Evening star., 1897-07-28
FINANCE AND TRADE
Large Volume of Business Trans
acted on Stock Market Today.
TREND OF PRICES WAS UPWARD
Low Priced Shares Again Received
Favorable Attention.
GENERAL MARKET REPORTS
Special Dispatch to The Eseuinr Star.

Special Dispatch to The Evening Star.
NEW YORK. July 2S.-The action OF to-
days stock market was more ercouraging
| than any of its recent predecessors. The
volume of legitimate business was larger
/ than at any time since the upward move
ment began. although narrowness was at
times especially proi o, need.
The lOw-pyiced issues were brought into
prominence by increased commission
! house demand. Atchison preferred, South
ern preferred and Northern Pacific pre-
ferred were conspicuous features of the
trading.
The granger shares were bought back
| hberaly and responded easily TO the de-
mand. Rock Island as usual developing
superior strength. The delay I'm publishing
| Burlington's June earnings had a tendency
to restrict activity to some extent. hut a
substantial gain was recorded because of
the recognized official belief that a pros
porous month Is assured. The movement
OF grain along the lines of this company
promises tc be fully up to the carrying
capacity of the read
The crop outlook is thoroughly in sym
pathy with the advance In those securities
dependent upon the transportation of
cereals. The eastern business centers are
already beginning 10 feel the influence Of
this prospective western prosperity.
The stocking up OF retail merchants. fhe
buying of manufactured commodities and
me enormous curtailing of farm mortgages
all attest the improved conditions
Cars sent east filled with grain may
shortly be returned filled with freight
bought with the proceeds of the sale of the
original consignment. Conditions of this
character are entirely healthy and fully
justify the confidence now reflected an
financial circles.
Europe has sold our securities and to a
very considerable extent has been paid i'm
full. Gold should consequently start This
way shortly in payment OF breadstuffs and
manufactured iron
Surface indications have AT times been
SO bright that the discouating process has
been carried to the point Of OVERRIDING
Yesterdays reaction fore ID out a consider
able quantity of weakly margin holdings
ana established thoroughly safe basis
| for today's advance.
Enthusiasm and money are strong spec
uiative factors but the ctstodians of the
latter are frequently obliged. from motives
or safety. to limit the proportions of the
former.
This limitation having been fixed by the
recent shaking-out process. the buy
ing is likely to proceed under especially
confident auspices. Discriminating buyiug
| on declines resulting from natural causes
should continue 10 prove profitable.
In the industrial list Sugar again led
the advance. The decline in yesterday
market was practically recovered and this
in spite of the prevailing belief that low or
prices should follow the recent advance
The demand for the stock is not entirely
speculative. however. and this fact dis
courages sales which would be certain 9TH
erwise.
The lower-priced industrial issues were
in moderate demand. The anthracite coal
shares continue to improve under the :n-
fiuence of a mysterious deal involving
about 15 per cent of the total output.
Delaware and Hudson was especially
prominent because the added
of favorable refunding scheme.
Reading is. however, the keystone TO
such a combination. and the greater the
truth of the prevailing ramors the greater
the merit of the latters securities
The short interest i'm the market is again
factor worthy OF consideration