Evening star. [volume] (Washington, D.C.) 1854-1972, 1897-08-30
General Trend of Stock Market Was
Toward Higher Prices.
LONDON BUYS AMERICAN SECURITIES
Low Priced Shares Were the Fea-
ture Of the Day.
GENERAL MARKET REPORTS
special Dispatch to the Evening Star.

Special Dispatch to the Evening Star.
NEW YORK, August 30-An increased
volume Of commission buying and higher
prices in London were dominant factors
during the opening hours this morning.
The execution OF out-of-town mail orders
which had accumulated over Sunday forced
prices up substantially over the closing
parity.
The lcw-priced issues which closed at
top prices on Saturday were especially in
demand, and made new high records dur
ing the day. Chesapeake and Ohio, Wa
bash preferred. Missouri Pacific and Pa
cific Mail were all in good demand through
out the morning. as the result of The ir-
creasing popularity due to improved earn
ings.
The professional room element sold some
stocks during the active period, on the
theory that the advance had been too rapid
to hold. Later in the day these sales re-
Hected small fractional profits, the cesSa
ton of commission buying leaving the mar
ket entirely within professional contest.
The Reading issues invited some good
buying OH the repetition of the July esti-
mate OF earnings, and the suggestion that
some additional inside reasons for an add
vance would shortly be announced.
The coal shares as a class, and the bet
ter managed iron properties are likely to
of the general market Trade reports from
these industries would seem to justify a
more thorough reflection of improving
merit. The overdue statements have a
tendency to restrict the volume of business
in such shares, but there can be little doubt
of the predicted Improvement.
The Granger shares. except around the
opening were a trlfie less sympathetic
than usual. Burlington in particular failed
to duplicate its record of Saturday even
at the period of extreme buoyancy IN the
general market. This action is directly at
tributabe to the fact that July earnings
are either delayed or purposely Withheld.
The original estimate of 100000 increase in
gross and at least half of that amount in
net is still insisted upon, however. by usu-
ally reliable judges
Rock Island and st. Paul scored frac-
tional advances. but were scarcely equal
to maintaining a new level.
Omaha, the feature at the close of the
week, was marked up under the opening
excitement to 73. but realizing was far
superior to the new buying during the re-
mainder of the day.
The market, a whole. in spite of it's
re actionary periods. presented fresh evil
dence of its general trend toward higher
prices.
The selection of a new stock or group of
stocks each day is familiar incident TO
such market and gradually higher levels
are assured as the outcome of such a pro-
cess.
The crop situation is again in harmony
with the advance, and the only menace TO
prices would seem to be possible forced
liquidation of weakly margined accounts
The present local short interest is not sutti-
GENTLY large to be depended upon as a fac
tor in the improvement.
London houses bought few stocks dur
ing the day, and the American market at
that center closed steady in spite of an
irregular closing for home securities. The
fears of tight money abroad are clearly
marked, consols again declining on mod
crate transactions. The London short ac-
count and increased exports should be-
come important factors in the local market
at an early date.
The closing was mainly slightly under
the best level for the day