Evening star. [volume] (Washington, D.C.) 1854-1972, 1898-08-22
Strong Demand Causes Opening in
Advance of Friday.
new HIGH LEVELS FOR ACTIVE ISSUES
Iron and Steel Shares Attract Large
Attention.
GENERAL MARKET REPORTS

Special Dispatch TO The Evening Star.
NEW YORK. August 22-Cnder the In
fiuence OF a general demand today's stock
market opened well above the high closing
parity of Friday. There were some excep-
tions TO the strength in the general list.
but the undertone OF the whole situation
was decidedly strong and confident. The
increasing breadth OF the market and the
new high levels for active issues increase
the probability of wider fluctuations. but
such action does not, under the circum-
stances mean weakness
Liquidation OF what looked like long
stock in Manhattan and Peoples Gas en-
couraged some selling about the room but
the movement did not become permanent.
In the former property the are no new
arguments to offer in explanation Of the
decline, but the old one relative to a doubt
full capacity for per cent dividends has
at last become operative in certain infiuen-
tial quarters. The disappointment incident
to the meeting of the rival gas interests in
Chicago is urged in justification Of the
selling in the latter
The consolidation of, the Minnesota Iron
ard Illinois Steel Company is an accom-
pushed fact, barring the customary details
OF such an enterprise. Officers will be
erected for the new concern and every
effort made to bring the new corporation to
the front both in its own natural COM
merci1l field and The stock market Sew
eldl smaller concerns are likely to be
cought and made part OF the new corpora
tion. Recent developments in the iron and
steel market have attracted attention on
all sides, and the profits suggested by ad-
Vahclng rates and small supply should en-
courage new ventures similar to that meu-
TONED above. Ex-Gov. Flowers connection
with the enterprise is regarded as sisnin-
cant by those who have followed the ac-
str he
BIN.
The meeting OF Tennessee Coal and Iron
shareholders, called for the middle of next
month, Will be asked TO ratify certain an
sorptions similar in nature, which is an
other indication of the antIcipated activity
in the iron market
There We're many evidences of general
shlfting OF speculative interest from the
hlgh to the low-priced shares.
Atchison preferred was advanced / per
cent under liberal buying. The Pacific Is
sues also found a ready market, while
Union Pacific in particular seemed to have
attracted attention simply because of the
prominence given II by recent neglect.
While the October dividend on the preferred
stock of this company may be at the rate
OF ) per cent per aEnum, there is a strong
likelihood that the subsequent disburse-
ment will make the yearly rate the equfva-
lent Of per cant.
Actual dividends and prospective in
creases are the factors behind much of the
legitimate demand for stocks
The Granger shares We're strong and
weak by turns. the recent sharp advance
encouraging sales 10 take profits. ST Paul
continues to feel the influence of recent
large buying and the prospect of a @ per
cent dividend rate. Northwestern also is
expected to deal more literally with its
shareholders in the near future Burling-
ton IS gradually getting accustomed to its
new level and is depended upon to improve
it under a further conservative investment
demand. The low-priced industrials par
ticularly Rubber and Leather have a con-
spicuous place in all the forecasts of i'm
proyement.