Evening star. [volume] (Washington, D.C.) 1854-1972, 1897-07-01
FINANCE AND TRADE
Wall Street Marked by Irregular
Trading Today.
PROFESSIONALS WERE IN CONTROL
Few Holders Disposed to Sell at
Prevailing Prices.
GENERAL MARKET REPORTS


Special DispHtch to The Evening star.
NEW YORK. July l-Irregu trading
again characterized the transactions In
miscellaneous securities. London cables re
ported a firm market for government Sc
CurtieS and an increasing inquiry for
Americans. The successful passing of the
half-yearly settlements and the attendant
ease in money rates We're factors making
for good in all departments of the foreign
market.
Some buying of Union Pacific and Nash
vile was credited to foreign account, hut
the amounts were not significant. The
local trading element was disposed to force
further reaction. notwithstanding the en-
couraging foreign outlook, but WAS only
temporarily successful
The holiday at the beginning OF the week
and the fact that most market commit
mcnts in the Understanding account
We're utilized To force out speculative hold
ings. Sales of long stock made during the
balance of the week Will not Ice entered
until Tuesday. ami bear interest unul that
date. Three days of impossible interest
saving are cDnse llently assured In view
of this fact il mist he regarded as an en-
couraging feature that 80 few holders
We're disposed to sell at toIay'S p,ices. II
follows that a large proportion of tf"se in
interest are conliieit Of d further advance
after the holiday season.
The idea that prices are extremely high
is not justified by the figures which follow
ed the sound money victory Inst fall.
Burlington and Rock Island. two of the
recently active specdltics. sold today frar-
uona!ly under the best prices of last No
Vemhcr. Numerous instances Of p similar
character are recorded throughout the ac-
tive list. Where prices are higher special
causes are responsible. In several interest :
refunding schemes are TO he credited with
inspiring a new estimate of value In the
industrial list legislation. both stat. and
national. has furnished the incentive TO
Improvement. II the market WAS advanced
beyond the present level merely upon the
hope of Tariff changes it would seem only
logical that the realization of the hope
would exert even greater influence.
An increase of over S6nfsb in the net
earnings of a representative railroad like
the Pennsylvania for the month of May
means more than a mere prediction that
such "A result would follow a given event.
other roads have been doing Well crops
are satisfactory and argument is no longer
confined to mere theories Cheap money -
abundant and more general application
Of natural forces alone is lacking.
The market was largely in the hands OF
traders today. hut effort WAS made To
advance prices rather than depr@Ss them.
As the later figures show. Manhattan was
advanced per cent under covering Ia
spired by improving merit and the revival
of the consolidation rumors. Rumors that
a receivershp would be asked for in the
case OF lhe SAY state Gas company u'-
tractei per cent from the price of those
shar cs pricr to their denial.
The grars ger shares gained a few frac-
tons and seem likely to become active once
more.
Sugar and Chicago gas were unusually
weak during the morning. but StrcnGJ hened
in sympathy with the general market later
in the day.
The rev 3ia per cent bonds Of Lake
Shore. Si,.n.Hl iii all. have been taken
and the subscription closed. Coli ship
ments aGgrcgating S.hp.prt will Ice made on
Saturday. Owing to the small margin of
profit in the transaction one firm is known
TO have refused the above order.