Evening star. [volume] (Washington, D.C.) 1854-1972, 1900-07-23
Conspicuous Advances in Many Well
Known Stocks.
BUYING BY COMMISSION HOUSES
Alarmists Find Themselves Unable
to Affect the Street.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star
NEW YORK. July 23.-The trading IN to-
days stock market was similar in character
to that noted last week. and was equally
successful in advancing prices. London's
prices were about at the local closing parity
and there was more cheerful speculative
atmosphere at that center The days
cable news from China was conflicting. but
the market gave little heed TO such re
ports What business commission houses
had was in the interest of higher prices,
but the main movement of the market is,
still professional in character.
Perhaps haf-dozcn commission houses
representing pools are doing upwards of ~
per cent of the daily business Some of tho
larger banking interests are keeping along
the advance. however in order TO tighten
the responsibilities Of underwriting obliga-
tons The movement proceeds easily, how
ever. and this fact alone is inviting par
ucipauon by interests who believe that the
times are not encouraging to any sustained
advance.
Higher money is freely predicted and all
the uncertainties of politics are discussed
by some of the snrewdest operators in the
street. but to no purpose as deterrent in
fluence. The market continues to advance
while argument against the wisdom Of It is
preventing the listener from making a
profit out Of the rise.
There is no liquidation. and upon this
fact rests the real strength of the situation,
The public is cautious but not scared.
While the latter quality is lacking liQuida-
ton of investment holdings is not a prob
ability
The failure to advance rates for refined
sugars resulted in some selling of the
American Sugar Company's stock during
the morning, but new buying came in and
forced a sharp recovery from the low point
The postponement of the decision in the
case to test the validity of Brooklyn's
rapid transit 10-cent fare was mysterfoilsiy
construed into a favorable argument under
winch the stock advanced sharply
As noted last week. the entire traction
group was given good support at advancing
prices. A mixed demand for the eranRers
forced steady advance in all the members
or that group st. Paul, Burlington and
Rock Island were in excellent demand on
improving prospects for earnings Atchi-
son issues were advanced under pool oi,era-
uons and more or less significant accum-
ulation Of the common stock The fact
that a dividend is being earned on the lar
ter stock has encouraged buying by the
interests identified with the pool in the
preferred.
In order to widen the speculative field for
the common II would seem to be essential
That the preferred, paying > per cent di,i
dends. should be moved We'll into the seven
ties instead of extending barely he,-,-,1 ~,
sixties as at present
The steel stocks were stronger under the
leadership Of Tennessee Coal and Iron but
Its strength is due more to a revival ~
apecuiduNe interest than 10 any real change
| IN trade conditions The steady ahsnrntfnp
OF tne coal stocks continues and each dav
ADDS new color TO the prospect for an f,n
p0rtant consolidation of the anthracite lines
me market re.apsed into dullness during
/ the last hour and prices becan1 irr.sy7,l,r
put In the main the tone was steady