The daily morning journal and courier., 1902-08-09
EinamciaI.
THE STOCK MARKET.
Efforts Made 50 Shift Speculative In.
 terest Into New Quarters.

SeN AHNo NNSbF SuaEbeEss
 New York, Aug. S.-Eforts were made to-day to shift speculative inter- est into new quarters of the market The opening dealings showed plainly enough that the glamor of the sup posed plan for merger of Southern Trunk line railroads had taken hold upon the imagination of the speculative world and most os the stocks which were violently affected yesterday start ed off on a fresh upward movement to- day. But it also became quickly evil dent that the movement was overrun- ming itself. Either the desire to take profits or the belief that prices had been lifted to above the intrinsic value of stocks led to prompt reactions in Louis vile and Nashville, Illinois Central and, conspicuously. in Hooking Valley. The last named stock not only lost it's open ing rise of this morning but all O. yes- terday's sensational gain as well. The reaction was not so violent in other stocks, although Rock Island developed heavy tone and Colorado Fuel be- came weak with considerable sentiment tai effect upon the general list. It can- not be said that the reaction in the southern group materially altered the general conviction In the street that im- portant developments are impending regarding the group. The difficulty en- countered by Louisville in it's advance above 150 wa attributed to the fact that that is the figure at which the option is supposed to be held by J. F. Morgan & Co. to buy the control of the road. Some of the largest selling of the southern trunk lines was by brokers usually employed by the speculative leader whose publicly proclaimed bull ishness' was a forerunner of yester- days violent advances. Probably some disappointment was felt because the official announcement of the acquisi- tion of the Chicago and Eastern Illinois by the St. Louis and San Francisco contained no reference to the further extensive projects which are supposed to lie back of that operation. In fact no official countenance could be secured from any source of yesterdays many rumors The belief was held that this and other important projets may have to await the return of J. P. Morgan, now on his way here from his prolonged visit in Europe.
 Amongst the new points of strength the most conspicuous and most infiuen- tial was that in the Erie stocks. No reason was forthcoming for their ad- vance beyond revival of old rumors of large holdings in the property by J. J. Hill and plans for its improvement by that capitalist. The rise in Amal- gamated Copper seemed to be purely speculative in it's origin. Other points of strength were the Colorado and Southern stocks, Texas and Pacific and number os minor stocks. The banks have not gained enough from the in- terior to offset the drain to the sub treasury, and poor bank return is in- dicated. This and the holiday prompted to realizing late in the day and the closing was dull and irregular.
 The bond market was dull and irregu
 lar. Total sales par value $1,175,000. Closing Prices.
 Following are tine closing prices reported by Prince x WhiteIy. Bankers aud Brokers. b2 Broatway. hew Yolk. aud 10 Center st., New Haven. Bid. Asked.