Evening star. [volume] (Washington, D.C.) 1854-1972, 1897-08-02
Low-Prioed Shares Were the Fea-
lures on Wall Street.
CHICAGO GAS NET WITH FAVOR
Granger Shares Were Somewhat
Neglected for the Nonce.
GENERAL MARKET REPORTS

Special Dispatch 10 The Evening Star.
NEW YORK, August 2.-The influences
which dominated last weeks stock market
were operative this morning, and with
similar results
The buying of the low-priced issues was
again conspicuous feature OF the deal
frgs. During the critical harvest period
securities of the latter class are likely to
continue in favor. Funds destined to ulti-
mate employment in the Granger shares
should the crops be satisfactory. now
being put to profitable use pending a settle
ment of all doubts as to the future grain
tonnage.
Meanwhile. Burlington, St. Paul and
Rock Island-the latter least Of all-are ne
elected or sold do~n unt.er profit taking
The foundation of the present upward
movement in securities is based on the out
look for an improving market for bread-
stuffs. The export demand is particularly
emphasized in this connection The long
haul to the seaboard is relied upon to add
literally TO the earnings OF the companies
interested. But the crops only seem to be
sure, several weeks of doubt must inter-
vene between absolute certainty, and
meanwhile there is really no necessity Tor
taking unusual risks.
terest charges incident to their compare
lively low prices and the fact that they
were not advanced with the rest Of the
market make them extremely sensitive
of optimism.
When securities are too high TO continue
purchases they are now simply n.g..ct.d.
few weeks ago such condition invited
spirited selling. When new incentive to
buying is developed a further advance will
be recorded. A shock Of some sort would
probably be necessary to force a reaction
OF more than per cent.
The low-priced shares are easily marked
up and they can be abandoned whenever
figures Justify transferring activity else
where. The new buying will serve 10
steady the market while profits are realizeI
in the present speculative favorites.
Northern Pacific preferred, Wabash pre-
ferred. Missouri. Kansas and Texas pre-
ferred and the American spirits issues are
almost daily found to have disclosed some
new form OF merit hitherto unsupported.
Capital is confident. and investments are
being made coincidently with the specula-
ton in Inferior stock issues. The high
priced dividend-paying shares are in good
demand and I'm limited supply. In the bond
market prices are almost unrecognizable.
Trade reports are decidedly encouraging
and conservative purchases are almost
unanimously believed to insure profit able
results to patient holders.
The buying OF Consolidated Gas was re-
sumed on the same liberal scale that
which characterized last weeks dealings.
Some important inside transaction is said
to furnish the incentive to the recent 10
per cent advance In these shares. The
short interest In Sugar was forced to cover
during the morning, more than per cent
being added to the price during the prog
ress OF the movement The approaching
dividend on Chicago Gas inspired good buy
ing by influential interests. the price get
ting well across par under liberal pur-
chases.
This stock. with it's record for six per
cent dividend. Is believed to have entered
upon a prosperous career hitherto denied
it by reason of hostile legislation and per-
sonal political attacks. Few stocks pay
ing such dividends can consistently re-
main at par while the banks are finding
such difficulty in lending their surplus
funds.