Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-07-08
London Sold American Rail-
way Shares Freely. ,
BOUGHT ON THIS SIDE
STRENGTH IN HIGH PRICED
STOCKS A FEATURE.
Good Buying Of the Bituminous Coal
Shares at Close of
Market.
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star
NEW YORK, July S.-American railway
shares in the London market today were
again lower. declines Of from Il to .. occur
ring all around. Business, however. was
not active.
In the local stock exchange the opening
prices in most instances showed fractional
gains. and there was a little more activity
noticeable at the start. notwithstanding the
strike Of the freight handlers at Chicago
and the lower London quotations. Western
operators. as was the case yesterday. dis
played good deal Of aggressiveness on the
bull side Of the market, using ST. Paul and
Union Pacific as the leaders.
The former stock opened al a gain Of Us
per cent over last nights closing figures a
fractional reaction then followed and then
the stock gained about n per cent over the
opening. Illinois Central opened al about
yesterdays closing and rallied fractionally.
with signs Of profit taking on the advance
500 stock was strong at the start and
quickly gained per cent. Rock Island
opened off . per cent but a little later on
gained more than 1t lost on the opening
Chicago and Northwest also lost nearly
per cent at the beginning, but enjoyed a
good rally afterward on buying by the
western crowd. A good deai OF strength
was shown in Atchison and some of the
low-prced stocks Of the southwestern group
and Missouri Pacific showed good gains
over yesterdays highest figures.
In the bttumfnous stocks Norfolk and
Western and Chesapeake and Ohio showed
the most strength. the former gaining a
point and the latter advancing nearly 1 per
cent In this group of stocks there was
some talk of concerted movement, with
Pennsylvania railroad stock as leader
hnr a,,.l
Southern were more active and stronger
and the first named stock was advanced by
a small bull pool and it was thought that
owing to the limited supply of this special
" the manipulatorS had the market for II
well in hand.
In the industrials Sugar received a fresh
bear attack, but only declined fractionaily.
1t showing better support on the thaory
vouched for by the specialists in the stock
that there was considerable short interest
outstanding in it.
The United States Steel shares were
steady, notwithstanding another suit which
has been brought against the bond conyer-
sion by Spectators who at one time gained
control OF the Sd avenue railroad.
Colorado Fuel and Iron acted heavy and
lost nearly per cent from yesterdays
price. though there was no news to account
for the heayiness
Amalgamated Copper was about steady,
with rumors OF some buying for local bull
pool.
strength in high-prced stocks was tie
prominent feature of the speculation, fur
Their advances being scored in St. Paul
Rock Island, New York Central, Louisville
and Nashville and Missouri Pacific while
in the industrial group Colorado Fuel and
Iron had recovered some of it's early loss
AT about this time a rumor was put out
In the board to the effect that Union Pacific
had gained control of the ST Paul road
but little credence was given to the story
III was thought, however that possibly
closer relations between the two companies
had been established, which would account
In measure for the good heavy buying
especially in St. Paul. that has been the
strong feature in the speculation for some
time past Southern Pacific, TOO, gained
friends, and the price was easily advanced.
London was seller in the afternoon hut
the stocks disposed of were well taken and
there seemed to be a marked Improvement
in the commission house business. en-
couraged to some extent. no doubt by the
strength displayed in the high class I'm
Nestment stocks. All this better feeling
took place. too. in the face OF information
from a leading brokerage concern that they
had arranged to make substantial ship
ment of gold on Thursday by the French
steamer sailing that day, and that another
prominent house was figuring closely on a
shipment this week. number of inter-
national houses. however. find that there
is no satisfactory profit in exporting gold
at this time and no great amount is there
fore likely to go out unless sterling rates
are advanced.
In the late trading there was a DISPOSE
ton to switch over from the erangers and
the Pacifcs to the bituminous group, the
latter issues developing strength under the
lead of Chesa peake and Ohio. Norfolk and
Western and Pennsylvania. In this move
ment there was some profit taking in the
hieh-Driced stocks, causing fractional re-
cessions from the early advance. Colorado
Fuel and Iron again weakened the selling
appearing to be for the western crowd
Southern railway also acted heavy.