Evening star. [volume] (Washington, D.C.) 1854-1972, 1897-08-06
London Sold American Stocks andWall
Street Bought.
ANOTHER DAY OF BETTER PRICES
The Changers, lndustriaIs and New
York Central Were Features.
GENERAL MARKET REPORTS

Special Dispatch TO The Evening Star.
NEW. YORK, August 6.-Foreign cables
reflected considerable irregularity in the
market for American securities and
brought some selling orders to this side.
The local demand was again more than
equal to the emergency, and opening prices
were, in a majority of instances, slightly
better than those recorded at the close of
yesterdays business. Arbitrage houses had
little difficulty in buying abroad and selling
at the improved prices prevailing locally
The undertone of The market continues
exceptionally strong, and new buying IS
assured at fractional decline from the
present level.
Earnings from all sources continue to re-
fleet the improvement incident to a bust
ness revival. Investn ents are being sought
on all sides, and manipulation is no longer
offered as substitute for merit. Logical
reasons for an increased business and a
satisfactory dividend record are inviting
active participation in the present market.
The upward movement is likely 20 hat
ire m time to time. hut there is almost no
likelihood Of its failure to establish an
entirely new range of prices.
The stronghold holdings are now larger
than ever, and there is no disposition to
reduce such holdings. Money is lending at
per cent and under, and the market is
hAACu Win utStTbllg SECURITIES winch
the holder more than double that sum.
With the future reasonably certain, and
idle money abundant, 1t is only a question
of time before securities are marked up
TO premiums consistent with interest rates.
The Granger shares were again i'm good
demand by commission houses. as the re-
suit of favorable crop intelligence. The
buying of Burlington and St Paul was
especially confident the former being re-
lied upon to show per cent earned during
the remainder Of the season.
New York Central was again in good
demand because of its prospects for as
sisting in the seaboard grain movement.
The Gould shares were somewhat more
active and at higher prices. Manhattan
| was easily advanced. tine new buying and
snort covering being about equally divided.
The coal shares were kept within frac-
tional limits. but were frequently supported
by inside interests.
In the industrial group Sugar. Tobacco
and Leather were the features. The ad-
vance In the latter was the result Of the
sudden discovery that its rise was not pro-
portionate to that of its neighbors. Laclede
Gas and Consolidated Gas We're in some
what better demand, but the latter failed
| to recover fully from yesterdays extensive
realizing.
The volume of business was again on
liberal scale, but the advances recorded
were curtaiied because of the influence of
the usual evening up process. Unless con-
certed action is taken and weakly mar
gined accounts are systematically attacked.
there would seem to be no occasion Cor an
ticipating significantly lower prices. Even
should a decline be forced the rebound
would be sudden and complete.
Posted rates for sterling were reduced Il
cent during the day, and the outward
movement, Of course. is not likely to as
sumo alarming proportions. The contracts
| fer oTr agricultural products must shortly
| find reflection in gold imports. A steady
incoming of gold would stimulate the entire
financial situation, and force an indefinite
continuation of the present advance.
The net result of the days trading again
demonstrated the futility of artificial re-
dictionary tactics.