Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-08-01
Strong Undertone in Stocks in Spite
of Profit Taking.
OUTLOOK VERY ENCOURAGING
Prospect of a Broadening Market
Later in Season.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star.
NEW YORK, August 1.-Today's market
was less one-sided than that OF yesterday
and had to stand the test Of considerable
profit taking during the forenoon. All
things considered. the achievement was de-
cidedly creditable.
London cables indicated continued
strength at that center and led TO the be-
lief that the local market would open un-
der the influence Of considerable enthus!-
asm. This expectation was not realized
lnasmuch as buying and selling orders
were pretty evenly divided during the In
itial trading.
Southern Pacific opened up strong. but
reacted nearly 1 per cent under persistent
proht taking. The amounts We're not large
but the offerings were continuous, and
served to prevent the establishment OF n
PEI manently higher level
In the general list however offerings
were quickly taken and prices were we'll
sustained. Manhattan and Brooklyn Rapid
Transit were sold to take profits during the
opening hour. but ready market was dis
closed for all offerings, and higher prices
subsequently were recorded
Tennessee Coal and Iron was marked I'D
easily under good inside demand. The
new business Of this company Is now COM
ing in as a factor and much confidence is
felt in the property's future outlook The
new interest which has bought the control
during the last few months is expected TO
fIdhe lne STOCK take a more enNlable posi-
ton in the industrial ranks.
The steel stocks are again showing the
influence of their strong commercial condi-
ton, and there is disposition To look upon
them as likely leaders in any induSt rial
advance Of the near future. The coal stocks
for trade reasons also should come into
greater favor in view of recent strength
and manifest scarcity.
The buying Of North American and spe-
cialties of that class was a feature Of tho
market. and confirms the belief in a broad
ening market.
The smelling issues were strong on the
outlook for an amica bic settlement OF strike
differences. inside buying holding both the
common and preferred well up to ne best
recent level
The action of the wheat market and the
lower rates for exchange are important
factors in the present outburst Of activity
and increased confidence. To what extent
these influences may be transitory is an
unknown factor, but they serve for day.
Car famines in the west and continued in
creases in earnings, due to large traffic and
wise management, are legitimate and en-
. during arguments for confidence.
Money rates are not all that somewhat
spoiled and pampered speculative Con.in-
gent could wish. but standard issues are
Tot being forced on the market because of
the mcager investment return.
Good securities are being sought after
and while il is quite likely that The high
priced shares are justly entitled to their
level in many instances. relative value can
scarcely fell to attract attention to certain
low-pTiced Issues
There are yet many admirably managed
properties selling al about half the price Of
the standard shares, which will yield the
same or greater return without the
slightest prospect Of any hitch in the regu-
larity. Such issues, chosen with discrimi-
present semi-professional and semi-invest-
ment situation.