Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-06-18
FINANCE AND TRADE
Illinois Central the Feature
in Stock Today.
ADVANCED 7 PER CENT
RUMoRS OF AN INCREASE IN ITS
DIVIDENDS.
Good Buying of Missouri Pacific
Coalers Keep Up Despite
Strike News.
ADVANCED 7 PER CENT
Special Dispatch to The Evening Star


NEW YORK, June lS-An increased
volume OF business and irregular net re-
suits characterized tolay's trading AT the
stock exchange Western manipulation was
pronounced, and there was also a consider
able distribution OF stock in some quarters,
while prices were being advanced in others
London sold about 10000 shares. but Offer
lngs from that center were well taken
Early in the day 1t became evident that
Illinois Central WAS to be made feature "
the market and purchase Of le.uea shares
during the first hour attracted unusual at
tention. The buying became more general
later I'm the day and an extreme advance OF
per cent was recorded. Rumors of an in
creased dividend helped tn. advance
The accepted explanation. however. is
that the directors will offer new stock II
present shareholders at par In the pr,por-
ton Of one new share for every five shares
now owned. The action on this subject is
said to be imminent and may 10. taken
during this afternoon.
There was broader and better marr.rt
for Pennsylvania. New York Central ana
Northwestern. Investment buying was re-
ported in all three issues
Missouri Pacific was advanced In a rcy
level, but the pool seemed to have stock
for sale at the advance. Later In the day
the usual 2l2 per cent dividend was de-
materially affected.
Union Pacific was advanced 10 it's best
recent level. and Southern Pacific moved
up slowly under cover of the general
strength. Wabash issues gave signs of now
life, but the west was credited with ad-
Nancing these shares in order to facilitate
the marketing of stock elsewhere MANY
of the pools in the low-priced shares made
some demonstration in their specialiirs
but there was no evidence Of public interest
In this group.
Readings were all advanced under buying
OF mixed character. the common stock
selling at Us during the morning The buy
ing was. in the main, from substantial
sources. but the speculative element was
inclined to realize. The days news from
the coal fields was not reassurlng mas
much as the determination to call a ma
tlonal convention OF miners was reached.
This effort TO extend the strike was not
unexpected. but II serves to prolong the
te-uD in the anthracite fields and IL far
from being a welcomed event.
American Sugar was not materially af-
fected by a cut in the refined product on the
part OF rival refinerfes. The Steel issues
were heavy because OF the uncertain out
come OF the new bond issue litigation.
The bond market was strong. and a good
investment Inquiry is reported for all meri-
torious issues
Money ruled moderately easy but there
is still a reasonable certainty that IL Will
harden toward the end of the month. For
this reason conservative brokers are not
encouraging any material extension of
margin business.
Crop news is somewhat mixed in char
acter. and the street rs preparing for the
usual midsummer scares.
The outlook for crops generally IL en-
couraging. but there are some sections in
which weather conditions are not entirely
satisfactory. With the manipulative tactics
of the western traders considered II is not
likely that the marker WIFI be allowed to
drift into onesidedRess, 1t is somewhat sig
niiicant that insiders III Eutnrg Pacific are
abandoning their hostility TO an advance in
that stock. and the wishes OF the vast are
meeting with increasing favor.