Evening star., 1898-06-06
Stocks Opened Strong, But Fell Of
Under Realizing.
ACTIVITY IN THE GRANGER SHARES
Market Was Able to Absorb Most
of the Offerings.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star.
NEW YORK. June 6-The buovant tone
Tor American securities in London was
iuiiy reflected in opening prices this morn
ing, and substantial advances prevailed sn
all departments during the initial trading.
In few instances notably in Burlington
ana Union Pacific Preferred. realizlr, be-
came conspicuous feature of the trading
and had tendency 10 check the advan, "a
| elsewhere.
All offerings were absorbed within a mar
row radius, however. and prices held well
around the new level of the opening. The
best opinion as to the immediate future of
the market favors a temporary cessation
OF activity in the high-priced issues and an
increase in the demand for the middi, class
properties.
This class includes such shares of the
better-managed properties as are now sell-'
ing between 40 and 90
Reorganized roads operating in profitable
territory and with fair dividend prospects
are the most promising members of this
group. Northern Pacific Preferred. Louis
Vile and Nashville, Union Pacific Preferred
all showed signs of confident buying as tho
| result of probable future earnings
Inc announcement made in semi-official
circles that the last-named property would
next fall, and at 3 per cent instead of 4 as
predicted. attracted some selling of specu-
latye holdings, but not in significant VOL
ume. The prospect of a dividend on North
ern Pacifc common and on big Four
brought out a good demand for both issues
and for a time brought the low-priced
shares conspicuously to the front.
Atchison common, Chesapeake and Ohio
and issues of like price and character
were bought in the belief that the market
would be forced to a permanently higher
level by the layer-at-a-time process The
upward movement last summer was con-
Quoted i'm just such a manner and there
are reasons for believing that last years
successes will suggest duplication of the
method. The present week is looked upon
as one likely to be filled with interesting
speculative material
The beginning of the regular fortnightly
settlements in London on Wednesday is
likely to be the occasion for an increased
demand for American stocks.
Recent achievements of the American
ravy have made favorable impression on
foreign speculative sentiment. Congress is
expected to make some decided progress
with the war revenue bill, and the ap-
preaching conclusion of congressional activ-
ity must find favorable reflection in stock
prices.
While waiting for the fulfllment of
peace prospects routine developments.
earnings particularly, are of a character
to discourage extensive selling. Banking
operations last week, exports of commod-
tiles on a large scale, cheap money and
such indications of continued financial
strength form a solid foundation for the
entire market
1t would not be unnatural to see the mar
ket pause, from time 10 time on the eve of
an important naval battle or some similar
grave event, but confid ance in the result
will not suffer during Inactive periods A
few fractions are conceded during The dull
periods, but there are no influences making
for weakness. Disappointment to the ma
jority will alone revive selling on a ma
terial scale.