New-York tribune., 1903-07-31
BEARS ATTACK ATCHIS0N
81 NOONDAY BREAK.
Wedkness IN the Market FOlIOzoed by
a Firm Close.

The stock market developed renewed weak
ness yesterday, with Atchison as the leader.
Irregularity marked the course Of the market
during the first hour. Some Of the standard
stocks and few specialties advanced fraction
ally at the outset. but pressure against Atchi-
son and or two others OF the active stocks
caused a general sagging. New-York Central
Baltimore and Ohio ST. Paul Louisville and
Nashville. Atchison AmaIganated Copper. Vir-
ginia-Carolina Chemical, and a few others had
by the end OF the first hour q level below Tues
days closing. There was 10 point decline to
% in one sale Of Evansville and Terre Haute
preferred.
Among the few noteworthy features OF the
early afternoon was the violent break in num-
Der Of high class specialties. Westinghouse
common declined 121@. the first preferred 10,
Pacific Coast first preferred 20, Evansville and
Terre Haute 6. and Chicago and Eastern Illinois
certificates 3. In the last hour there rally
in the standard issues under the lead of At
Gibson. but the market continued rather dull
and more or less professional in tone.
Wire houses with Boston and Philadelphia
connections received some indefinite reports Of
further trouble in the last half hour. Apparent
Iy these rumors were not taken seriously, as the
market maintained the greater part Of its i'm
proved tone to the end. The encouraging feat
a rally in Atchison. the short interest
All sorts of bear5sh reports were current about
Atchison. and the common stock fell to 6114, its
lowest price since 1901. Most of the selling
by operators for the decline. but there seemed to
be also liquidation. which the bears as
serted was for the account Of leading interest
IN the road. Rumors were persistently circu-
lated that the road needed money and was plan
ming q bond issue perhaps a temporary
loan. These reports were denied by Atchison
n
dent OF the New-York, Ontario and Western
and a member of the executive committee of the
.Atchison, who said:
The Atchison road has no floating debt. It
has S12,OO0.0oO in the banks deposit; it is not
negotiating single dollar, and has no intention
of borrowing money
Rock Island stocks sold off yesterday, and the
entire market was adversely affected because
of a that the Rock Island Company was
contemplating the issuing of $250,000000 per
cent bonds, to be used mainly for refunding and
unifying present bonds of various companies
now part Of the Rock Island system. It is en-
tirely improbable that any such operation would
be undertaken in the near future but it is
derstood what should be good authority
that a refunding plan is under informal discus
sion Most Of the bond issues of the Rock ISL
and system bear per cent interest and only
four Of the issues, aggregatlng about S29,Z0O,-
600 mature within the next five years.
Daniel DeWolf Viewer, the assignee Of W. L
Stow & Co, issued the following statement yes
terday:
1T will be impossible 10 put out any state
Tnent before Saturday. when one will be made
showing the condition Of the firm of Friday
night July "a The showing will be a favor
able one With the rise of the market, the situ-
alton is constantly improving. as the banks
holding collateral for the most part took a sane
view of the situation and held their securities
for better prices than those prevailing Friday"
Mr. Stow was in conference yesterday with
representatives Of the st. Louis and San Fran
cisco interests but it was again denied that the
latter road contemplated taking over the Des
Moines and Fort Dodge.