Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-08-17
Strong Demand for Low-Priced Rail-
way Shares Today.
WEAKNESS IN THE INDUSTRIALS
Influential Interests Back of the Buy.
ing of Stocks.
GENERAL MARKET REPORTS

Special Dispatch to The Evening star.
NEW YORK. August 17.-Higher prices
In London and the continuation of the Bank
of England's 3i2 per cent discount rate
were factors which encouraged further i'm
provement in the local market this morn
ing. 1t became evident that certain groups
or securities were being advanced under
the influence of an organized and inauen-
tial manipulation clique. In nearly every
instance stocks of the so-called middle
class We're most prominent. Southern rail-
way common and preferred were taken in
round amounts by interests closely iden-
titled with the property and sold up readily
in sympathy with the demand.
A per cent advance in Nashville coin
cidently with the greatest activity in South
ern gave rise to rumor that some closer
working agreement was about to be enter
ed into between the two properties The
buying was decidedly good in character
and may be taken as more general rec
oSnition of the growing preference for the
low-priced shares
Southern Pacific was bought in round
amounts for a further advance of IL per
cent, Central Pacific feeling the effects Of
the movement in similar degree.
A Clique of operators are working openly
in the interest of higher prices for these
shares, the recent financial plan. coupled
d
ground for the improvement. Activity in
the new Southern Pacific bonds when
issued was also d feature of the improve
ment.
Atchison preferred was in good demand.
and was well sustained at the new level.
The confidence manifested by friends Of
this property is increasing now that semi
official reports of earnings coming out.
Northern and Union Pacific ISSUES were
given good support. but We're less pro-
nounced in the activity.
Panhandle issues common and preferred
were advanced under steady buying which
seemed to have a definite purpose in view
The action of the stock is again sugges-
tive of an approaching climax in the con-
tentions between the Pennsylvania rail-
road and the minority interest.
Baltimore and Ohio shares after a period
of neglect are coming into greater promi-
hence as the result of good traffic returns
and probable working alliances in sym
pathy with the general tendency of com
peting lines.
In the Industrial list the weakness of
Sugar was a feature for time, and served
to make trading irregular and uncertain
in a majority of those issues.
The buying of Tennessee Coal and Iron
was somewhat better than yesterday. but
attempts to realize in Colorado Fuel result
in concessions in price. The Tobacco
stocks We're allowed to run off in sympathy
with the movement in Sugar but little sig
nificance was attached to the selling.
In view of the present change in specula-
tive sentiment, Saturdays bank statement,
if favorable. would result in sharp lnru-
ence on prices. While nothing definite can
be had on the showing likely to be made. it
is perhaps significant that the present buy
ing of the railroad list is largest in banking
circles. The strongest banking houses in
the street have been identified with the
new activity which has developed in the
1ow-priced stocks.