Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-07-25
Good Demand for Pennsylvania
Shares at New York Today.
CHANGERS ALSO SHOWED STRENGTH
Bankers Disposed to Discourage
All Wild Speculation.
GENERAL MARKET REPORTS
Special Dispatch to The Evening star.

Special DtspZtch 10 The Evening star.
NEW YORK July 25.-Today's stock
market combined strength with dullness,
and emphasized the belief in higher prices.
Gree activity can be induced. Beyond this
further recognition of the merits of the
financial situation, little was accomplished.
Money rates ruled around 1 per cent during
the greater part OF the day, although loans
at lower rate We're made In several in
stances. There is a desire to check active
speculation. pending a lower money mar
ket, as the natural tendency might easily
be counteracted in the process.
Bankers are fully aware OF the possibiIi-
ties Of present monetary condition. and
while extremely optimistic for future con-
ditions, are encouraging rather than fore
ing strict adherence to conservative
action This conservatism is applied to eX-
listing obligations as well as to those which
are merely prospective.
A recognition OF the danger and the cour-
age to avert ii was well demonstrated in
the concerted action of the banks In cur
failing the floating mania.
A little discipline at this juncture will
not be harmful TO the best interests Of in
vestors. Caution in handling the money OF
deposttors is now described ''mantpula-
tom in some quarters, but IL is manipuia-
ton of a most 1ustifable sort. There Is
little doubt that something more disastrous
than any likely rate for money will be
needed to make a materially lower price
for standard securities.
Many markets have been held up to q new
level because of a well-distributed owner
ship in certain equities. but actual owner
ship has perhaps never embarra ssed short
selling to the extent now noticeable in the
daily dealings. A few fractions are taken
off now and then, but the purchase OF -
per cent of the stocks sold in the process
usually restores the price. Narrow mar
gins do not threaten the stability of the
market. they did in the spring, and with
this plague spot lacking any market might
be considered reasonably healthy.
The market shows its strength through
the very proper medium of its best prop
critics. The doubtful and the untried is
sues have been Ielegated to the rear. For
the latter issues to become prominent they
must prove their merit and make good the
boastingS of their friends. Estimated
earnings must become sufficiently tangible
to be counted at the banks. The figuring of
directors has hitherto lacked accuracy in
many instances.
The dull season in view of recent expert
ehces is very appropriately applied to
known quantities.
There was large buying today of Penn
sylvania Railroad based on its earnings and
the approval of its policy under fits new
management. Rock Island was well taken
by houses fully aware of its book value.
The granger roads were all given good
support and advanced under the demand.
Kansas crop returns encoura ged confidence
in the latter group.
st. Louis ard Southwestern was relative
~ active unGer good demand.
In the Industrial list the buying of Ger
eral Electric aid Pressed Steel Car Were the
features, both properties showing gains on
moderate dealings.