Evening star., 1897-07-29
Higher Levels Gradually Being
Reached in Stocks.
some SEE-SAWING ATTENDS ADVANCES
lndustriaIs Are Neglected Some.
what for Low Railroad Shares.
GENERAL MARKET REPORTS
|al p,spatcb to The Evening Star

| Special Dispatch to The Evening Star.
NEW YORK, July 29.-The unde-tone of
| the local security market again indicated
| the presence of a considerable outside de-
n,and.
Commission house buying was especially
| good, and stocks heretofore neglected found
| a good market on an ascending scale. Lon
don bought a fair amount of the favorite
international issues particularly Nashville.
The total buying of the latter property
exceeded 5000 shares.
Moderate profit taking in Atchison pre-
ferred was directly traceable to foreign
account, but this selling was the excep-
| ton.
Secretary Cages Boston speech was ia
vorably received in London. well as To-
cally, and had much to do with the en-
thusiasm at that center
Chesapeake and Ohio was unusually ac-
tive under conservative demand. which
forced the price up to 20 without bringing
out much stock. The annual statement of
this road will be issued shortly, and will
show exceptionally healthy financial
condition. The surplus account is expect
ed to be more than double that of a year
ago.
Canadian Pacific was also favorably in
f1uenced by gratifying report of earnings.
Burlington's June statement reflects
increase of S1i5.000 in the surplus, which.
coupled with previous recor.ls for twelve
| months. brings the surplus. after charges
and sinking fund requirements. up TO
something more than A.W0.pO0. This show
ing is equal 10 per cent on the stock. The
monthly increases from now on should be
more favorable to the stocks dividend pros
poets.
The buying of General Electric. Southern
| preferred and Tennessee Coal and Iron was
at times very liberal in volume. the activity
being credited to the successful operators in
| the higher priced specialties.
Michigan Central and Canada Southerl
are likely to develop or disclose some very
| favorable features in the near future.
The grdrger shares were steady during
| the early part of the session, but later
we're raided by traders upon the discovery
that realizing sales had been in progress.
In many instances the desire 20 take prof
Its was marked. 1t is an encouraging fac
tor. however, that selling in one group is
passed over without result in another.
Thus while profits being converted
from the tape into possession in one part
of the room the new funds are being
pledged to a new enterprise in another.
The market is being moved up section by
section toward a higher level. Once the ad-
vance becomes uniform the original issues
will be again taken up and new height
| measured off for the general market to
climb.
This method is not new and is almost
always employed in the development of
such conditions now exist.
The industrial issues are less of a fea-
ture than heretofore. and considera BILE
irregularity is noticeable in that depart
| ment. Sugar fails to advance more than a
few fractions. and has lost its ability 20
sustain the advance. Realizing sales and
scme extension of the short account are
noticeable from time to time withstand
ing the strength of the general market.
The better-managed railroad properties
are likely to absorb attention from now
on. Increasing earrings are, after all, the
safest argumer is on which to base stock
purchases.
Good authorities estimate Saturdays gold
shipments a something over S2OO0.0OO. This
outflow, like all other of recent date, will
exert special influence on the price OF
securities A few weeks more. and the
gold movement will be headed toward and
not away from the United States. The
recognition of this fact explains the con-
tiru ued buying of our securities.