Evening star. [volume] (Washington, D.C.) 1854-1972, 1897-08-31
FINANCE AND TRADE
Sugar Scored a Sensational Advance
on Wall Street TO-DAY.
DECLINE IN THE GRANGER GROUP
low-Priced Shares Continue to At
tract Attention.
GENERAL MARKET REPORTS

Special Dispatch to the Evening Star
NEW YORK. August 3l.-Opening prices
TINS morning were fractionally irregular.
out In the main steady AT fractional ad-
vances from yesterdays closing level
London cables reflected concessions vary
ing from u to y per cent. and some selling
for foreign account was noticeable turing
the first hour.
Traders revived the stories OF crop dam
age in the corn belt. which. coupled with
the far-fetched Significance of recent Ger
man selling. forced moderate concessions
throughout the entire Granger group.
The buying of these shares has been
temporarily discontinued by reason Of the
Tact that the low-priced shares are now
moaopoiiziug the bulk Of The new buying.
The earnings of the roads have not de-
creased. ard Indications pointed clearly to
the complete fulhllment OF recent pre,iic-
tons as TO increased dividends
AS an instance of the irresponsible trad
ing which has been employed to depress
prices. conspicuous movement in BUrliag-
ton may be cited.
The trading in this stock during the
early morning reflected some realizing ana
fair volume of professional short selling.
These combined influences forced a de-
titiit III int SIOUX uhflnB the most DubAdnA
period of the low-priced issues.
The leading interests in the market Were
not identified with the decline. The exc
cution of buying Greer during the middle
afternoon Attracted the attention Of those
who had sold during the morning. and A
sharp covering movement ensued.
The price was forced from g67s to aSi., in
a very few minutes. The trading element
had jumped at the conclusion that the July
earnings were out. and covered upon This
q of h.afr
reflected by a I per cent reaction II NAV
fairly be argued from actions of this char
acter that even in professional circles there
is little confidence in lower prices
The Granger shares. however, are a trhe
less attractive than heretofore. Missouri
Pacific made a new high level during :hc
day, and is being confidently bought al the
high prices
Pacific Mail was in good demand up over
SO on buying attributed solely TO the in
creasing evidences of a large business
wabash preferred, Atchison preferred
tennessee Coal and Iron and CheSaDeaka
ana Ohio we're given excellent support, but
were retarded somewhat by frequent real
izing- This entire group of so-called low
priced stocks seems destined to earn a new
tile in the near future.
American Sugar. which for several weeks
mas ceased to attract attention. made A
sensational advance of 81. per cent 1uring
the day. These shares were generally
thought to be in liberal supply al 100 out
today's action clearly d.sproves such a
theory.
Ru:nors of an extra dividend and buying
the interests which became conspicuDus
during the conference debate forced the
price up sharply from 1l9 to 49, Ia. The
latter price is > ID per cent better than its
previous high level
The extra dividend theory has some foun-
dation and il not certain is as nearly so as
any of the mysteries of this corporation
ever arc. The industrial list generally was
strong.
The undertone of the market and all #
the facts that go to make up the dominat-
ing incentive are favorable to continued
Improvement.