Evening star., 1900-07-17
FINANCE AND TRADE
Union Pacific and the Grangers
Marked Up Again.
BUOYANF FEELING In WHOLE LIST
Expected That a Reaction Will
Follow Later On.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star
NEW YORK, July 1.-THE buying Of
stocks by the professional element and
brokers for the several cliques was contin-
ued today, with the result that new high
prices were recorded. London sent over L
high range OF prices and there was some
buying for foreign account In the local
market. In spite OF the fact that the for
eign markets were depressed.
Union Pacific was allowed to shade of
during the morning. while traders were
taking profits, but good buying after the
noon hour forced a substantial advance.
The buying OF Atchison preferred was
better than for several days as the result
of favorable news from the corn crop.
The Changers were all in better demand,
ana In few Of them commission houses
were buyers
An advance of AZ per cent in Pacific
mail was feature OF the mornings mar
ket. the Chinese situation being construed
as favorable to new business for this conn
pany. The buying was purely manipula-
tive In character, however. the actual de-
small.
A forced covering movement In RrookIvn
Rapid Transit resulted in sharp advance
In that stock. the strength of the general
market anording an excellent background
for the movement The traction stocks as
a whole. were strong but only TO the ex-
tent of sympathetic recovery
A mixed demand forced a sudden advance
In American Sugar. the demand disclosing
scarcity In the floating supply of stock
The stock has been rated as being among
the strongest features of the market but
inside interests have opposed an advance
heretofore thinking IT best not TO parade
the new prosperity OF the company
The transactions today represented fair
volume OF buying against previous sales.
pu. tnere was also a moderate inquiry
from the short account
While the market has ra RELY demonstrated
such strength as II is now doing In the face
or unfavorable conditions, conservative in
terests continue to adhere to the theory
1hat the Chinese affair. the gold movement
and domestic politics will Vet assume a
dominating influence in the market II is
therefore, quite likely that sales on rallies
VIII shortly displace the advice to buy On
declines. The public is clearly of the opir-
Ion that greater bargains will be made ba-
fore the summer is over and the connmis
sion houses fear that the present advance
is largely In the interest of profit-taking by
pools. ~
Rumors OF all sorts were in circulation
during the day. but the only one which
caused the market to hesitate was the re-
ported assassination of the Chinese min
lster at washington The prospect of a
gold export movement has not yet received
serious consideration on the part of the
room. The only harm that can come Of
the loss in gold is that It may continue
to move its crops. An advance in the
money rate would follow such an event
ana would cause a sudden depletion in
bank reserves. In this connection IL IS
We'll to remember that the crop movement
Will come at a time when politics will he
about at its height a market factor
for the present the street argues that IL
mas time FOR turn In the long account be-
Tore the critical period is reached and that
II VIII be we'll to trade on present oppor-
tunities rather than on future fears.