Evening star. [volume] (Washington, D.C.) 1854-1972, 1897-08-03
FINANCE AND TRADE
Prices on Wall Street Were Gen.
orally Higher Today.
LONDON Was A LIBERAL SELLER
Granger Shares, Chicago Gas and
Sugar All Up Again.
GENERAL MARKET REPORTS


Special Dispatch to The Evening Star.
NEW YORK, August 3.-Recognizing the
true significance CT the continued advance
III American securities. without the assist
aEce of foreign buying. London developed
a considerable demand for local stock is
sues this morning.
Idle money aoroad and encoura cling re-
ports of crop conditions in America have
forced the foreign markets into a better
appreciation of our recuperatiye abilities.
Stocks were in better demand oy commits
sion houses, the Granger shares being par
ticularly favored in the buying.
Crop scares were found to have been ex-
aggerated, as conservative operators have
all along anticipated. and yesterdays sales
were repurchased at higher figures. New
scares are likely, but there Is almost no
doubt of an unusually heavy grain ton
mage from now on.
Burlington is said to be operating to
its full capacity, and its neighbors are
verging upon similar condition.
Rock Island continues strong on the
prospect of an early report of earnings in
dicating its ability to double the present
rate of dividends. There is no longer any
disposition to predict high level for these
shares. The present market movement is
not one of ordinary nature, and past
predictions having failed, there Is no dis
position to fix a point at which the adj
vance will eliminate.
Easy money, business revival. increasing
earnings and restored confidence are fac
tors which lave been but infrequently at
the disposal of the present generation of
financial experts. So long, therefore, as
increasing merit is demonstrated there
should be no occasion for declines beyond
the fractional limits incident to profit TAX
ing.
In the miscellaneous department the i'm
provement was also marked.
The low-priced issues halted for a time.
owing to realizing sales. but were at no
time actually weak. London, for instance.
Is estimated to have sold nearly 10000
shares of Northern Pacific preferred. but
the local market took all offerings and sus-
ta1ned the price around the opening level.
General Electric was advanced per cent
on buying based on the prospects OF ex-
IRENE business contracts
The buying of Consolidated Gas forced
the price OF that property up per cent
before attracting any considerable amount
of stock. The buying of Chicago Gas was
especially good. the price being advanced
we'll beyond 102. The papers relating to
the consolidation Of the various companies
included in this corporation were filed with
the state authorities during the day. Hence
rejecting the certainty Of per cent dtvi-
dends.
American Sugar was again active, ad-
vancing 2 per cent under rather good buy
ing. The entire industrial group was given
good support.
The market is filled with securities which
possess little or no intrinsic merit.
These are advancing with the rest. but
in q reactionary period the market for them
would be extremely erratic. Discrimination
always pays. but when 4 and per cent
divioend-paying stocks are selling In the
eighties and money is a drug around per
cert, there should be no difficulty in deter
mining the points Of minimum risk.