Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-07-03
Leading Western Railroads
Strong and Higher.
GAIN IN LOUISVILLE
GOOD BUYING OF PENNSYLVANIA
FOR INVESTMENT.
Prospect Of Gold Shipments Next
Week Gives Little Concern
to Bankers


special dispatch 10 The Evening Star.
NEW YORK. July BIN the London
market today there were no new features
TO the speculation. American railway shares
there continuing dull: with prices about on
a parity with New York closing figures.
In the local stock market there was some
irregularity OF price movement at the open
ing, due largely to the evening-up process
in anticipation of the triple holiday. and
possibly to apprehension of possible gold
shipments to Europe next week. The
weather conditions In the west were some
what more favorable to the crops.
Louisville and Nashville was again
bought by the western crowd and displayed
conspicuous strength in the early dealings.
the stock after opening one per cent above
last nights closing figure, quickly gained
another point; a little reaction then &C.
CURED and 1t lost half OF its advance. but
subsequently made nearly a full recovery.
There were active rumors OF option to be
exercised on a large block OF this stock by
bankers who now hold control Of IL and a
continuance OF increase dividend talk.
Illinois Central and Chicago and North
western were also aggressively strong both
scoring good advances on strong western
buying. St. Paul while showing steadiness
was not as active as heretofore, while
Missouri Pacific and Union Pacific common
were both inclined to heaviness in the early
trading.
Colorado Fuel and Iron and the United
states steel issues were f1riner IN the Indus
trial list, and Sugar was a little reaction
airy at first on the announcement of the in
crease of the capital OF the Federal Sugar
Refining Company TO $50,0W.Oo0. This news
was accompanied by statement from the
president of that concern to the effect that
they possessed cheaper refining process
and that the Ionkers pant, which will soon
be completed, will produce 1000 barrels per
day.
In regard to the talk OF gold exports next
week, while sterling exchange rates ara
dangerously near the shipping point. these
shipments should they occur would be
viewed in the light OF commodity exports
and do not frighten Wall street leaders in
the least. II should be remembered, too,
that We are now receiving the precious
metal from the klondike, first payment Of
S2J0O00 against deposits at San Francisco
having been made at the local subtreasury
only a short while ago. Increased interest
In American securities is expected soon.
too, and in this event, large gold exports
will be out of the question
Money rates hardened little in the fore
noon, bu. this was looked for in view OF
the fact that loans would go over until
Monday morning.
There was very fair Investment buying
OF Pennsylvania, ana the firmness of the
Atchison issues was said TO be due to good
strong buying.
A feature of the carly afternoon trad
ing was another strong rally in Illinois
Central. the stock advancing sharply for a
gain or over 3 per cent. Rock Island also
gained considerably; in fact, the whole
market presented very strong specula-
tive aspect, and fractional gains were es-
tablished in nearly all the active stocks
The good buying and the consequent
strength in Pennsylvania and Baltimore
and Ohio was due largely to the transporta-
ton of much larger amounts of bitumiDous
coal by these roads on account of the an
thracite strike In this connection the
May statement of Pennsylvania showing q
ret Increase of 1854, 300 for lines east OF
Pittsburg was agreeable surprise to
the street Chesapeake and Ohio and Nor
FOLK and Western were also strong features
OF this bituminous group, and the latters
May statement showed the very gratifying
net increase OF so03.343, which was con-
siderably better than had been expected.
Hooking Valley, another soft coaler WAS
well bought by people in a position to
know the maturing plans Of that road.
In the late trading Atchison stocks were
the leaders, and the movement looked very
genuine, the buying coming from people
who are well aware of the intrinsic merit
of both classes of this stock. This strength
in the Atchison group had the effect to
stimulate good many of the other western
roads, notably st. Paul, which gained over
1 per cent, and Missouri Pacific whose adj
vance more than made up for the early de-
cline. Speculation on the whole today has
presented a remarkable degree of strength
in view of the three days holiday COM
mencing with the close OF business today
over Sunday is likely to open up strong
next week.
So far as can be learned the principal
movement of currency this week indicates
that the banks have gained thereby about
$S44, 300.