Evening star. [volume] (Washington, D.C.) 1854-1972, 1900-08-04
Railroad Issues Given Preference in
Today's Operation.
SOME EVIDENCES OF STRENGTH
HIgh-Pnced Stocks Neglected for
the Middle Group.
GENERAL MARKET REPORTS
Special pisnatch to Thc Evening stnr

Special Dispatch to The Evening Star
NEW YORK. August 4-Prices were
given good support again today under a
narrow volume of professional business
Railroad issues were given the preference
and in a few instances evidences Of posi-
tive strength We're noticeable. Union Pa
ciilc Was bought in round amounts solely
upon its income merit, and some new in
terest Was shown in Atchison preferred for
the same reason The pool in th, latter
were buyers from time to time. but the
manipG.ation WIS not pronounced If
present predi, tions are to be realized tht.
low-pnoed dIVId. nd-paying stocks must
lake greater dist. notions between their
sri4nS Prices ana their dividend rates. Four
per cent common suiirCS and per cent
preferred shares either too high or
Atchtsol preferred. paying ) and earning !
per cen- on the common. is too low The
street rs full of rumOrs of a gradual i'm
provement in all these issues in spite OF the
dull season.
There little else discussed al present.
High priced stocks are neglected, and what
small lraling there H. goes naturally
toward the middle group. In all the buy
ing. however, there is no public interest.
banking interests and traders buy on the
improving merit IN the hope that the pub
Iic VIII sooner or later give them a profit
on present holdings. Prices are not easily
depressed owing 10 the absence of liquida-
bIoH anu lle political OUTLOOK mas mol Vel
reached the confused stage which fosters
declines. There is no abatement of the
fear that the campaign Will force a scare
IN financial circles. but the dread of it
has disappeared. and in certain bargain
hunting circles it is rather hoped for. The
cOuniry's progress in finance during
cent years, the strength of the federal
treasury and the splendid credit Of III"
country at home and abroad are factors
sufficiently new to be only partially appre-
ciated.
Investors waiting for the bargain periods
of previous presidential years. accompanied
with money panics and the wholesale call
ing of loans, are not Likely to see more Than
"A suggestion of the tunes for which they
hope. The 80 per cent call money of the
1896 campaign is scarcely likely to be du-
plicated. and investments not likely 10
return TO the prices of that period in a
generation without the force of calamity
of International proportions. Never heless
the present market is waiting and a pro-
nounced incentive is lacking. II real bar
gains are not to be had. al least greater
bargains may be waited for. Commission
houses do not recommend Immediate pur-
chases, but contribute rather to the do
nothing policy by advising caution. To
yield to a reasonable doubt and await low
er prices is wise conclusion. even though
higher prices are ultimately paid with the
doubt removed
The weekly bank statement. while con-
coded to be a favorable one, is again made
quate reflection of actual conditions.
The average system in vogue shows the
gain in cash during the week to have been
So 26l,G0. or nearly So 00e. 900 more than the
known receipts. An increase OF Sc. $40 800 I'm
deposits is unusually consistent, and the
reserve is increased 81 Cos 800. making the
total reserve over the legal requirements
SD 14i,SI5. Loans have been increased So
$4,000. and largely by reason OF time ac-
ccmmodations made to guard against any
sudden furry in the call rate during the
late fall An important item is an increase
of S1,3s7,100 in bank circulation. showing
the effects of the new currency bill and the
liberal acceptance of its provisions. The
full bank statement is follows: Reserve
increase, S1,60s,5o0; loans Increase 81
596.2D0. specie fncreaseD. 81 1SS. 900: lsgals
dncrease), S1.oS0 200: deposits dncrea SCI
S6,6io.SoO- circulation dncrease), 81, 337, 100