Evening star. [volume] (Washington, D.C.) 1854-1972, 1897-08-04
Something Akin to a Boom Prevailed
on Wall Street Today.
STRONG BUYING SENDS PRICES UP
Bear Element Seems to Be Entire
y Out of the Market.
MARKET REPORTS
Special Dispatch 10 The Evening Star.

Special Dispatch 10 The Evcuing star
NEW YORK, August 4-Public interest
In Speculation continues to increase. ana
prices. In consequence. continue to i'm
prove. The professional trader no longer
establishes the market price for securities.
but is forced to accept the estimates OF
the legitimate holders of such securities.
Evidences of business revival and the
attendant crumbling OF the disturbing po-
litical arguments of last fall have increased
coffidence on all sides.
The largest financial interests In the
country. both corporate and private. have
purchased securities on a scale superior to
the best record of a decade. The modest
savings Of the thrifty are cautiously seek
ing openings whereby the multiplying pro-
cess may be substituted for that of adii-
too Wherever merit is demand is GER
tain. and this merit may be either present
or prospective.
Stocks are In strong hands, and the sup
ply of speculative issues is not large. Daily
transactions are on a large scale, hetwecl
100000 and 500.Oo0 shares. and new prices
ard a wider distribution of business are the
result.
The desire to take profits is frequent. but
Few purcns sers assume the risks relin-
quished by the old-and thus far both have
protited. Short selling is rarely attempted.
and wher ii is. the result Is not such as to
encourage a Slmllar Onuerlaktnk. buying
breaks out afresh at every new decline and
routine davelopmt nts continue TO form the
advancing tendency.
Rock Islands report for July reflects
net increase Of sl2sO00 and st. Paul Is
relied upon to do as well. while Burling-
toms figures are likely to be the best Of
The three These securities were all in
good demand during the day at higher
rices.
New York Central attracted a good de-
MIND by reason of an increased business
from the west to the seaboard. This prop
erty should attract liberal volume OF
grain traffic from now on.
Throughout the west scarcity of box
cars is reported. Car shops are running
on fun time in consequence.
The farmers good fortune has already
ir creased that of the mechanic. This means
that the cars sent east filled with grain
win return with a cargo of manufactured
freight. The eastern merchant is likely TO
put aside his pessimism In the near future
by reason of this latter fact.
The coal shares were In better demand
Reading issues in particular attracting
buying from influential sources. The buy
ing of Consolidated Gas was again equal
to rise of 6 per cent, making the predic-
ton of 20 for these shares extremely likely
of fulfillment.
Lsclede Gas was taken up and forced up
~ PSF cert, largely because IL had been
neglected heretofore. but other reasons
were urged in explanation. Several other
low-prtced issues were taken up with equal
ly successful results.
American Sugar was strong under con-
fident buying, which forced the price up to
1H-a new high level. The Dingley bill
continues to be paraded menace to
the profits OF this company. but as yet
no one has liquiiated to the extent of hurt
ing the price Evidently the schedule
has double significance. anu /: Is not Tn
likely that the tape reflects familiarity
with both.
Tobacco was marked up. largely on ma
nipuation. and rumors OF extra dividends
were used to further the advance. The
net result Of the days business was de-
cidedly favorable. The markets ability ID
digest large offerings was a more encourag-
ing development than the percentages CT
gain recorded.