The Birmingham age-herald., 1902-07-31
STOCKS DO NOT ATTRACT TRADERS Market Proves Dull and of HeS-
 itatlng Tone ROCK ISLAND IS DISCUSSED
 - Plans of New Securities Made Topic of speeulstors' Talk--Frisoo securl- ties Ruoyant on Account
 of Consolidation.

New York, July s0,-There was a fur ther contraction of dealings in today's stock market and decidedly hesitating and hnctuating tone during the day. Pro- fessional traders were watchful for turn in the tide of the market and kept prices fiuctuating irregularly over small renge during a greater part of the day. There were no developments O. great im- portance. The additional engagements or gold had been fully expected. and. in fact, turned out to be rather smaller than had been feared. There was evidence of con tlnued liquidation on a large scale durins the forenoon, which was attributed to the western party whose operations nave come to prove a powerful influence in di- recting the course of large speculative following in Wall street. The cessation or this liquidation was followed by scat tering demonstration Of strength.
 The St. Louis and San Francisco securi- ties were very buoyant, which caused revival of rumors that they are to be un- der the Rock Island plan. The official in timations of the plan of the allotment Of the new securities does not provide for this absorption. The movement served, however, to offset to some extent the de- pressing effect upon the stock market, which has been caused by the discussion of the report the Rock Island plan. The rise of Chi ago and Eastern Illinois and Chicago and Alten, and the f1rmness of Illinois Central seemed to be related. The abrupt rise in New York Air Brake is characteristic of that stock, and was without much sentimental effect else where. The fever tone of Colorado Fuel is attributed to doubts over the present control of the company, as 1t will be re- yealed at tomorrow's meeting of stock holders.
 It is reported that some shorts on this stock have bought convextabe bonds for protection and the facts that the right of the conversions cease tomorrow may have been an incentive to buying of stocks by shorts.
 Some of the statements of the net earnings for July serve to further em- phasize the effect of Atchison's decrease reported yesterday. The increase cost of operation shows a tendency to encroaeh upon increases in gross earnings and In some cases to practically wipe out the gain in gross earnings. The tendency was perceptible in Wabash, in Union Pa cn.c and in St. Paul. But this influence was disSipated in the reVlVlnB ehect oi the late rally in which all of those stocks and particularly St. Paul. The market became somewhat excited in the last hour on the varying results current of the scope of a St. Louis and San Fran cisco and Chicago and Eastern Illinois consolidation.. The closing, however, twas irregular. The general favorable 4tenor of the weather bureaus weekly crop summary and the favorable wealth
 af4 hnlnff11 fanfOrc in the market The continued tranquil ity of the money market in the face ot the gold exports had a reassuring effect upon sentiment. The sub-treasury made a liberal disbursement to the money market and advices from Seattle were received of deposit of $1,0OO,0OO gold there to be credited to New York.
 Bonds were dull and irregular until the rally in stocks wnen prices stinened, Total sales, par value, $2,534OOO. United States old As registered advanced per cent on the last call.