Evening star. [volume] (Washington, D.C.) 1854-1972, 1897-07-24
Generally Higher Prices Prevailed on
Wall Street Today.
GRANGER SHARES LED THE ADVANCE
Sugar Closed the Week With Net
Gain Of Ten Points.
GENERAL MARKET REPORTS
special Dispatch to The Evening star.

Special Dispatch to The Evening Star
NEW YORK, July A.-The holiday I'm
the London security market. while shifting
the responsibility for making prices SOLELY
to this side. had no perceptible Influence
on the volume OF local business. Openinr
prices reflected advances varying from Ia
to IL per cent. and. In most instances
substantial additions were subsequently,
recorded.
Inc buying was well distributed and con-
hdence in continued Improvement was new
ei more conspicuous. The adjournment of
congress Is universally construed into an
argument for good and is the immediate
cause OF the present upward tendency in
prices.
Beyond all sentimental Influences Is tn,
outlook for heavy exports of cereals. This
latter factor establishes a natural basis
Tor Improvement which is superior to all
the artificial obstacles OF legislation
Inc currency question will solve itself by
wider distribution of the circulating me-
uium- The farmer receiving profit for his
iapors VIII see no cause for legislation
against the corporation which transports
Ills merchandise to the seaboard markets
Inc corporation will in turn reduce Its
consul fees. made necessary by hostile leg
isiative attacks, and may increase its div
blends to shareholders.
With the prosperity of the agricultural
districts as condition precedent TO gen
efal prosperity, it is only natural that the
attention of capital should have been turn
ed toward the erain-carrying roads. Inves-
tlgation of these properties discloses the
fact that earnings improving and indi-
cations point strongly toward an era of
continued prosperity.
Today's prices throughout this group re-
rect gains varying from 3 to per cent by
comparison with the closing figures one
week ago.
The industrials have been prominent dur
ing the week. and, at times, extremely sem
saional. Sugar, tobacco and lead have
been bought in round amounts and have
prcfted handsomely in consequence.
Thr former has attracted special atten-
ton and closes at an advance of 10 per cent
for the week. The other members of this
group nave done well. but the character OF
the dealings has been more conservative
than in sugar.
The trading directly at the close
Of today's business was not at the
best prices, realizing sales being RESPONSE
bic for the reactionary tendency. The Tn
dertone was not changed however and the
prospects are encouraging for renewed
favorable activity next week
The bank statement represents a gain of
%'Gi9.:iD0. mostly in legal tenders received
from interior points. An increase of near
ly $5.WO.o0o in loans indicate an Improving
demand for money. This increase is about
evenly divided between customs payments
ana the increased speculative demand
Inc two Increases voted are pretty accu-
rately reflected in a gain of 81 DIS $40 in de-
posfts. The net result of the weeks bank
ing operations increases the surplus 81
o24.6I', bringing the total reserve holdings
OF the associated banks up to s47 .3Gl ,575.
The figures quoted demonstrate very
clearly that confidence in revving business
has extended beyond the merely specula-
tive element in Wall street
traders reactions are to DE expected in
the very near future, but conditions do not
warrant any material setbacks in prices
1t is well to discriminate between the
stocks which have gone up because of i'm
proving merit and those which have prof
tied by the surplus strength Of the general
mari ct. There are many of the latter and
their turning point will be reached prior to
a general recession in the active list