Evening star., 1902-08-01
FINANCE AND TRADE
Recently Active Shares Were
Dull Today.
ROCK ISLAND PLAN
NOT WELL RECEIVED BY THE
STREET.
Activity in the Traction Shares was
the Feature OF the
Market.
ROCK ISLAND PLAN

Special DISPATCH TO The Evening Star
NEW YORK. August 1.-Prices sold OF
under professional trading during the first
hour this morning, and there was little
feature in any part OF the market TIE
Rock Island plan was not well received
and some doubt was expressed as to tho
amount OF stock likely to be turned in bv
outside holders. large minority holding
would be a most undesirable adjunct to
the new interests in that property
The Chicago and Eastern Illinois episode
was less in evidence as factor and the
properties interested were irregular through
out the day. Illinois Central sold down for
time, but was rallied III per cent under
good buying by inside interests Pool oper-
ations in Kansas City Southern and Chica-
go and Great Western were reported. al
though no significant changes In price were
recorded
The western element is reported as being
extremely optimistic on the prospects of
these two low-priced issues. but the time
Is scarcely ripe for making a campaign in
them Union Pacific rights sold freely at
Y OF i per cent, but the stock sold down
fractional under yesterdays prices. pre-
sumably because the rights did not briny
more.
Traders had expected the rights to make
the equivalent of an extra l per cent div
idend, but instead just one-half that sum
was realized. Nearly all the western
shares were lower during the morning St
Paul and Atchison ran off under mixed
selling by the room. The selling was in
small lots. and was thought to represent
no significant liquidation and no change in
the attitude of the leaders
There was no effort made to advance the
recently active issues. and prices merely
moved about erratically under reduced
transactions
The Traction shares were the feature OF
the days trading under a well-distributed
demand through commission houses Man
hatlan responded easily to the new in
qulry, and was well supported by an in
side pool which has long been accumulat-
ing the stock
orally gave rise to the belief that any
Change in traction affairs would be most
easily shown. marketwise at least i'm Man
nattan. Good earnings are to be added 20
the incentive, and the pool is of the ex-
perienced sort. Brooklyn Rapid Transit
and Metropolitan Securities were well taken
also.
In the industrial department the new
buying OF american Smelling common at
tracted some attention. but the stock was
In fair supply at the advance
standard rope and twine income bonds
because Of pool activity based on the fact
tnat interest is being paid on the mortgage
ponds without exhausting the entire sur
plus or the company gained over a full
point on a small volume of business. A
Few OF the Independent steel shares were
well bought, particularly Tennessee Coal
and Iron and the preferred shares of near
er companies.
The bank statement tomorrow should
show loss of S5.000.090 In cash as the re-
suit of the weeks gold shipments The
banks have gained about S2JeeoDO from
the interior. and have a balance of some
S2,o0oO in their favor through subtreas-
ury operations This latter sum- being paid.
them an account of August interest on gov
ernment bonds was received too late 10 get
INTO the statement of averages to be pub
lished tomorrow.
Rock Islands new securities were quoted
on the curb, when and issued, as follows:
Bonds, 9Ole; common stock, 46 Preferred
stock, S5. or the equivalent of I96 for the
present shares of the old company. This
is a fair start, but fluctuations will prob
ably be rapid once the trading becomes ac-
tive.