Evening star., 1902-07-31
Stocks Showed Considerable
Irregularity Again.
MARKET WAS SPOTTY
RUMoRS REGARDING THE ROCK
ISLAND DEAL.
Selling of Speculative Long Stock q
Feature of the Days
Transactions.
Special DisDatch to The Evening Star.

Special DisDatch TO The Evening Star.
NEW YORK. July 31.-The mixed char
acter of the trading noted at the close OF
yesterdays business was emphasized still
further today. Selling of speculative long
stock was a feature of the day with here
and there an occasional demand for some
neglected Issue I'm which a pool was in
terested. There was no public interest ard
the street thought the market was spotty
end inclined toward lower prices.
All things considered. the market reflected
good absorbing power, and the pools were
evidently not through with the several
schemes which have supplied the bulk OF
the incentive to the summers market
The Rock Island. semI-ofilcially an
nounced, provides for an incorporation OF
two new companies. One in Iowa designed
to take over the property and another in
New Jersey to receive the old stock and
issue the new securities.
AS at present disclosed $4,000 new coll
lateral bonds. 40 shares of new preferred
stock and 100 shares of new common stock
will be given for each 100 shares In the
present company. Taking the present mar
ket price of the Rock Island stock for "A
basis the new securities, allowing par for
the bonds should sell at about the same
level as the Alton issues. The latter plan
was practically worked out on the basis OF
2 for 1. whereas the Rock Island plan pro-
VideS for a ratio of 40 to l.
Evansville and Terre Haute was active
under rumors that It would be included In
the st. Louis and San Francisco plan, but
there was nothing new upon which to de-
termne the real extent of Chicago and
Eastern Illinois consolidation. Illinois Cen
trail was freely sold by commission houses.
but found a ready market in spite OF the
liberal supply OF stock. The semi-annual
dividend OF s. per share comes OF the price
tomorrow, and the pool is expected to re-
sumo activity at the new level.
Colorado Steel was sold freely for a sharp
decline Of per cent from last nights clos
the selling. The street decided that tho
Gates party had lost the contest for con-
troll and was selling long stock. The con-
clusion was scarcely well founded. how
ever. and there is still room for doubt to
the outcome of the internal fight.
AS the books close today 1t is more than
likely the selling was for the accounts OF a
speculative following, who were disappoint-
ed with the absence of an acute demand for
voting purposes.
Kansas City Southern was well taken by
the pool. and there was revival OF buying
| in Southern railway. The new demand at
tracted but little new business, but tended
to confirm the view that the low-prlced
stocks are yet to be given q prominent
place in the market. Union Pacific and st.
Paul Jagged noticeably and there was al-
most no effort made to advance them.
The coal stocks were stronger as the res
suit of a belief that the recent rioting In
the coal fields will force an ending OF the
strike. Violence of the character noted yes
terday is expected to result In the withs
drawing Of public sympathy.
The Industrial list was again a secondary
| feature, gain Of per cent in Air Brake
| and the failure to shake out the Boston
| party In Copper being the only features.
Money was easy throughout the day. and
| there was less concern over the gold out
| How. Traders were inclined to look for a
| rally, but were at a loss to determine the
attitude of the western traders.