Evening star., 1898-08-10
FINANCE AND TRADE
Substantial Gains in Parts of the
Active List.
LARGE BUYING OF TEE CHANGERS
A New Range of Prices is Fast
Being Established.
GENERAL MARKET REPORTS

| Special Dispatch TO The Evening star.
NEW YORK, August 10.-The undercur-
rent OF investment buying. which has of
late given the market pronounced upward
tendency. was further developed this morn
ing, as the substantial gains in various
parts Of the active list attest London was
disposed to regard the Spanish reply as a
practical acquiescence in all the demands of
the government, and an early cessation Of
hostilites was predicted. This prospect was
reflected by a higher range of prices for
Americans, and the local market immedi-
ately responded to similar reasoning Buy
ing of an extraordinary nature developed in
the granger list, Burlington and st. Paul
leading in the demand.
The former shares were marked UP easi-
ly to point per cent in advance of yes
terday's closing level. The safety of the
crops along its lines and the probable pay
ment of an increased dividend were strong
factors in the movement. An increase in
st. Paul's gross earnings, amounting to
S24, ,2SI, for the first week in August had a
beneficial influence on the price of that
stock, Notwithstanding a total decrease of
S163, ,913 since July l.
1t is a significant fact that the market is
in a sufficiently rational mood to recognize
the true import of temporary decreases in
earnings.
There are no serious decreases reported
and in instances similar to that quoted
above the outlook promises a degree OF
prosperity fully equal to the regaining OF
record averages. The government crop re-
port came in for a share OF the credit in
keeping the grain-carrying properties well
up to best prices. Peoples Gas was bought
rather confidently by the speculative clique
generally credited with exercising d spe-
cial guardianship over the market welfare
of this property
Northern Pacific issues were in good de-
mand ard seem likely to discount the
showing to be made in the company's
statement OF earnings, semi-official figuring
being extremely satisfactory. A moderate
demand for Tennessee Coal and Iron ad-
vanced the price IL per cent, but, as is
usl al with decided movements in this
property, the effort to market few hun
dred shares resulted in the temporary loss
of one-half the gain. Brooklyn Rapid Tran
sit demonstrated its ability to absorb large
realizing sales and was given excellent sup
port up to its best price on the present ad-
vance.
There were few exceptions to the general
tendency. every active stock gaining some
thing for the day. The meritorious low
priced shares came forward during the
afternoon and were bought in round
amounts by some of the most conservative
houses in the street. The funds which have
hitherto sought investments in the bond
market are going into the better class of
diVluend-paying properties. A new range
OF prices is being established and American
hlgh-Srade investments are being adjusted
TO the prevailing money rate
Cheap money seems to be assured and
dlVidend-paying securities offer the most
profitable source Of revenue for carital. A
strong box demand for the best and a
which viii improve seem likely To continue
for protracted period.