Evening star., 1903-08-31
FINANCE AND TRADE
Wall Street Prices Advance
Fractionally.
FEW STOCKS DECLINED
READING AND SOUTHERN AMONG
THE NUMBER.
Blocks of Some Western Stocks Were
Bought on a Rising
Scale.
FEW STOCKS DECLINED


Scale.
NEW YORK, August 31.-Prices advanced
an average of a small fraction on a mod
crate volume of opening dealings. Metro
poitan securities and Metropolitan Street
Railway rose points each on the reports
| of a transfer of a large block to important
interests.
Tennessee Coal rose q and st. Paul, y.
There We're declines Of " in Southern Pa
| cif1c, Reading and Southern Railway, which
were the only exceptions to the advancing
tendency.
A better demand arose for the general
railway list following the rise in the spe
cialties. and a number of the leaders made
sharp advances.
The local traction group continued to
show the most strength Metropolitan Street
Railway advancing points. Metropolitan
Securities 3A and Brooklyn Transit IA.
Gains at other points reached / to ia in
New York Central, Pennsylvania Delaware
and Hudson, ST. Paul, Rock Island pre-
ferred. Atchison, Southern Railway pre-
ferred, Missouri Pacific, Union Pacific, Col
| orado and Southern second preferred Ma
tional Railroad of Mexico preferred Den
yer and Rio Grande preferred. Sugar Chi
cago Terminal preferred, Amalgamated,
American Car preferred, Smelling, General
Electric, Realty preferred and Pacific Mail.
New Jersey Central advanced 24. Ice pre-
ferred declined point. Business was quite
active the rise.
After number of additional one-point
advances the demand slackened and in the
succeeding dullness prices slipped back
considerable fraction. There was a rise of
1A in Denver and Rio Grande, of pa in
Chicago and Alton preferred and of 3 in
P1 i1vrynx StAnl
st. Paul at noon to over Saturday stiff
ened the market to the best. Bonds were
firm at noon.
Large blocks of some of the western
stocks were bought on a rising scale and
the market generally improved a further
traction. Profit-takng in Amalgamated
forced 1t below last weeks close and other
dull.
Steady selling of AmaIgamated lowered
it 1as below Saturdays close and produced
more general selling of the market The
local fractions fell off from / to 2 points
below the best, and large inroads were
made upon earlier gains. Realty preferred
advanced "a. rally of a point in Anal
gamated stiffened the list a good fraction
I again at o'clock.
Confidence in the Outlook.
Special Dispatch to The Evening Star.
NEW YORK, August 31.-One of the fore
most financial authorities says that the
weight of evidence Is undoubtedly against
business disturbance Bankers throughout
the country are almost unanimous in their
entire confidence in the situation The iron
and steel business is in a gloriously pros
porous condition. The railroads every-
Where have all the traffic they can handle
Tor months to come, and some of them can
not get cars and locomotives enough to
carry the freight: the coal business is ex-
cellent with a strong demand and good
prices, the price of cotton "a
high as at present and wheat is near the
dollar mark: the corn crop is probably safe
ano sufficiently large to meet all home and
foreign requirements; the lumber trade ard
a thousand and one other lines are in good
condition. Labor difficulties and Wall
street deviltry are the only blots on pros
perity's page at the present time, and the
blight of these may even be effaced in
time Europe's cry for American cereals
and cotton will soon kill off a good many
pessimstS.
can securities, especially bonds of the gilt
edge variety. According to the leading
bond houses. foreign investors have recent
ly been heavy buyers of American bonds
their business in Berlin, Paris and London
has been larger since the 1st of July than
iii any two months in two years.
French Investors Buying.
The buying by Paris investors has ex-
cited a good deal of interest. For many
years German, Dutch and English investors
have been large holders of American stocks
and bonds For some reason, however,
French investors have always refused to
buy American securities. Their refusal to
purchase stocks is easily understood but
their continued refusal to buy standard
railroad bonds has always been a mystery.
Several months ago French investors be-
gan making inquiries about American Sc
curites. During the last two months they
have been buying standard railroad bonds
on a comparatively large scale. So far
French investors have refused to purchase
stocks.
Crying "Wo1f" in Wall Street.
The manipulators in Wall street are still
crying wolf. They succeeded in knocking
the bottom out of prices of securities and
in buying them at 80 per cent of their real
value. but are apparently not yet satisfied
and are endeavoring to obtain more bar
gains. Two or three men are responsible
for the great depreciation in values, and
not the business interests of the country
as the manipuators would have people be-
lieve. The men referred to are the back
bone of the richest clique in the world and
it has been said that they will do anything
for money Their vast resources enabled
them to take advantage of the opportunity
to depress stocks in a period of great pros
perty to point almost unheard Of OF
course, too many watered and worthless
stocks were looking for purchasers, and
the fact that they were hanging over the
market like a black cloud gave the gam
bIers the chance of their lives. In brief
the whole thing was conspiracy of the
basest sort, and this statement is suscepti-
BILE of proof.
Cotton Market
NEW YORK, August 3I-The cotton
market opened easy, point higher to
nine points lower, under much poorer ca
bles than expected, but was almost at once
rallied by aggressive clique support and
covering, with September and October
showing particular firmness, the former
selling at II. 55c.. or net eight points hignSr.
while the latter reached 10 Tic. with the
balance of the list recovering to around Sat
urday's finals.
At this level heavier realizing was at
tracted, and there was also considerable
bear pressure, under which the market re-
acted in an irregular sort of way to within
a few points of the opening figures.
At noon the market was very steady in