The sun. [volume] (New York [N.Y.]) 1833-1916, 1898-08-17
I1SxxcrAE lxD co4rlrEnGAE
TUESDAY. AuR. 10.

10 ,matsrialise. As usual II encounter
plenty OF skeptics. who think that tn
present level OF prices is high enough
Some OF them dispose Of the stocks they hav'
been carrying. while others indulge In tn
diversion Of selling for short account. Thes'
last play the market for the inevitable reaction
but are not always fortunate In timing theil
operations. Other dealers on the Stock Ex.
change consider II wise TO take profits, as the
opportunities for doing 20 on the long side have
been few and far between for SOM I'M past
SIN another class OF spectators are simply
overcome By such an outbutst OF confidence M
was witnessed upon the floor OF the Exchange
to-day. All Of these various classes were sell
ers Of stocks to-day. but the market absorbed
their offerings and without hesitation contin-
ued upon its upward tack.
Afurther Increase in the volume OF commits
sion business warrants tho statement that the
stocks that are being sold by people who spend
their days In and about the Stock Exchange
arc beiht taken up, by n power OF undeter-
mined magnitude. namely, the public.
After q rise Of several points In such
q speculation as the present one. q stock. or
group Of stocks may hesitate In It's upward
course, but It IL simply because the growing
interest in the market for securities has dis
covered some new ~favorite. which. IL is be-
iieved. also presents probabilities Of imme-
dtate profits. Sales OF one stock arc
promptly followed by purchases OF an
other, and thus the market broadens
and the volume OF trading steadily increases.
Enough has been said to explain the magnitude
andtendency OF to-day's market. Anew stocks.
owing to reaiizinE sales. closed q little lower
than yesterday. TIL great majority OF the list.
however. made progress toward o higher level.
and the speculation as q whole must be de-
eoribed as strong throughout.
Now that conditions and circumstances that
have existed for some time past are having an
unrestrained influence upon speculative senti-
mont It seems superluous to enumerate
them. AZ o matter OF fact, an effort
10 do 10 would expand this report far
tbsRoud It's usual length. Peace and the
itaSnaendous advance of this country as o fight
lug and commercial power have impaired to
every local DEVELOPMENT affecting values .
frssh ana moro potent force. In other words,
the public, much more keenly than the profess
sional element in Wall street. realizes that the
United States are entering upon . new era In
their economic career.
The dealfnGs IN stocks WerO the largest since
EhO present upward movement began. And
right here Il maj be noted for the edi6cation OF
Wall street QuackS. who tediously suggest
remedies for periods Of dulness on the
Stock Exchange. that neither the rate
Of commission nor the additional war
stamp tax on transactions In securities
are seriously considered by the public
whom conditions invite and stimulate specula-
ton. matter Of $3.50 commission each way
and Q tax Of 80 = 100 shares sold. q total Of
$3.50 on 0 completed transaction. is not a de-
torrent factor in o market where daily fuctua-
lions Of 2 or 8 points are not uncommon and
profits Of $500 to $500 y 100 shares are proba-
bilities within forty-eight hours or less.
Tho larger dealings were oven better distrib-
uted than yesterday. Peoples Gas was the
leader In respect to activity. and also scored the
greatest net gain. nearly 8 y cent. While def
mite information as to o settlement Of the
differences between the ompany and Its
allied natural gas enterprise IL not obtain
able. the market certainly foreshadows
IN announcement TO that effect. TheNorthern
Pacific stocks were again exceptionally strong
and very extensively traded in. The Granger
showed the effect Of current realizing
and 90 did Union Pacific issues. but In q
less degree. Louisville and Nashville came to
the front. partly on covering Of shorts put out on
exaggerated reports as to the appearance OF
yellow fever in the South. Covering Of shorts
In Manhattan Railway seemingly prevented
that stock from sustaining o further net de-
@. O. @. and st. Louis was in demand
1t advancing prices on the progress making
the acquisition by the company Of other
traversinG the same sections that its
lines serve or adjacent to them.
OF the less active railway shares Denver and
Bio Grande preferred. Chicago and Eastern
Illinois common. Omaha common. Texas and
Oregon Railway common and st. Joseph
Grand Island second preferred. received
unusual attention ct advancing prices.
In the Industrial group Tennessee Coal and
iron, American Tobacco. American Mating
common. the United States Rubber stocks and
Colorado Fuel and Iron were the features. All
81 them except American Mating closed mate
rally higher than yesterday. In that stock o
IurthOrmAxtmum advance Of 8 points appeared
invite some taking Of profits still the stock
part Of It's early Improvement. Broker
Hge houses with Chicago connections were
among the conspicuous buyers Of It. As
the operations Of the company arc to q large
Dxtent conducted In the West. reports from
that quarter that the company has earned |
about 2 per cent upon its commons stock dur
Ing its 6rst fiscal year. now nearly ended. were
generally credited.
The most interesting feature OF the market
the magnitude Of the foreign arbitrage
operations. According to all public cable adj
the London market for American securi-
Hes was strong and active. with the Con- |
inent . conspicuous buyer. London both
bought and sold In this market. and its
appear TO exceed It's purchases.
This 10 explained by the fact that European in |
Eestors and spectators are still sluggish in
the conditions OF affairs here.
hence arbitraGe dealers are able to buy in Lon
lon and sell in this market where the demand
or securities ct current figures frequently ex-
,eeds the supply. The closing was very steady
Il reeeaSions from the best prices.
ga |
New York Stock ExchnnEo-sales Aug. 10.
UNITED STATES STATE BONDS Tx 81. ooosl.
1876 Us %, " i..lo6hl16 Va o. del. trs
8 o. n. o. 1o3B.127 9N0eN
: 8 Tenn Bet o.. ... oRAl
= CLOSING PhIoEs o. UNITED STATES BONDS.
AA AAtsd1 Bid AEksA.
% st2s, n. lUn 81 q. q,
Stpl ofa OF - 1s25.-...le7k leek
Deos. 1905 On st Bs. r.
1915. r.",Io6A lo5A 1soA..~lla lls
% Sa, 1905 On st 81. o.
1918. o...lo6N 1o6hl 1eoA....lln lla
On ri g. 1. IUn st %. T.