Evening star. [volume] (Washington, D.C.) 1854-1972, 1897-07-12
Prices Of Stocks Rule Stronger on
Wall Street Today.
THIS IN SPITE OF FOREIGN SELLING
American Sugar Was the Leader,
Scoring q Per Cent Advance.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star.
NEW YORK, July 12-London cables re-
porting concessions throughout the inter-
national security list were entirely ignored
in the making Of prices in this market.
Initial sales reflected gains ir almost every
instance notwithstanding a restricted vol
ume Of professional business.
Interest ccntered largely in Sugar,
gain of more than per cent In this prop
erty diverting attention from the less mys-
FERROUS issues
Railroad securities, held speculatvely.
were marketed in order thai they might
be replaced with Sugar. This action fully
sustains the pre- iicticn that the market
was to be led toward a new high level
by the leading Industrial Dividends at the
rate OF 1 per cent a month, and an error
nous and steadily increasing surplus. have
at last become superior to hostile but fu-
tile attacks outside of Wall street.
Money rates hanging listlessy around 1
ana per cent make security with sucn
a dividend record extremely attractive,
even among the skeptics of the so-called
conservative Investing class.
There are undoubtedly fewer sugar GER
tifcates In stock exchange circles than ever
before in the history of the company. The
number held by safe deposit and other
stronghold institutions is considerably
larger than ever before. Manipulation in
Sugar Is consequently not extinct. but is
approaching extinction. A fair proportion
OF the business in the stock today repre-
scented the covering of short contracts. The
remote prospects for a profit in that ac-
count have finally forced an abandonment
of pessim!stic opinions founded on preju-
dice. Sugar today Is but a few points
under the highest point ever reached In its
history.
Washington advices cor tinued to report
difficulties for the sugar schedule in con-
fAr H. hob no
House rates. The largest buyers of the
stock announced a certain defeating of the
House rates. possible compromise and a
probable acceptance of the Senate amend
ment. The tape. 1t will be remembered.
foreshadowed a sound money victory last
fall, several days prior to the elections.
the object lesson may be in process of
duplication at this time. In any event, the
owners of several large bank accounts are
superstitious enough to believe in such
forecasting and were noted among the buy
ers of Sugar today.
Railroad shares were neglected and ir-
regular. The Granger roads were barely
steady even In the presence of good earn
ings and favorable crop conditions.
greater public demand for securities
would probably force this group of securi-
ties into greater activity. but the trading
element finds more attractive material.
The undertone of the market is decidedly
encouraging. No considerable Offering of
stocks is reported anywhere, and in
creased demand can have but one effect on
prices.
Confidence in higher prices based on legt-
innate business growth is reflected en- all
sides. The short account has few followers
beyond the fraction-seeking room element.
Chicago Gas and several of the low
priced shares were given excellent support
throughout the day. The former property
Will in all probability be made active upon
the completion of the consolidation now
pending.
The foreign exchange situation has i'm
proved somewhat during the last few days.
Europe recognizes fully that We have been
selling gold simply for the profit TO be de-
rived from such Il transaction.
The refusal to ship gold simply on de-
mand has emphasized the fact and at
tracted attention to the favorable condi-
ton Of our international trade balances.
The currency message has ceased to be
interesting.