The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-09-04
STOCKS STILL GO UPWARD
GAINS FIVE POINTS
ON SALES OF 100000 SHARES.
the Bulls Are Not Yet Sat-
ished-Inhuence of Accident to
the President.

NEW YORK.-Sept. 3.-The course Of the
stock market to-day was in marked con-
trast to that of yesterday in that 1t was
governed largely by different influences. al
though Reading and some of the other coal
ers were again we'll to the fore. Opening
with renewal OF the previous days bullish
enthusiasm and strength. the list received
what at first threatened to be a serious
setback on early news of the accident to
the presidential party. Rumors more or less
conflicting were numerous. and the list
underwent a general recession. AS soon as
the extent of the accident became known
the market recovered the greatest part of
its strong undertone, but for time there
was a marked decrease of operations. Later
the early activity was resumed and the
day as whole was the largest in volume
of the present season. The last hour wit
messed an extraordinary squirt in Pennsyl-
vania, that stock selling up to 1854, a net
advance of 5 points on transactions involv-
ing over 100000 shares. The advance in this
stock was accompanied by rumors credit
ing 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 re-
ports for the first seven months of the
year. Net earnings on the lines directly
operated by Pennsylvania for the period
show an increase of over 81, 100000, while the
company's lines West of Pittsburg and
Erie show an increase OF more than w.
100000.
Interest continues to center largely In
Readings, and the common opened with
material advance on heavy transactions
The gain was almost entirely wiped out as
m q
known. Subsequently, however, the stock
more than recovered this loss, selling up to
7S1e, siosing at 7612 and registering net
gain for the day of more than a point on
transactions aggregating over 2S5 900 shares.
The other Reading issues 'on moderate trad
ing, made fractional gains. There were no
stocks. except in New Jersey Central, which
declined four points. In the soft
coal group Norfolk & Western was
the feature, the stock scoring a substan-
& st. L., on very light transactions, made
a net gain of over six points, and Chesa-
peake d Ohio, in which operations were
extensive, also closed at a material adj
port on the strike situation excited little
comment In many quarters the report
was regarded as distinctly favorable to the
miners. The trading in Reading had every
indication of competitive buying, and re-
ports OF a triangular contest involving
Pennsylvania. Morgan and Gould interests
vance toward the close gave color to these
rumors. but nothing tangible came from
any authentic quarter.
In addition to Reading common new high
records were made by Atchison, Baltimore
& Ohio. Norfolk & Western, Pennsyl-
vania, st. Paul. Detroit Southern pre-
ferred, North American, Wheeling, & Lake
Erie, Sloss-Sheffield Steel issues, Southern
Pacific and several less CONSPICUOUS stocks.
Marked strength was shown by Illinois
Central, New York Central, Rock Island,
Denver & Rio Grande, Manhattan, Sugar,
Amalgamated and Anaconda coppers and
International Power. On the curb North
ern Securities was 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 prom
ises to be abundant resources to meet the
crop movement. Contrary to expectations
no transfers were made by the subtreas-
ury. The bond market continued very
active and showed some irregularity on
profit taking. Total sales par value, 81, 1885,
600. United States bonds were all un-
changed on the last call.