new ac-
tivity, numerous purchases being openly
made in the hope of restoring confidence
in the integrity OF pool mana cement. Sev-
eral Iow-priced issues were well bought by
inside interests and there was general
evidence of a desire to lift the market out
of the rut toward which the many doubtful
! influences in the situation seemed to be
| forcing it. for a season at least.
Money conditions are slowly adjusting
| themselves. all loans being made at and
Az per cent during greater part of to-
| day The banks are undoubtedly making
| an effort to strengthen their resources and
| avoid or cultail the unsettling episodes in
cident to the quarterly and half-yearly in
terest payments.