Evening star., 1898-08-19
Upward Movement in Sympathy With
Outside Demand.
LIQUIDATION HAS RUN ITS COURSE
Adjournment Over Tomorrow in
Honor of Naval Parade.
GENERAL MARKET REPORTS

| Special Dispatch to The Evening Star
NEW YORK, August lathe reaction
which was in progress up to the close of
yesterdays business had the effect of in
spring further realizing during the Open
| ing hour this morning, prices opening
der last nights closing parity. London sold
a few stocks, but foreign selling is losing
much of its significance in these days OF
financial independence and domestic pros
perity.
Once the pressure to sell was relieved,
| the market moved up In sympathy with a
conservative outside demand. The heavy
realizing of the last few days has demon
| strated to all close observers that the pres
ent market is not one of merely ordinary
| proportions. nor is it dependent on arti-
fetal devices for it's strength.
Recognizing this fact, it follows very
naturally that the abundance of idle money
must gravitate into the security markets
and add impetus to the advance. Those
who come into the market at this some
what bclated period have in most instances
| an expressed preference for those shares
which have advanced least, whereas those
who have been in for time are becoming
accustomed to the new level for dividend
| paying issues.
This combination of individuals gives the
| necessary breadth to the market and pre-
vents one set of stocks from monopolizing
attention.
| The buying of ST. Paul, Rock Island and
| Burlington in 2.0oo-share lots is Indicative
OF confidence on the part of large capital
me equally confident buying OF the Pa
cifics, Chicago and Great Western and Ten
nessee Coal and Iron points conciusiyely TO
| a growing recognition of improving pros
poets of well-managed properties. regard
RI kat ~, rsyy-isx
| have heretofore existed.
The market today was one especially
gratifying to the believers in higher prices.
| The trading element bought stocks because
the liquidation had apparently run It's
course and there were no Inducements to
short sales. The line of least resistance
points upward and the danger OF OVERRIDING
being eliminated, for the present, at least.
there is every reason for relying upon the
natural course to be pursued.
The governing committees favorable ac-
ton upon the request TO adjourn over to-
morrow in honor of the naval parade had
| a mixed influence on prices. In some in
| stances new purchases were made on the
| theory that next weeks prices would be
| higher, while in conservative circles the
| small operators were disposed TO realize
| and run the risk of being obliged to start
| at higher level on Monday.
Tne Grangers Were bought by leading in
terests during the afternoon and prices held
We'll at their best level under the influence
| OF continuous demand. st. Paul is being
pought on the theory that the present dis
crepancy between ii and Burlington is nm
warranted By the facts The Northern
racine issues are decidedly strong and
much higher prices are likely to be made
for them in the near future.
The company is considering a disposition
OF Its government lands. which, If success
ful, will revolutionize prices for its shares
While few stocks stand out prominently
| by reason of special personal factors work
| ing In their favor. the present temper OF
the street leans toward generalization as
10 tuture Improvement. Sugar is in
ooubtful position, and the Gould shares
might be made to reflect a more sympa-
thetic inclination, but. otherwise buyers
are confident.
Next weeks market should be one OF big
results in consequence OF this protracfed
era of optimism.