Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1903-01-13
II viii be rem ernbered that the stock de-
clined heavfi, when the serial bond is


81 r viii be rem embered that the stock de.
clined heavily when the serial bond is-
sue was announced. #efs.Sss
Traders were rather bearisl1 on Rock
Island on the idea. that the control was
selling stock as fast as the market could
take it.
Tho first hours trading showed q rather
weak tone In the general market. a nd
gave fairly clear ndfca ton hat recent
cradle public following.
The explanation OF the steadiness OF
Erie last week on large transactions was
found in the sharp decline.
# It was fairly plain that it had been
held up TO Distribute pool stock and that
people*,who had bought 1t on the various
bull runors current we're trying to get
out.
The best bull argument was that the
price would not be allowed to recede UNI
4 til the bond issue had been arranged
q for.
There is no probability OF Atchison re-
firing its serial bonds or making a new
bond issue. #sss5ss
American Sugar. as it freauently does.
advanced in the face Of declining maj !:
ket The short interest was the best
bull argument. but the belief that the
Standard Oil interests would be represents
ed on the board was held in very GOOD
quarters. EGs
one of the western houses, which found
It's hands seriously tied by its interest
in the underwriting when the general
market broke in November.
There was some good investment buy
ing in Norfolk and Western.
There seemed to be q. consid cradle street
bull account in the United States Steel
issues of a rather weak character.
The second hours trading showed
f1rmer tone. and was materially helped
by the buying for, foreign account.
London took about Is, 800 shares on bal
ance. ~
Traders were inclined to test the mar
ket for soft spots, but did not bring out
much stock.
The report that the Morgan interest
had acquired sufficient Erie to control,
irrespective Of the voting trust, was not
taken as a bear argument in some good
quarters.
move might be over. but that the way
was clear for the full dividend on the
first preferred.
The purchase OF calls OF Eric in Lon.
don for New York account was significant
in this connection.
There was a very good investment de-
nand for Manhattan.
Union Pacific held well, and 1t was
claimed that the more speculative end
OF the Standard Oil following was bull
Ish.
The foreign buying helped Atchison ma
terially. This was supposed to represent
The repurchase OF American stock bought
in London before our opening.
The market in the early afternoon be.
came very narrow, but a fairly good
rally in Reading did something to harden
it.
Traders were inclined to take the long
side AGAIN on the idea that a resumption
of manipulation for. higher pr4crs YOU'D
find a considerable short interest all
around.
Some Of the local followers Of Tire
Rock Island control have been sellers
OF stock recently, and are inclined &c
! think that active speculation BY That IN
ierest has been suspended, in the abb
sence of a SUFFICIENT pubic following.
Commission houses reported a -%ery l.gnt
supply of orders, but seemed TO, be Car:
iyl.s a 1alr me CT Stoc.lS they Clio
not find any difficulty in filling both
their time and call money requirements
at rea soma BILE rates.