Evening star. [volume] (Washington, D.C.) 1854-1972, 1897-07-15
Tendency Toward Improvement in
Wall Street Prices Today.
LONDON BUYS AMERICAN STOCKS
Money is Plenty, as Indicated by
a Bond Sale.
GENERAL MARKET REPORTS

'NfV'ai Dhpateh TO The Evening Star
NEW YORK. July I5.-Tbe ,e,se,c,, .,
prices this morning was mainly 4, ,ha AZ
rection OF Improvement. Lonao, .g.,,
oought Few OF the leading interna,Ional
issues principally Nashville and 8, p.uI
Inc extent of foreign participation In our
secui1eies is reflected, IN some measure NV
'ne recently disclosed fact that one-nr,n
Va me total St Paul capital In I'm tba nam.
OF foreign investors '''e
Inc continued evidences OF p-ofess,ona,-
ism Ia the local market makes the FOREIGN
uemand Particularly significant ana in.
es figher speculative level. once tbo
'elhaho from the public increases.
iouay business while limited I'm VOL
nnie' was well distributed. Rou,,p. a.
Neiopisients were favorable with the SINGLE
exception of Washington tariff advice.
reports relative TO the progress being maaa
on the sugar schedule, the conceded oh
stacie TO speedy action We're not sattsfac-
tory to those most concerned. compro-
mise Is relied upon eventually. but the
continued doubt on the point Is growing
especially wearisome to the larger specu-
lative holders of the stock.
Larry trading, at a substantial decline
from yesterdays prices, represented hotb
liquidation and short sales. Any ma,eriai
concession finds ready purchasers bou
ever ana confidence In enough tariff pro-
lection Is undated.
American Tobacco was a factor of CON-
siderable prominence as the resul, q,
ashington dispatches predicting favora-
pie legislation on the company's product
during the first twenty minutes of bus
ifess the stock entirely recovered its .
per cent dividend. From this price realiz-
ing sales were encountered and the entIre
gain was lost: 1t is thought that manipu-
iSuon IN the direction of higher prices will
erty. f'oP-
Good buying of Consolidated Gas at
tracted attention because of the belief that
suo"s investment interests were coming
II to the market.
AS an indication of the amount of money
seeking Investments, and the watchfulness
OF capital. an incident In today's bond
market Is worthy Of note.
The D per cent 100-year bonds Of the Met
ropoiitan Traction Company, s26o.00 of
which were offered at 105 ex the August
coupon. were over subscribed twenty five
times. During the afternoon the unfortu-
nate bidders of the morning were openly
bidding III for the same bonds. When an
offer 10 sell S200D,0o0 worth of securities
uncovers demand for SJ0,OD0,0Oo there can
be no doubt of the abundance of money.
Low interest rates seem likely to continue
well into the fall, and Notwithstanding
stocks are likely to attract a demand sole
ly because OF a failure to employ capital
cthci Wise. lHis prospect realZe1
prices are likely to exceed all recent high
levels. Then. too. many of the better man.
aged railroad properties are known to have
added largely to their. surplus accounts in
the last year of enforced economies.
Increasing earnings from present business.
coupled with funds on hand. will make the
question of increased dividends one of the
first Importance during the last quarter of
the year. Already this fact mas attracted
attention, as the foreign holdings of st.
Paul attest.