Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-07-28
Sentiment Was Decidedly
Bearish in Stocks.
ROCK ISLAND BREAKS
SHARES DID NOT
SUFFER.
Industrial List Showed More Strength
Than for Some Time
Previous.
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK. July 2s.--As a result OF the
pessImistic reviews OF last weeks markets
and the possibilities for disastrous conse-
quences In the Rock Island financial plan
today's stock market was under consider
able pressure Throughout the morning
Stocks were sold In round amounts In all
parts of the list and several OF the larger
pools either sold or refused to further sup
port their specialties. Rock Island broke
rather sharply for a decline OF 10 per cent
from Saturdays closing. but rallied later
on supporting orders from the pool.
Rumors that some differences had arisen
between the pool and their bankers helped
to depress the price and gave rise to fears
of some hitch in the plan. Illinois Cen
trail and St Paul sold of in sympathy with
the break in Rock Island. but also rallied
partly from the extreme depression. Penn
sylvania and New York Central felt the
effect of realizing sales. and there was a
marked heayiness in all the high-priced is
sues. The hard coal shares sold Off, but
what little new buying came into the mar
ket went into the soft coal shares. Lon
don's early cables reflected a demand for
these shares. and of 30. 600 shares traded In
for London account 10000 shares were
purchases.
The engagement of 81. $50 600 gold for ex-
port he1ped to unsettle the market al
tnough the outflow not unexpected.
Traders sold literally on the announcement
ana predictions were made that an addi-
tional amount would go out by Thursdays
steamers. The movement will undoubtedly
discourage any new buying. and without a
public demand the present level of prices
must be only temporary.
Commission houses were inclined to con-
tinue to advise caution on the part of cli-
hrn lIph npf lnney
stock. Union Pacific was freely sold dur
ing the morning and the pool In Southern
Pacific made no effort to hold up the price
Of those shares. Missouri Pacific was given
excellent support. and nearly all of the
Gould issues held well IN spite Of the sell
ing.
The low-priced shares were heavy and
lacked support for a time. but prices did
not recede materially, the brunt of the SELL
ing falling upon the high-priced western
roads. The good buying of Norfolk and
Western helped to keep the Iow-priced
group moderately firm in spite of the
change In speculative sentiment.
The industrial list come I'm for some at
tention during the day on the theory that
they had been neglected and might serve
to relieve the tension elsewhere.
The Gates party advanced Colorado Fuel
rather sharply under rumors that they had
sufficient proxies to insure control OF the
property next month. The advance caught
a few short contracts and was the more ef-
fective in consequence. The United States
Steel issues were steady and nearly all Of
the independent steel issues held well under
small dealings Copper was advanced dur
ing the afternoon on a mixed volume OF
trading and the entire industrial list
showed signs of new business.
During the last hour the market relapsad
into dullness, and traders were confused as
to the next movement.
Sentiment did not favor an advance and
local banking conditions suggested the pos
sibility of friction between the leaders OF
the market and the lenders of money. The
best opinion seemed to be that advances
from today's level would not h Did and that
a reaction was not only due. but In "A sense
necessary. The attempt to revive interest
in the industrial list may succeed in divert
shown very clearly that high-priced stocks
need not be held for plans similar TO that
of Rock Island.