Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-09-08
FINANCE AND TRADE
Coal Road Stocks Were Strong
Again.
READING THE LEADER
SOME OF THE INDUsTRIALs WELL
BOUGHT.
Amalgamated Copper, the Smelters
and Steel Issues All in
Good Demand.
READING THE LEADER
Special nispstch to The Evening Star.

! Special pispatch to The Evening Star
NEW YORK, September Sin the Lon
don stock market today the hard coal roads
| and the United States steel stocks showed
an advance Of from u to u per cent above
our closing prices OF Saturday. while the
rest of the market for American shares was
from u to y per cent lower.
In the local stock market the initial prices
for most of the active shares were some
what firmer and business started of with
little more activity This was especially
noticeable I'm the hard coalers the higher
London quotations for this group being
taken as an intimation that these mines
were TO be advanced as an Offset to the
bad bank statements on Saturday
There were also rumors current of a
| concession to the miners, which did not
involve the recognition of the miners
union, which was also helpful to the Read
| ing shares. The opening price on this
stock showed over per cent advance from
Saturdays closing figures. but on the adj
vance a good deal Of stock came out and
the stock lost over half of its initial gain
The reported purchase OF the Detroit
southern and Pere Marquette roads by
the Pennsylvania Railroad Company was
contradicted as absolutely unfounded The
contradiction, however. did not come out
until Detroit Southern had been actively
dealt In during the first half hour of trad
ing.
St Paul rallied well and the street IA
vored the rumor OF an extra dividend on
the stock. Missouri Pacific was also active
at point advance in the first hours
trading.
In the industrials, Republic Iron and Steel
was advanced over point reports Of
large earnings, and also on rumors of
absorption Of the company by the United
States Steel Corporation.
Sugar was a shade better on reports of
an expected advance In refined sugars.
Smelters were well bought, and showed
nearly point advance.
After the first hours business the mar
ket eased off fractionaliy on account OF a
lack of speculation, The trading becoming
rather duh and professional
Around the noon hour another rally oc-
Cured ia the Reading issues, and the price
Of the common stock reached 10 as against
I3 at the close on Saturday. This rally was
probably based on a Philadelphia special
dispatch stating that 1t is understood there
that all individual operators have been in
vited to meet the president OF the Reading
company In that city this afternoon. The
finances of many of them. It was further
stated, are said to be in such a state as to
make them anxious to yield.
Amalgamated Copper showed some
strength on the belief that stock has been
greatly reduced and that Europe was likely
to be a buyer in this market soon which
would involve increased production.
Pacific Mail and Pacific Coast shares dis
played strength on talk of acquisition of
the latter by Southern Pacific.
The buying which caused the advance in
Chicago Terminal stocks said to be
for well-informed foreign sources.
Gould interests We're reported TO be buy
ers of the Wabash issues.
Money loaned at per cent in the fore
noon, but shaded off to IA and Z in the
early afternoon. The hardening OF the
money rates did not bring out as much
liquida ton in stocks as had been looked for.
London traded In about 25.0W shares, buy
ing in the early part of the day and selling
on balance in the afternoon rally. 1t was
rumored that President Mitchell OF the
United Mine Workers Union was preparing
a proclamation which is likely to be pub
lished today and which it is thought will
result In the settlement of the strike.
st. Paul and Missouri Pacific were the
features of strength In the early afternoon
trading the former selling well above Its
previous high record, and the latter gaining
over per cent from the opening figures.
Wabash and Texas Pacific issues also
showed good advances.
The Standard Oil interests, Il is said.
were the largest buyers of st. Paul today;
and the Morgan interests were encouraging
a more active specula ton in the iudepen-
dent steel issues.
The market held the last rally fairly well
and the closing prices for a majority OF the
stocks traded in show good advances over
the closing Of Saturday.