The daily morning journal and courier., 1902-08-01
Ettta,1eial.
THE STOCK MARKET.
Closes Active and Weak, Prices Rum
 ming Off Sharply.

ming Off Sharply.
 New York, Jluy 31.-There was such turmoil in the opening stock market | to-day as to upset the speculative senti- ment, and disappoint the hopes of a re- newal of a consistent upward move ment of prices as a result of yesterdays 1 development of fresh railroad deals. Probably the feverish upward dash of St. Lotus and San Francisco, Evans vile and Terre Haute, New York Air Brake and few other stocks would l have been sufficient in themselves to | have disturbed sentiment. But when l there was added the downward plunge | or over eight points in Colorado Fuel and sharp decline in Peoples Gas, the upward course of prices with which the market opened quickly gave place to realizing. St. Paul's opening rise of over point was lost within few min- utes of trading. St. Louis and San Francisco sagged back to below last night during the course of the forenoon. A few scattered advances at different times during the day proved intellectual to arouse the market from what was at times a midsummer lethargy. Chicago and Alton and Chicago Terminal Trans fer advanced in company on mysterious hints of coming important develop ments. The rise in Reading seemed to be based upon the assumption that the rioting in the mine regions and the call- ing out of the troops foreshadowed the break up of the strike. The drop in Colorado Fuel was attributed to the fact that the company's books close to-day for the stockholders meeting, so that new purchases would not carry voting power for the meeting. Peoples Gas decline was due to the refusal of ju- dicia injunction against the enforce ment of the 75 cent gas ordinance. The quick subsistence of the excitement which broke out in the market yester- day when the St. Louis and San Fran cisco and Chicago and Eastern Illinois were reported to have consolidated was primarily due to the uncertainty over the actual fact Furthermore, suppos- ing the project to be achieved there will be disappointments involved. It is matter of public notoriety that H. linois Central has recently made an off, fer designed to secure control of Chi cago and Eastern Illinois. It will also be recalled that the advance in St. Louis and San Francisco for the past week has been on the assumption that 1t was the important system" pointed at as destined for inclusion in the new Rock Island company. The fact that the new project points to strengthened competition, and is thus calculated to arouse antagonism makes it similar to many of the recent financial projects mooted, and marks their departure from the much discussed community of interest policy, which was to parcel out harmoniously the whole railroad terri tory amongst the various financial powers. The money market was calm to-day but sterling exchange held steady at the level of the recent gold exports. The government deficit, which reached over $12,000,000 at one time this month fell to below $S,00O,0O to-day and the sub treasury in New York received payment of over million dollars by the Central Pacific Railroad company on. account of note due to the govern ment. The market closed quite active and weak, price running off sharply at the last.
 Bonds were very irregular and in- clined to be easier in the morning. The St. Louis Southwestern seconds were in large volume
 Total sales par value $2,103,000.
 United States bonds were unchanged on the last call,