The times. [volume] (Washington [D.C.]) 1897-1901, 1900-08-14
A FIRM TONE TN STOCKS
The Tendency of the Market
Toward a Higher Level.
Investment Buying i'm the Grangc-s-
Price Changes in the Lower Grade
Sugar Reacts Lead Receivers
strength in the Industrial Quarter.

NEW YORK. Aug. 13.-There were few
exceptions to the generally very strong
tonc of today's stock market There was
not, in contrast with las; week, any par
ticular increase in animation, but the firm
tone noted in the dealings then again pre-
vailed. II was particularly expressed in
the higher priced Issues, among which
there were smart advances in Lackawan-
ma. Chicago and Northwestern, and the
granger shares, Buying of the investment
class, such as was noted last week, was
again reported in these stocks and ac-
counted for their tendency At all events
there was nothing not previously known
TO which their course could be definitely
referred
The price changes in the lower grade is
sues. while not so pronounced were also
in the direction of higher level. with the
dealings as regarded the railway list.
fairly well distributed The higher priced
railway shares were, indeed, the features
of the days market. The other quarters
of the market were, however, steady, and
the local traction group was unusually
active, although the bulk OF the dealings
again centred in Brooklyn Rapid Transit.
The speculation in the last named STOCK
egain appeared to be based upon the vary
ing expectations in regard TO the com
pany's annual report which accounted for
the rather erratic movements in that in
stance.
Sugar Refining again furnished the bulk
of the dealings in the industrial quarter,
and the stock was somewhat of an excep-
ton to the common tendency OF the mar
aDrl.s iva
fered a sharp reaction, and its subsequent
movements were irregular. AS has been
the case for some time. the movements in
the stock seemed to show divergent indica-
tions on the dividend.
1t is the majority opinion that no
change will be made in the rate from that
declared at the last quarter.
There were trustworthy assertions to-
day that the firm policy Of the manage
nent is 10 maintain the stock upon a
regular and fixed 6 per cent basis, with
such extra distributions of profit as may
be warranted by the circumstances at the
close of the fiscal year. Other movements
of importance among the specialties and
in the industrial quarter were in Amer
lean Tobacco. Tennessee Coal and Iron,
and National Tube all of which were to-
WARD a higher level. Quite a sharp re-
eovery also took place in the National
Lead SHARES with nothing that was new
attending their course. sharp rise in
Anaconda Mining might also be cited
among the days market movements.
The London market was strong. chiefly
because CT the expectations that favorable
news OF a more decisive character could
be expected from South Africa, and also
upon the lettering prospects on early set
Element of the difficulties in China. For
eign houses on balance bought a few thou
sand shares in this market. There was
little change in the general conditions af-
fecting the financial situation. The pre-
liminary engagements of gold for export
were Unexpectedly heavy, but were plainly
wholly in connection with the remittance
Of the proceeds of the British loan re-
Gently allotted here Last weeks ship
ments and the engagements thus far an
nounced aggregate fully so per cent of
the total amount Of the British loan al
lotted to local subscribers.
The foreign exchange market was de-
cidedly weak in consequence of the Of
ferings Of bills against exports of gold,
but it is not expected that the tendency
Of that market Will interfere with the
transfer OF the metal TO the points where
st is most in demand. There were no al
terations Of any significance in local mon
ey market conditions and the returns OF
railway traffic submitted furnished the
only other addition to the days routine
Developments.