Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-08-02
Better Prices Realized for Industrial
Shares Today.
TALK OF STREET RAILWAY COMBINE
Bears Continue to Harp on Unsat.
isfactoy Bank Statements.
GENERAL MARKET REPORTS


Special Dispatch to The Evening Star.
NEW YORK, August 2.-Commission
houses had a good volume of buying orders
during the opening hour this morning and
prices were fairly well sustained in conse-
quence. Higher prices i'm London encour-
aged some buying in the belief that yester-
days selling had exhausted the pressure
and that many stocks would be bought
back.
New activity in a few of the specialties
served to strengthen the belief in higher
prices. American Sugar, Tennessee Coal
and Iron and Consolidated Gas were fea-
lures of the early trading. a good demand
forcing gains OF about = per cent in each.
Efforts 10 end the Improbable friction in
the trade are being viewed in a more hope
full light. and the character OF the demand
for sugar has improved i'm consequence.
The buying of these shares has been per-
sistent of late, and in any favorable mar
ket no opportunity to advance the price
Will be neglected.
Surface indications point to a steady eff
fort TO bring the local, municipal railways
into closer working compact no matter
whether the new relation be described as
consolidation or merely an understand
ing for mutual advantage.
The presence of several interested parties
in London at this time may or may not be
significant. but traders are disposed TO
watch developments nevertheless.
The market is inclined TO be irregular,
more from a lack of a uniform demand than
from any want of confidence m values.
Traders continue to point to the money
market as an argument against higher
prices, and sell stocks on every advance.
Such sales result in fractional losses, and
may be expected to continue with the same
results for a time. The condition of the
local banks, considering their increased
liabilities and decreased resources by COM
parison with the same period year
ago, is not wholly reaSsuring The fact
that conservative fiDappi4rS and business
men generally are not positively appre-
henSiNe over the condition is to be eN-
planned only on the theory that the New
York banks are not subject to the same
interior demands as heretofore.
On the contrary, il is quite within reason
to expect the interior as well as the nom
member banks TO contribute to any future
effort to preserve the comparative ease Of
money.
The industrial situation is less of a men,
ace than at any time for months. Many
far-sighted investors wholly outside Of
speculative influences are to be noted
among the buyers of the preferred stocks
OF many OF the years new Industrial Crea-
lions.
Should the ''fioation'' fever be held i'm
check, the better managed and least water
ed OF the new concerns may yet be given
a chance 10 vindicate the enthusiasm of
their frienuS. With trade reports so unani-
mpuSiy favorable to the iron and steel prop
critics, ii would not be a surprise TO have
such stocks again come to the front in the
stock market. The utmost discrimination
should be exercised in choosing such in
Nestments, of course, and the risk To the
novice is increased TO the extent that he
may fail in his distinction.
A few more weeks of probationary tests
may simplify the problem. For the present,
the logical leaders of the market are diyi-
dend-paying preferred shares of the So
called reOrganized properties and the COM
mon shares of the same properties in every
instance where a surplus after the prefer
red dividends exists.