Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-07-29
Tendency Toward Lower
Prices in Stocks.
REALIZING IN PROGRESS
BELIEF THAT THERE WILL BE
SETBACK.
Bull Pools Have Pushed Prices Above
Value - Gold Exports
Continue.
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK. July 29.-Trading in today's
stock market reflected further tightening
OF speculative accounts and an increasing
mistrust Of market conditions. The Rock
Island plan has disclosed a device for max
ing money which is not generally sanction
ed, and traders are again forced to recog-
nize the fact that danger threatens when
prices outstrip value. In looking over the
list there are few bargains to be found.
and brokers find no basis upon which to
recommend purchases.
Accordingly the last few days have been
given over to proit-taking and the pools
are left with liberal holdings at top prices
The public is out or getting out OF the
market. and on all sides the belief in a
setback is increasing. The patient in
weston seems reasonably certain of being
rewarded by more attractive prices within
the next thirty days. This prospect Is at
least being urged by commission houses.
and is certain to contract the volume OF
business and to extend force to its fulfill
ment
The outflow of gold is an unknown GUAM
tity, but the movement has not terminated,
and an increasing demand for money is ex-
pected almost any time The market has
lost its energy, and the few stocks which
continue to respond to manipulation do so
with less snap than formerly. and attract
no outside buying. Missouri Pacific was ad-
vanced to record prices during the day. in
spite of the heavy tone elsewhere, but the
demand was credited to pool sources
There was no increase in the commission
buying on the advance. and the movement
gave way to lower prices later in the day
under mixed sales. Illinois Central was
given good support up to 169 and Cor a
time all offerings were freely taken at that
price. Among the hgher-priced shares this
property has been forced but little and is
consequently selling nearer value than its
neighbors Union Pacific was irregular
throughout the day, but was freely sup
piled on the advances
The convertible bonds and preferred stock
reflected the movement in the common
stock. Atchisons net earnings for June
showing a decrease Of S215. 96T, caused some
selling of both classes OF stock. but the
property is not materially affected by this
railing on, as both taxes and rentals are
Included in this showing. The pool I'm the
stock was thought to have the stock move
ment well in hand, and there was general
confidence In their ability to prevent any
substantial decline.
Some buying of Chicago and Great West
ern was credited to the west and a small
pool operating in the belief that the prop
erty must eventually be taken over by
larger road.
A new phase of the Colorado Fuel contest
was disclosed by the statement that the
contest would be decided by the holders OF
the recently issued convertible bonds The
stock was sold down under par because OF
this view and a reported intention to shake
out an undesirable following.
The Industrial list was inclined to sag
with the general market and presented lit
tie of the independent attitude noted yes
terday The low-priced railway shares
were also very heavy and there was little
attempt at forcing them contrary to the
general trend of speculation. The selling
during the last hour became more general
and declines were recorded in every active
issue.
Here and there some buying by the pools
was noted. but ii was neither aggressive
nor confident. Talk of gold shipments on
Thursday was revived, and traders offered
prices down at every opportunity. The
shipments may run beyond the 5000 900
mark.