Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-07-07
Railroad Stocks Generally
Strong in New York.
WEAKNESS IN LONDON
ROCK ISLAND AND ILLINOIS CEN.
TRIAL IN DEMAND.
Granger Shares Also Showed Strength
Some Heaviness Apparent in
the Industrials.
Special Dispatch to The Evening Star.


NEW YORK. July Prizes for Ameri-
can railway shares in the London stock
| market this morning showed declines OF
from 4 to Il per cent. but there was very
little business done. the disposition in spec
ulative circles there being TO await the
opening at New York.
In the local stock market some little ir-
regularity was displayed at the opening.
but prices a rule were generally frac-
tionally higher. Saturdays bank state
ment, showing an increase of over si7 ool .
600 in the loans and decrease of nearly
S,oo0,oO in the reserve, was not as good
as many people expected, but. considering
the fact that most Of the city bank in
crease in capital of SO, 100000 was shown
in the large increased loan item. the state
ment ought TO be considered a fairly good
one. The weather during the holidays was
generally favorable TO the growing crops.
especially so for the harvesting in Ne
braska and Kansas.
Soon after the opening pronounced
strength was displayed in Rock Island, uli
nois Central, Hooking Valley issues and
Des Moines and Fort Dodge, the former
and the latter stocks being well bought
by the western Spectators on a report that
the first named stock would take over the
Des Moines and Fort Dodge a basis Of
three shares Of the latter for one share OF
Rock Island. Louisville and Nashville also
looked strong and the buying of il was
very good on the more confident talk OF 4
per cent dividend basis
The strength in the Gould stocks contin-
ued, Missouri Pacific being the leader IN
this group, its selling price being equiva-
lent to the recovery of the 2la per cent divi-
dend which was deducted last week The
buying in this stock continues to be for
insiders. and there was a somewhat better
following today.
The Atchison issues again showed
strength, with good fractional gains for
both the common and preferred stocks
floor traders thought there was a very fair
short interest in the common stock, which
would have to cover at higher prices. All
of the Granger stocks rallied we'll. and the
orders in St. Paul, Southern Pacific and
Union Pacific were considered to be for the
insiders.
In the industrial group Sugar acted a
little heavy at the start on a renewal of the
EFFORTS. begun last week, to depress the
price of the stock. but the decline did not
go very far before supporting orders We're
met and slight rally followed.
Amalgamated Copper stock was not as
active as Of late, and the opening figures
showed a decline of over half a point This
was soon recovered. however. on some COW
ering or shorts The iron and steel stocks
were quiet, but, with few exceptions.
steady. Some foreign selling of the United
states Steel stocks had depressing effect
on the common. While there was still
some hesitation on the part OF the local
spectators pending definite developments
with regard to the possibility of gold ex-
ports the western operators displayed a
more aggressive attitude and We're free
buyers of nearly all the active western is
SIZES.
While the Reading and other hard coal
erS were neglected, the soft coalers were
marked by strength, in response to the in
creased business now being done in btu
minous coal. Money was easier and this
bod fax- ra n of -
inducing good trading among them.
In the early afternoon trading Pennsyl-
vania railroad stock looked strong the
price showing an advance of over 1 per
cent from last weeks figures, and the good
buying noticeable in the stock had SYM
pathetic effect on the other railroad issues
controlled by that road
Illinois Central maintained Its early
strength, with somewhat more activity on
rumor of an effective control OF Chicago
and Eastern Illinois, the latter stock sell
ing well above 200. London was a seller of
about 25.0o0 shares, the largest sales be-
ing in Atchison. Chesapeake and Ohio. On
tario and Western. United States Steel,
common. and other fairly low-priced issues
We're Well represented.
These sales were well taken, however and
the market showed no bad effect from the
selling.
In the late trading the market became
somewhat restricted In activity and pre-
scented a narrower appearance, but prices
held well and there was some attention di-
rected toward few Of the specialties
There was also a rumor of some threatened
trouble among the freight handlers at Chi.
cagO.