Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-07-24
FINANCE AND TRADE
Big Bulge in Rock Island
Today.
IT GAINED 10 POINTS
NORTHWESTERN LOST JUST HALF
THAT AMOUNT.
Rumor That st. Paul Had Acquired
Control of the Union
Pacific.
cial Dispatch to The Evening Star.

Special Dispatch 10 The Evening Star
NEW YORK. July 24.-Todays stock
market was honeycombed with interesting
rumors, and experienced manipulation
made the most Of whatever opportunity fol-
lowed them. Numerous substantial fiuctua-
lions were recorded. and no one thought OF
buying cheap stocks. the object being mere
ly to find the favorite issue and follow the
western crowd. In a few instances con-
sentative houses bought stocks, but their
purchases made little impression on prices.
owing to the fact that the stocks were
wanted not merely higher prices.
Rock Island was the sensational feature
Of the day advancing ten points under
series of rumors predicting disclosures
which will add substantially to it's value
The meeting of directors about the middle
of next week may be followed by the an
noucement which is to make the stock
worth its present price. Rights Of some
sort are suggested, but the buying today
was confined largely to the interests which
lately came into control of the property
curious feature of the advance was the
selling of Northwestern shares for a de-
cline OF . per cent by the same Interests
engaged in advancing Rock Island.
ST. Paul became active during the after
noon. running of nearly Az per cent under
strong competitive buying. Around ISIS a
liberal supply of stock was met and the
price eaSed off moderately Union Pacific
was bid up sharply the moment st. Paul
halted. and rumors that the former road
had obtained control OF the latter were set
on foot
Realizing sales came in In such volume
at the advance as TO check the rise and
force reaction in all parts of the list.
The effort to stampede the market by the
reckless bidding up of the active shares
chilled confidence and led to a substantial
cutting down of new business.
The southwestern shares were given good
support for time, but the irregular trad
ing elsewhere resulted in concessions for
all the neglected middle priced issues.
Rumors OF a general rearrangement OF
the southwestern traffic Were again circu-
lated. but lacked confirmation. Atchison
issues reacted easily. but only within the
natural limits incident to their recent sharp
advance.
Louisville and Nashville and the prop
critics supposed to be included in the South
ern Securities Company were stronger for
time, but the market was not broad enough
to take up everything that supplied an ex-
cuse.
The rumored hitch In the so-called Nor
gan shipping scheme was made the basis
for advance in Canadian Pacific, al
though the general market failed to give the
story much prominence. The selling of the
coal stocks was a feature of the late trad
ing. Readings selling off with unusual ease
In view of the prolonged period of support.
Rumors OF some unexpected demand for an
other coal property as a means OF extending
Gould plans were heard, but like most of
| the days gossip, lacked Endorsement
The traction shares yielded easily to
mixed selling during the afternoon. and
helped to give the whole market q decided
/ ly heavy tone during the last hour. Prices
yielded easily during the final trading I'M
der a decreased volume of business. All
the active shares sold off from y to = per
cent, and the enthusiasm, even among the
manipulators, was noticeably reduced.
The absurd character of the days rumors
! had bad effect and gave rise to the belief
that manipulation material was nearing the
| point of exhaustion. Routine conditions
were. in the main. quite as favorable as
| heretofore, but prices were running ahe3 &
of values