The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-09-23

WEDNESDAY, Sept. %.
Every sharp decline in prices on the Stock
Exchange, such as that which took place yes.
terday. 10 followed by q rally, even though tho
general tendency OF the market may he down.
ward. The recovery to-day cannot, however. DO
accurately described as a rally. but rather MS a
resumption OF an upward movement. This
Wow is warranted by tho conditions affect
Ing values and by the character OF q large part
OF the buying Of securities yesterday and to-day.
The result OF yesterdays sharp decline in prices
IL that q large amount of stocks have been
transferred from weak holders to strong
hands. Those who parted with their
stocks, either through timidity or be-
cause they lacked sufficient capital to carry
them, arc themselves to blame for what
ever losses they may have sustained. for It was
their temerity and enthusiasm that carried the
market to a point where 1t was susceptible to q
slight advance in money rates. to preposterous
reports OF international complications which
are now completely exploded. and to un.
founded apprehension regarding the appearance
OF yellow fever in tho South. The desire to 40
quire stocks at yesterdays final prices extend.
ed to London. and In consequence the quotations
received from that centre prior to the resump.
tion OF business here this morning were higher
than the final prices recorded on the local
Stock Exchange last night. This circum.
stance did not, however, prevent a continue.
ton Of yesterdays selling movement during
the first half hour of business. This was on.
tirely natural, since orders to sell were certain
to come In over night after such a shaking down
as the market received yesterday.
The first prices were, in the main, the lowest
recorded. for all offerings were readily absorbed,
and before midday the pressure 10 dispose OF
stocks had disappeared and an aggressive de.
mand for them developed. The upward move.
ment. which continued to the close, was inter.
rupted for a short time by realizing sales
OF Rock Island by traders and small opera
tors. who argued that the doubling of the
quarterly dividend upon that stock marked the
elimination OF the advance in It. Besides. some
of the operators referred to professed to be dis
appointed because the stock was not placed
upon a 5 y cent. basis. That 1t will eventu.
ally be placed upon that basis is foreshad.
owed in an authoritative statement regard.
Ing the earnings and policy Of the company
printed further on in this column. The
dealings in stocks were about q third smaller
than yesterday. but even that decrease left the
total transactions upward OF 6OO. 600 shares.
The business was we'll distributed, ana in a
number OF cases the recovery in prices exceeded
the losses sustained yesterday. The Granger
group was exceptionally strong and ac-
tive under the leadership OF St, Paul
The greatest activity was in Sugar REIN
in. which enjoyed a net advance of Al points.
brought about to an extent by the belief that
the treasury Department will decide hat the
bounty which Holland pays to producers OF
sugar is equivalent to an export bounty. Should
q countervailing duty be imposed on Dutch
sugars the domestic industry will be materially
benefited.
Tho prevalence of cooler weather in the South.
together with Trustworthy nformationt that the
cases Of yellow fever reported are OF a mild
type, resulted in a more liberal trading in the
securities OF Southern railway companies at
advancing prices. 1t Is recognized that those
roads have enormous business before them.
but the market for their securities has been held
In check by feara that their earnings might
be hold back by the possible prevalence
OF yellow fever. Among tho sharpest re.
coveries In prices were those OF nearly 9
points In Consolidated Gas. So in Brook.
lyn Union Gas. 2as In brooklyn Rapid Transit,
3s In Jersey Central, Gle in Omaha, 24 In North.
western. and 2 y cent. In Manhattan Railway.
The late trading was influenced to an extent
BY advices from London that 81 900. 600 gold
had been withdrawn from the Bank OF
England for shipment to this country.
After the close of business 1t was learned
that Sl,5OO,O 900 In specie Is now In transit
to tho United States and that further
shipments from Berlin are contemplated. Upon
the surface these operations are not entirely
warranted by the rates OF foreign exchange.
but. as on previous occasions, there NAV be
special factors that Justify them. The fact that
they. are made by tho Dcutschc Bank
OF Berlin and by one OF the largest
national banks in this city ~disposes OF the sug.
Restion that they are made for speculative pur-
poses or at a slight loss t secure notoriety.
The details Of tho transactions are set forth In
hhother column. The closing OF The stock ma r.
ket was strong at about the best prices.
Final sales compare with those of yeaterdnv
a. follows:
Sept 81. Sept. 22. Sept. Ell. Sent. aa.
A. T&sFe. l6a l6s. NatLead.. 80 1OL
A.T&sFcp 32s "a Nat Lead pfl Ioes
Am Cot oil. 23l2 q North Am. 6 A.
Am s Ref ..l13s l4S Sorf a Yves Is 16h
Ans Ref p.l ll7S Norf q W Al 42ls
Am Tob.... $50 S9+I y W com..l261 1919
Am Sp M. 1874 1874 y Pac ON. l9ns 2Oh
Am sp N p. 2 32aN Pac pr. 521, 53s.
Brook T.. 32as 35aISY Crnt...llls 1929
Canada So" ST. 6es y Cent. e6S 100
Can Pao.... ~ rs Omaha rom S45 seS
~c.C.C&stL 37h 3s1 ont 4 W.. l9ls 49,
c.B&o,.. e6ha 1905 no MAIL. 34a Ssh
Con oas,..22la 23oS Pull p Car. 1907
CHS & o.. 2A1 26's Rock Island % 05is
Chic Gn...lo6 1905 tcading... 26a 27a
Oh @ w.. l7Hs 1874 teOd LIST IF 54h 55s
D. W".l6eH 100 It p com, 9SA 1904
Della Hud..llS 2 st Paul p...l44A l45
d X q pr. Ash do SO R'way. ILL., liz