New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-07-30
BONDS.
THE DAYS OPERATIONS IN STOCKS.

The stock market yesterday moved in a list
less and ftful way until the last hour, when
sharp and general decline occurred. a result
of which most of the more active issues closed
at material net losses. The market was almost
wholly professional, the Western party ap-
parently being leaders in the selling, and the
volume Of trading was much smaller than for
Monday. The close was weak. No definitely
unfavOrable news came out TO account for the
decline. but decreases for June in the net earn
ings of two great grain carrying roads were
reported-S240, 159 for the Atchison and S274.-
500 for the Canadian Pacifc-further engage
ments of gold for export this week were said to
be in negotiation, and over the market still
hung the shadow of the Rock Island read
justment plan, the semi-offcial announcement
of which checked Monday the rapid advance
Of last week and gave speculative enthusiasm
chill from which more than one day would
necessarily be required for recovery. The Rock
Island management, indeed. authorized yester-
day official statement which is in essence
declaration that its financial plan is no concern
of the public this statement ending: The share
holders alone are interested. and will receive all
the benefits and bonuses
This view, however, is not shared by Wall
Street by the investing public at large. Al
though there will be no underwriting syndicate.
it is a matter of serious concern to all investors
that a great railroad system should be able 90
put through a scheme by which it's capitaliza-
ton VIII be nearly trebled and fixed charges of
several millions imposed upon the property by
the issue of S75,OO00O0 bonds, the ultimate
placing of which among investors would enable
the present controlling interests in the Rock
Island nearly to reimburse themselves for their
outlay in acquiring the original stock. while
retaining their control by holding the new pre-
ferred and common stock to be given them, in
addition to the bonds. in exchange for their
present holdings of Chicago, Rock Island and
Pacific Railway stock
The shrinkage in the June net earnings of the
Atchison due largely to delays caused to
traffic by floods in that month, but II was nat
urally made the most of by the operators for
the decline The indications yesterday were for
further gold exports which would bring the total
outward movement for the month up 10 $1,000
600 or 100000. and the point was fairly made
that continuance of gold shipments during the
next few weeks. with the period of demand for
currency for moving the crops nearly at hand.
might cause a more or less serious stringency in
the money market. For the present though
money is easy and the situation is being i'm
proved by the large disbursements which are
now daily being made by the local Sub-Treasury.
Rock Island pursued yesterday an erratic
path. Opening at 1904, go points down the
Y.
Before noon it had risen to 1914, and thereafter
ii went down again, at one time dropping %
points between sales, TO 1905 at the close a net
loss of 3Ss points. st. Paul sold up to 1861 in
the morning, but in the last hour declined rap
idly, closing at 1S415. almost the bottom, net
loss Of "a points Missouri Pacific was strongly
supported going to 1874 and closing fraction
ally higher than Monday. Amalgamated Cop
per lost Ia points on selling ostensibly induced
by the report that well known Boston copper
operator was bulling the stock. Colorado Fuel
and Iron advanced in the early trading to 1927
but before noon had declined to 9SA it closed at
99A, net loss of points. The decline was said
TO be due to desire to shake out some of the
small holders who have gone into the stock in
the expectation of realizing profits through the
contest for control between the Gates and Os-
good factions a warning suggestion being
thrown out yesterday that the losing party, as
soon as 1t knew that it had lost the fight would
doubtless sell its accumulated holdings. Atchi-
son common and preferred each lost PORT and
Canadian Pacific sold off ~ points at the close
and Illinois Central all shared in the late de-
cline. after having made early gains All the
Gould stocks except Missouri Pacific also closed
lower than on the preceding day. Union Pacific
lost rs points. being sold on the failure Of the
management to increase the dividend rate-an
increase which nobody had expected.
my