Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-07-09
FINANCE AND TRADE
st. Paul Was Again a Market
Feature.
BEARS TOOK TO COVER
GOULD STOCKS WEAK ON RUMoRS
ABOUT BANKS.
Brokers Sold the Market Freely az
the Close for
Turn.

| Special Dispatch TO The Evening Star.
NEW YORK. July s-In the London
sock market today the mining settlement
| disclosed a weak bull account which led to
a decline In the Kaffir stocks and a little
| weakness in consols American railway
shares. however after opening fractionally
lower, rallied from Is to y over our closing
prices.
In the local stock market there was n
prompt recovery at the start from the de-
preston which characterized the late trad
ing yesterday. the bears in that attack run
ming to cover soon after the opening.
which caused a general advance through
out the list.
There seemed to be a better appreciation
of the governments weekly crop report.
and owing to decline in sterling exchange
rates the shipment Of gold that was TO have
gone out Thursday was Cancelled.
st. Paul was again the feature Of strength
in the Granger shares and quickly gained
ern buying. The bituminous coalers were
again well bought and Chesapeake and
Ohio and Norfolk and Western In this class
of stocks scored good gains.
Louisville and Nashville, on which an m
crease of the dividend has been talked Of
for some time and on which action is eN-
| pected today, was not very active, and the
| price was irregulariy changed from yester-
| day.
The Gould stocks were heavy from the
| start. Missouri Pacific. after opening at
about yesterdays closing price, lost about
point then after slight rally. was again
sold for a loss of nearly per cent West
ern Union was hammered pretty heavily
by the traders, causing some scattering
liquidation and a loss of about per cen.
in the price Of the stock.
A good deal OF bearish feeling on this
st ock caused by reports in the MORN
ing papers of the transfer of Pennsylva-
MAS financial business from banks friendly
to the Gould interests to the Morgan banks.
1t also said that there was a struggle
on between these two interests regarding
the coptrol of Reading. 1t was noticeable
that Pennsylvania railroad stock did not
feel the effects of these rumors. nor did the
stock act heavy at any time.
In the industrials Colorado Fuel and
Iron. after an early fractional decline.
rallied over l per cent; sugar met with a
renewal of the bear attacks which have
characterized the dealings in this stock
for some days past and lost over i per
| cent; the United States Steel stocks lost
fractionally owing to the suit which
is threatened to restrain the payment of
the common dividends, while Amalgamated
Copper stock acted heavy and lost two
points from yesterdays highest price.
In the afternoon dealings the market
was again reactionary, and the liquida-
lions OF yesterday near the close ana
some scattering selling on the bulges this
morning looked to be having its effect on
speculation.
London has traded in about 5000 shares
| today. 5000 of which were said to be pur-
chases
A prominent Boston operator was said to
be quite heavily short of stocks in this
market. and also to be the main factor in
the bear raids that have cropped out now
! and then for the past few days. but 1t Is
pretty generally known that the Standard
OIL people have been the heaviest buyers
of stocks lately not much of a decline is
looked for unless some Unforeseen calamity
happens.
The ease in sterling rates was caused by
further offering of finance bills. large
amounts of which have come out this week.
Time money was inclined to work a little
closer, though call rates were quoted as
low as per cent at one time today. The
banks have apparently lost about 50 900. 600
cash to the subtreasury so far this week.
In the late trading the market looked
weak and the traders were selling the mar
ket for turn.