Evening star., 1902-08-02
FINANCE AND TRADE
Stocks Were Dull and In
clined to Sag.
PUBLIC KEEPS OUT
ROCK ISLAND DEAL SUBJECT OF
CRITICISM.
Entirely New Features Presented iy
the Plan of organization-Gen-
eral Market Reports.

Special D;snatch 10 The Evening Star.
NEW YORK, August 2.-Todsy's stock
market was almost wholly devoid OF fea-
ture. Trading was sluggish and In control
OF the professional element. The London
holiday added to the dulIness, and there
was small attendance OF brokers on the
floor of the local exchange. Speculation
lacked Incentive and fluctuations lacked
significance.
Advances were few and declines inconse-
ouential. Sentiment was not favorable to
lower prices but patience favored be-
cause the market gave no evidence OF
starting up Immediately.
Commission houses are confident that
business will come In on any recession. and
are lad to predict a stronger speculativ
tone later on, but are cautious in taking
the initiative. The banking interests pre-
fer to move slowly. and pools have to move
slowly If their hackers insist upon II.
A waiting market has come, and from
such a condition irregular price movements
invariably come. few specialiies may be
moved into prominence while stocks are
quietly distributed elsewhere, but the best
opinion is that new business will he a slow
growth. Meanwhile crops are getting along
nicely, railroad officials are confident Of
prosperity along their lines and the stock
market may well afford to rest, especially
since 1t is already in advance OF conditions.
The feature OF the week has been the an
nouncement of the Rock Island plan. In
some respects this transaction is a remark
able exhibition OF the methods sanctioned
by the new financial school which has
grown up in the west Profits are capital
lied by device which permits a director to
sell his holding Of new stock and retain his
voice in the management OF the property
for five years. And this after vesting the
control in a small issue of preferred stock
in the first instance.
Scarcely a single principle OF resdjust-
ment tried by experience and known to be
sound. has been followed. The plan being
untried Is one Of the advantages claimed
for II since there is no evidence that an
exactly similar undertaking met misfor-
tune. The public has failed to buy Penn
sylvania, New York Central. Illinois Gem
trail and in fact the best things I'm the mar
ket on a scale sufficient to permit OF big
summers speculation, and IL is but reason
able to expect some difficulty In marketing
the collection OF engravings which are
rendered for the present Rock Island GER
tifcate.
The Chicago and Eastern Illinois trans
action is more in line with previous under
takings and beyond attracting the usual
comment to the prices paid meets with
little criticism. The contest for the control
Of Colorado Fuel Is reported to be adverse
to the present management. The financial
community found II difficult to take sides
in this contest between Mr.. Osgood and
Mr. Gates.
The fact that certain railroads in the
west might benefit more by a victory for
the latter may have influenced a few
proxies. The buying OF Manhattan at tho
end of the week was thought to have
been largely speculative. Rumors OF a guar
antee by New York Central were freely
used to encourage the advance, but what
ever may eventually be done In that direc-
ton, IL is reasonably certain that the
project has not been seriously considered.
Mr.. Gould's enemies have not forced him
into selling any assets in order to continue
his fight for a transcontinental railroad.
and even If they should Manhattan will not
be first to go.
The traction roads are making money Just
now, and the Metropolitan Securities Com
pany has plans for concentration which
may give several desirable properties a
speculative inning.
The weekly bank statement rejects a loss
Of only $50, 200 in cash holdings, or about
one-ffth of yesterdays predicted loss. The
reserve is decreased 81, T64 275. or to total
of S13,I3S 125. The loans were increased
S6377. 100, which is the greatest surprise in
the exhibit since the decreased speculation
had lead to a belief In falling demand for
money. Borrowing OF time money for fu-
ture needs, speculative and commercial.
may account for the increase, since So. .04S,-
800 shows in the larger deposits. -