The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-07-31
Rock Island and Amalgamated
Share in Losses Through
Days Heavy Selling.
LOANS ARE MARKED DOWN.
Official of the Western Road De-
MES Rumors That Dividends
on Common Will Be
Passed by Directors.
REPUBLIC SPECIAL.

REPUBLIC SPECIAL.
New York, July ga sharp break in
Atohison and drives against Rock Island
and Amalgamated Copper helped to unset
tie the stock market to-day, and general
declines were scored throughout the list
These declines extended to rs noint in
the railroad list, and as high as AZ points
in the industrial list. Short covering In the
last half hour developed a better tone and
prices advanced at the close.
Atchison was the primary depressing IN
fiuence in the market, since much signiii-
canoe was attached to the selling of that
stock. 1t was generally stated that the SELL
ing represented liquidation by prominen.
insider. and the fact was evident that long
stock was coming out in large quantities.
Another thing mentioned in connection
with the weakness of the stock was that
banks had been marking down Atchison
loans and this precipitated liquidation by
a certain prominent operator. No informa-
ton on this particular point could be OBJ
tanned at any OF the banks.
Although it was freely predicted in the
early morning that a drive against Rock
Island WAS contemplated by a certain bear
clique in the street. the strength of ths
stock in the first hour, led many to be-
lieve that it was merely gossip. In the
second hour, however, the selling of the
stock and the evident attempts to break
the price showed that q movement against
touched 254 in the early trading, but broke
subsequently to 23h.
MORTGAGE IN VIEW.
One of the causes alleged to inspire the
drive on Rock Island issues was the state
ment that the company intended to issue
unifyng and refunding mortgage
amounting to s25OOJ00c9 in a short time
wi ba "a ar
1t is understood, will be 4-per-cent issue.
1nasmuch, however. as this bond issue is
merely to retire existing bonds, the street
could not see how 1t could be developed
into bear argument. 1t is understood
that only small part of any money which
may be be raised will be needed by the
company for actual disbursements, prob
ably less than 100000 This latter amount
may. in fact, not be needed since the pur-
chase of the Evansville ana Terre Haute
by the Frisco.
According to a statement made by di-
rector of Atchison the delay in publishing
the report of June earnings, which was at
tracing some comment, is caused by the
Independent auditors, who are always EN-
ployed TO check over the accounts for the
the figures for the twelve months ending
June 80. 1903, Will be forthcoming within
the next two or three days.
From the same source of information it
was learned that gross earnings for the
fiscal year 1903 will show a large increase
over those of 1902. On account of the large
sums spent for rails, additional ties to the
mile. and work of a similar character. net
earnings of 1903 will not be as large as those
reported last year.
After the payment of operating expenses,
fixed charges and sinking funds. Atchison
earned 9.15 per cent on the common stock
last year. Judging from the reports OF
eleven months together with the ANNOUNCE
ment that operating expenses for June will
show an increase as result of repairs
caused by floods in Kansas City and vicin-
ity from s TO sly per cent is considered n
fair estimate of earnings on the common
stock for 1903
An officer of the Atchsnn system said in
answer TO the current talk about the prop
erty:
There never has been a time in the last
five years in my knowledge when the Atch-
ison started a new year with prospects
bright as they are at the present time.
The assertion heard in the street to-day
about passing the dividends on the common
stock is absolutely untrue