Evening star. [volume] (Washington, D.C.) 1854-1972, 1897-08-07
Manhattan Took q Sudden Boom on
Wall Street Today.
ON RUMORS OF A CONSOLIDATION
London Was Buyer Of American
Stocks---Better Prices Prevail.
GENERAL MARKET REPORTS

Special Dispatch to The Evening star.
NEW YORK. August 1.-opening prices
this morning reflected the presence of new
buying orders ana a further spreading Of
optimistic sentiment. London discontinued
the selling of Atchison securities and was
liberal buyer OF Nashville and 81. Paul.
The entire international list was frac-
tionally improved under an increasing de-
mand, in which continental money centers
Were represented.
The chief feature of the day was the
unexpected and sensational advance in
Manhattan. An effort to cover = 5oo shares
of this stock at par resulted I'm an initial
transaction at l02is and an almost stimuli
taneous advance TO los. From this price
q reaction of nearly per cent followed,
but new buying served to steady the price
and hold 1T well above this low level
Runners OF a corner in the stock were
numerous. The company has really made
some progress along the lire of a consoida-
ton with the Metropolitan Traction, L
change in motive power being a part of the
contract now under consideration.
The present market is peculiarly adapted
TO the PRONUNCIATION of enterprises OF this
character. In this particular case, how
ever, the necessary expenditures Incident
to a change in motive power can scarcely
be provided Tor without prejudice to the
stock. That the property has valuable
Is NOT QUESTIONED. Dut IL mas ldt-
ed for a long time on this sole asset and
any changes making for the future welfare
of the road must be extremely radical and
comprehensive.
The floating supply of stock has gone Tito
strong hands.
The Granger shares were again in good
demand, and at least two of the group
Burlington and st. Paul-are relied upon 20
sell at their face value in the near future.
A slight Improvement in the iron trade
may be noted among the significant COM
ne rcial changes of the week. Should the
demand for manufactured iron Increase.
and indications point encouragingly TO the
probable fulfillment of this prospect. a
considerable number of securities would be
Immediately benefited thereby.
The low-priced shares are likely to con-
tinue in good demand. now that London has
come to appreciate the change IN under
lying conditions.
The factors which forced foreign in
vestors out of this market are daily sinking
into insignificance. and funds must sooner
or later be attracted to this side solely be-
cause of the superior Inducements offered.
indications already point to London's be-
coming an important influence in the local
market.
The significance should not be underesti-
mated. There are no stocks pressing for
sale. Profit-taking goes on day by day, and
new high levels daily recorded. In
crease the demand of per cent and prices
will increase In proportion. The interna-
tional list will be watched with unusual In
terest during the coming week.
The bank statement reflects a loss of
nearly 100000 in lawful money, mostly
Ia legal tenders and chiefly on account of
gold exports. The leans have been in
creased trifie over s6JOO.O00 as the result
of increased purchases OF commercial pa
per and larger speculative undertakings.
The inc rease In deposits is about consistent
with the two changes noted
The net result of all the changes is re-
Elected by decrease in reserve. bringing
the total surplus down to Sal ,O00.e1.
All things considered this week has been
the most satisfactory since the Inaugural
ton of the advance.