The times. [volume] (Richmond, Va.) 1890-1903, 1902-08-01
TURMOIL UPSETS
UPWARD MOVEMENT
Hoped-for Advance in Prices
Fails to Materia|ize.
EASTERN ILLINOIS REPORT
The New Projects Strengthens Compe>
tition and Arouses Antagonism-Not
Part of Much Desired Com
munity of Interest Policy.
Ry Associated pressl

NEW YORK. July 3l.-There was such a
turmoil in the opening of the stock mar
ket to-day as TO upset the speculative
sentiment and 6iSappont the hopes of a
renewal of a consistent upward movement
Of prices which had been INDUCED in
as n result % yesterdays development
D: fresh railroad deals. Probably The few
eriSh upward dash of ST. Louis and San
Francisco. Evansville and Terrc IIaute.
New York Air Brake and few other
stocks would have been sufficient in them
selves 10 have disturbed sentiment But
%hen There was added the downward
md a sharp decline In Peoples Gas. the
upward course OF prices, with which the
elarket opened. quickly gave way II realiz-
ing. 81. Pa1s opening rise OF over a
point was lost within a few minutes o.
trading. St Louis and San Francisco
EaSSed back 10 below last night during
The course of the forenoon. = few scat
tered advances at different times during
the GaA proved ineffectual to rouse the
1n1rk.s I 10 activity. Chicago and Alton
and Chicago Terminal Transfer advances
on hits Ct coming important a9Ne!op-
incnts. The rise in Reading seemed 10 pc
based uion the assumption that flo4lls
81 the ininc regions and the caring oul
up Of the stock. The crop III Co!ofaGo
Fuel was attributed to the fact that the
stockholders iIecting. so that new puf-
chaSes to Gay would not carry VotllS
power in the meeting. People Gas de-
cline was due to the refusal Of judic!al
<
e cent gas ordinance.
The quick subsistence of the excitement
which broke. out in the market yesterday.
when the St Louis and san Francisco
Rnd Chicago and Eastern Illinois were
reported to have consolidated. was prl-
marty due TO the uDcertointy over the
IctuaI fact. All persons Interested were
exceeding reticent, and doubts We're
aroused as to the real contamination OF
the PROJECT. Furthermore surprising the
project to be achieved. there wiz be dis
Appointments involved. IT is a matter oil
public notoriety that Illinois Central has
recently made AN offer designed 10 Sc
cure control of Chicago and Eastern Ill
lnois. The advance in So. Louis ana san
Francisco for the past wee has been on
the assumption that II was the impor-
ta1t system pointed at as destined Tor
Inclusion in the new Rock Island Com
rany. The fact that the new project
points 10 strengthened competition, and
Is thus calculated to arouse antaSnolSmS.
make it similar to many Of the recent
financial projects talked Of, and marks
their departure from The rnucn-GeSired
community OF interest policy, which was
to parcel ont tremendously the whole
tailroad territory amongst the various
financial powers.
but sterling exchange held steady al the
level Of the recent gold exports. The
Government deficit, which reached over
H., 10000 at one time this month. fell be-
low. IS 900 900 today. and the h-Treasury
IN New York received payment of over
g million dollars by the. Central Railway
COMPANY on account OF a note que the
Government.
The bond market was quite active. prices
running off sharply at the last. Bonds
were Irregular and inclined TO be easif
Total sales par value. $2.103,000 United
states bonds We're unchanged on the last
gail.
The total sales of stocks for the day
we're $4,000 shares.
MONEY. AND EsCI1ANGE-Noney on
rail- closed at 21@d3 per cent; last loan,
a.as1- IA
IlI675 ner cent Sterling exchange steady
st S4S75s for demand and 81 S9as@44. S5l2 for
sixty days; posted rates. S!S6a3.SS2l2 COM
,nercia1 Bills s4S42s d4S52:. Bar silver.
tSI,; Mexican dollars. 49,. Government
bonds steady; State bonds, inactive; rail
soad bonds irregular,