Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-07-01
Opening Prices of Stocks
Were Generally Lower.
RECOVERED LATER ON
SUGAR THE FEATURE OF THE
INDUSTRIAL LIST.
Rock Island, Missouri Pacific and
Louisville and Nashville
All Advanced.
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star
NEW YORK. July 1.-The stock exchange
markets in London this morning were gem
orally quiet and steady. There was an ir-
regular tone TO the American railway
shares. kaffirs were slightly easier and in
Vestment securities showed a firm tone In
the later trading Americans closed heavy
There was some irregularity Of movement
In stocks at the local stock exchange to-
day, while speculation was only moderately
active. The opening prices were generally
lower due to the unfavorable character OF
the mornings crop weather news the man
showing more rains in the west. but the
doWnpour was not as heavy as yesterday.
excepting at Kansas City. In other sec
IONS or the west and northwest only light
rams prevailed. In Illinois and Iowa how
ever, there. was no rain, and very little in
Nebraska, where harvesting Is going on
In the early dealings ST. Paul lost a full
point, while there We're fractional recess
sions In Union Pacific common. Southern
Pacific. the Atchison issues and a decline
of a per cent in Missouri Pacific. the lat
ter. however. soon recovered its loss and
gained slight fraction above yesterdays
best prices
Chicago and Eastern Illinois and Illinois
Central We're both strong. the former ad-
Fancing sharply on a continuance OF the
buying so noticeable for the past few
days.
In the industrial list Sugar was the par
ticular strong feature, the stock gaining
over point on an attempt to cover shorts
HOLDINGS OF this stock are said to be much
more concentrated than they were a year
ago, ana the present holders do not seem
10 be In the least disturbed by the failure
or congress to act on the reciprocity meas
ure at this session. United States Steel
STOCKS acted a little heavy at the start. but
later showed some recovery
The announcement OF action to be taken
Dy the state OF Colorado aiming at the dis
solution of American Smelling Company,
on the ground that it is Illegal trust
Old not have much effect on the stock of
that company, its loss being about I per
cent.
There was a continuance of the selling in
Western Union and the stock acted rather
heavy This was also true of Amalgamated
Copper stock.
Consolidated Gas advanced sharply on
buying purporting to be in anticipation Of
important real estate sales, combinations
with BROOKLYN companies and some melon
cutting. which the buyers thought might
be expected at an early date As all Of
these good things have often been talked
much of 4 following.
Call money ran up to 3 per cent I'm the
forenoon and traders were hesitating some
what on account Of the possibility Of an
or prominent bankers. however. there are
no indications of anything except a tenn
porary furry in money rates of short dura-
ton. The inactivity Of the stock market
II must be remembered. also naturally re-
duces the demand for call money. Aside
from the usual July | disbursements, the
payment on the National City Banks In
creased capital. amounting to So, 500.ooO, ~
due today. While this is large item to
be considered. it will. nevert heless be
largely in the nature of transfer from
one source Of supply to another. and VIII
be readily available for loanng purposes.
In the early afternoon there were strong
rallies in Rock Island, Missouri Pacific and
Louisville and Nashville, the former stock
advancing over per cent on the announce
ment of a declaration OF 12i2 per cent stock
dividend. The strength in the three stocks
noted above had the effect of strengthen
ing the rest of the list and good fractional
advances were scored in most of the &C
tive shares.
In regard to the distribution OF 1aJ5 per
cent to the stockholders of Rock Island Il
may be stated that the directors OF the
company at a meeting held today. voted to
distribute to the stockholders 1915 per cent
or their holdings In new stock at par The
books OF the company will open on July
and Will close again on July 81. Stock
holders of record at that time will be en-
titled to this privilege. These rights are
really worth about SO per share and as
the stock only rallied about 3 per cent, Il
was generally believed that the matter had
been discounted.
In the late trading the traction shares
showed a little more activity and frac-
tional gains were scored In both Manhattan
and Brooklyn Rapid Transit. The rest OF
the market was inactive. and prices a
shade below the best of the day.
Missouri Pacific sells ex 212 per cent to-
morrow.
Money eased off to per cent in the late
afternoon.