New-York tribune., 1897-08-19
CLOSING PRICES OF BOSTON STOCKS.
Wednesday. August 1S-n. m


The trading element on the Stock Exchange
continued 10 work for lower prices to-day, but
yesterdays aggressive spirit absent, and.
in the face Of an advancing wheat market. favor
able crop reports and improved railroad earn
ings. the bears found it impossible to make sue
ccssful operations. No liquidation Of importance
developed. and early losses We're not large. In
the afternoon a movement to recover stocks set
in, and the accompanying rally left last quota
tions for the majority Of shares above yester
days final figures Traders evidently realize
that the situation does not warrant large de-
cline in stocks and in their operations for lower
prices they exhibit considerable caution. appre-
ciating probably the tremendous odds against
them. Many bulls who sold out would like TO
recover stocks at lower prices. but in order 20
force a materially lower level. they have got to
dislodge heavy amount of strongly held stock,
a task which they are not capable Of accomplish
ing For the moment the public is out Of the
market. Substantial interests are allowing trad
ers to control speculation for time. but they
are not selling their stocks and doubtless they
will not until prices have reached considerably
higher level Friends OF the Burlington Conn
pany are well satisfied with the action cf the di-
rect0rs to-day in not increasing the dividend
rate al this time. and only bear traders profess
20 be disappointed At no distant tlme BurilnE-
ton Will naturally Increase It's dlNicends, IN fact,
this pleasing prospect cOnfrOnts all Of the West
ern roads and roads in other parts OF the cOun-
try. 81. Paul's earnings for the second week in
August. which show increase of 2,I63 aS
compared with the same time year ago. reflect
the present condition of the Granger roads a
regards their increased tonnage movement and
If judgment be based upon This condition "f
affairs il is not unreasonable 10 expect some
handsome dividend additions within the current
year Yesterdays comparatively quiet wheat
market was followed to-day by active dealings
at rapidly advancing prices the fall options sell
n} al a net gain Of l>Mj cents. as compared
with last nights closing. All trustworthy re-
ports from the spring wheat districts Ncrc cX-
ceedingly favorable and although stock market
bears made efforts al times 10 Giscredt them.
opinion on a large harvest not altered, and
Agricultural outlook for the American farmers
and on an enormous traffic movement for the
American railroads. Stocks moved within small
fluctuations to-day, with final changes small
fractions in most issues The Grange. shares.
Louisville and Nashville. Union Pacific and Mis-
list while elsewhere Sugar Refining and Chico
go Gas developed the chief activity. Missouri
Pacific was especially strong. in its large in
crease in earnings for the second week in Au-
gust Louisville and Nashville was also strong
feature.
People who contemplate the purchase Of se-
curltics either for investment or on fpecua-
ton should not accept the theory that anything
with a market value is a good purchase. There
are y number Of issues with so-called market
value which are made to do service In period
~ active speculation; but investigation viii de-
velop the fact that these issues are almost
worthless and dangerous for speculative puJ-
lie TO bendit. l. is not likely that The public IN
general which is attracted TO Wall street by
big bull movement is sufficiently Informed con-
cernng the merits of a large number OF securi
ties to permit Of an intelligent purchase. and