Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-07-17
Some Substantial Advances
Gained in Stocks.
LONDON GOOD BUYER
CHESAPEAKE AND OHIO THE
MARKET FEATURE.
Rumors of Efforts to Gain Control of
That and Southern
Common.

Special DISPATCH TO Tie Evening Star
NEW YORK. July l7-Activity on a con-
siderable scale and substantial advances in
the low-priced stocks characterized today's
| trading in the stock market. London sent
over higher range Of prices, and enor-
nous demand for calls on American stocks
was reported at that center. The conclu-
sion that recent foreign selling was largely
short stock encouraged buying in antIcipa-
ton of an enforced covering movement.
The western element was active In all
parts Of the market and again had the bene-
Mt Of an increased commission house de-
mand. The high priced stocks the western
members of this group particularly. were
neglected to some extent. 81 Paul Union
Pacific, Rock Island and Illinois Central
Were only steady under a moderate volume
of business. New York Central, Pennsyl-
vania and the eastern trunk lines were
strong under a splendid demand of superior
character
Atchson was strong and the pool in Mis-
souri, Pacific had confused movement in
that specially in the hope OF shaking out a
certain undesirable following. The best
buying of the day went into the coal stocks
as the result Of more encouraging strike
outlook. Chesapeake and Ohio was a fea-
ture of the day. running up sharply in SYM
pathy with Norfolk and Western and the
soft coal shares generally. The stock had
the advantage Of a series OF interesting ru-
mors covering the prospects for an increas-
ed dividend and contest for control.
The fact that Mr. Gates reported to
have been a buyer on q large scale gave
the necessary color to the stories of a con-
test. The buying was said TO have been
inspired by a desire to get the property
away from Pennsylvania and New York
Central as an offset to the treatment melted
out by these roads to the Goulds. Southern
railway common, according to the same
authorities, will be Withdrawn from Penn
sylvania control in the same manner.
The verifcation Of today's rumors would
insure a busy summer for MIR. Gates and
the undoing of many enterprises which men
| or the greatest financial ability and eNpp-
rience have spent a life time I'm developing
For this reason II may be safely conceded
that large percentage Of the rumors will
not survive the week.
tToday's trading had many evidences OF 4
Broadening market and the idle rumprs
were wasted upon commission house
clients. Colorado Southern was actively
traded in at top prices and there was an
| Increased demand for Kansas City South
ern. Texas Pacific was strong and the
Wabash issues moved up easily in sym
pathy with good demand. Alton issues
were opened at advances. but sold down
sharply under realizing sales.
The buying OF Readings was on a large
scale and at record prices for the season.
All OF the hard coal roads responded to this
buying. and confidence was general that
there would be an early resumption OF
mining
The steel stocks were strong under mixed
buying. the Independent properties respond
ing easily to the buying. Colorado Fuel
ran up sharply and Tennessee Coal and
Iron gained moderately in sympathy.
The traction group was largest at times.
with Brooklyn Rapid Transit and Manhat-
tan leading the advance. The market was
active in all departments with the ex-
ception OF the high-priced western rail-
roads Money loaned under per cent. but
the tendency is toward making time loans
over the crop-moving period The demand
serves to keep rates firm in the latter de-
partment of the loan market. Market
closed steady, with numerous net gains
prevailing