The sun., 1897-09-22

as yet include cotton, owing to the lstoness OF
that crop. |
Reports were current to-day that anumber OF
tho banks had combined TO advance the rates
for money. There is no basis whatever Tor these
reports. Tho downtown banks as rule marked
up their call loans on collateral to-day TO 80
cent and were warranted In doing so
by tho demands that are being mado
upon them both by tho Interior and
by local borrowers. Concerted action was
unnecessary. The Street, that 10. tho
purely speculative element, viewed the some
what higher rates for money with greater equa-
nimity to-day than 1t did yesterday. 1t be-
came accustomed to the new rates, and
perhaps realized that they are warranted
and are not inimicaI TO conservative deal
inRs in securities. Reiterated reports OF
possible severance OF tho diplomatic
relations between the United States and
| Spain doubtless had some effect upon
| those who chose to believe them. The best
| information obtainable is that the rela-
| tions between the two Governments arc
| not likely TO be disturbed. In due time those
| who attribute the setback in the stock market
| to various extraneous causes will realize that
| speculative conditions have been entirely re-
sponsbo for the decline that took place yester.
| day and the further lowering OF values to-day.
| Tho truth may be unpalatahe to those who
| have lost money or had their bookkeeping
profits wiped out within the last forty.eight
hours. but tho fact remains that the mar
| ket 10 healthier for tho shaking out OF
| lightly margined speculators and those
who have increased their holdings by
| purchases OF stocks upon profits that
| have accrued but have not been secured Both
classes OF dealers have been compelled to pro-
| tect heir brokers by placing stop orders under
| their holdings The execution OF orders OF this
| character largely responsible for the
| weakness that was feature OF to.days
market. 1t is estimated that fully third
OF tho business done to-day resulted from the
execution OF those orders. Tho news OF the
| day was far from being disquieting. Crop
| reports were In the main favorable particularly
regarding cotton. Tho extent Of the demand for
Investment securities was shown by an over
subscription in two hours to tho 81 .o0O,o 900
Panama Railroad 4ia y cent. first mortgage re-
funding bonds. Advces from the South re-
garding the yellow fever situation report an i'm
provement at all points resulting In part
from cooler weather. 1t was trustworth-
lily reported that tho gross earnings OF
tho Chicago and Northwestern Railroad for
| August will show an increase OF over $500. 900
as compared with the same month Of last year.
Within few days the reports Of various rail-
roads for the third week in the current month
will begin to come to hand and will undoubtedly
make excellent showings as compared with tho
corresponding period OF last year.
A good deal OF interest centred in tho ruling
OF the Attorney General regarding section 90 Of
tho new Tariff law, which is printed In another
column. This decision 1t is TO be noted, leaves
the American railroads that have to com
pete with the Canadian roads In worse
condition than they have been for yenrs
past A contrary ruling would have helped
them. while the one rendered is so far as they
. | are concerned. Of negative character. The
dealings in stocks were extraord narily heavy.
footing up nearly 100000 shares. They were
we'll distributed. Tho largest sales were of
Sugar Refining, which also sustained the
greatest net loss namely. ~ points. Other net
declines approximately as large were in three
comparatively inactive stocks. namely Consoli-
dated Cas- Brooklyn Union Gas, and Manhattan
Railway. which closed 6l2. 5aa and A, points
lower respec lively. The usually active stocks
sustained net losses ranging as high as ga cent.
In Missouri Pacific London was fairly large
seller, but the bulk OF tho liquidation was by
commission houses. which, 1t Is known, handle
speculative accounts upon narrow margins.
The professional element which has been
fighting the rise in prices all along was
In its glory. 1t hammered the market and
exerted itself in every way to uncover stop
orders. At the decline the larger commission
. houses were conspicuous buyers. One OF them
1t is estimated. purchased between 10000 and
10000 shares Of various stocks, and another is
reported to have bought three four times
!. moro than 1t sold. Brokers who usually
|. act for tho only conspicuous operator on the
long side were also large buyers. A sharp rally
| occurred in the early afternoon, but in the las,
half hour effective selling was resumed tha,
carried the majority OF stocks back to nearly the
1 lowest prices Of the day. The closing was there
, | fore weak.
!. Final sales compare with those OF yesterda,
b a. follows:
= Sept 20. Sept. al. Sept 60 Sept ql
: A.T&sFs. l6h l5h NatLeAd.. 4o7s 80
. A.T&sFep 34h 327s Nat Lead pfl o7ia lo6
. Am Cot OIL. ed 23t2 North AM. SD s
Am ..l6lia l43'. w com..l29h 1862
= AmsRefp.1l7a ll5H Pac com. 2oS loS
> Am Tob.... 90 eeh Pac pt... 3d. 52T
AmspH... l4b l3h NY Crut..ll3a lllA
= Amsphp. 331 see NJ Cent. ee1 e6a
Brook RT.. 35h 32S Omaha com s6S. s4L
Canada So. GO 57Sont& W.. 1914 lsL
= C,cCkstL 3e1 37L Poc Mail. 81 34s
= c.B&o"..loo 9sL Pull car"le2a $50
Con GM....227 22lla Rock Islanl 90 %
q chcs& o.. 25ia 24a Rcading".. 20 26L
= Chic o"...l o74 lot Read ltpf 56a 54h
= Ch w.. lS7s l7S st CON-. 1000 oSL
w..l6os 1907 SO R'way.. llS Ill
= Della Hud.. 1914 lls oR'wayp 36L 34l
q D&RGpf. 49'a 4SL standR&T rs ga
q Erie........ ISL II Texas Pac.. l3I l2T
. Gen Elsc... 3eis 36G rC.I&R. 327s 3lI
Illinois cenl o7is lo5LIun Pac.... 23L 22
Kan Tex. 10 l5i4IU S Rubber 10 l7L
Kan T pf. 30S 379Iu Rubpf. 90 87S
Lou 4 Nash 6l's 69aIU Leath.. yIs ss
l. LE&West 2la go U Leathp 60 GA
. LEGWpf 70 76Ls wabash. ga. s.
La&iedeG Gas ID 42S Wabash pr. 23b 2lS
. Mani Con. lOL 1862 " Tn Tel. Cd OIL
Nhn&stL 20h 26i2 w&LE... ga 2L
M&StL2dp 81 6SsIW W&LEpf. Id Ii
hoPacinc.. 37a 34n4
!. Government bonds easier. The As of 1872,
closed Il " cent. lower bid. Railway bond
weak. The features were Atchison. Colorado
and Pacific lstst. r.; Brooklyn Rapid Transit 5s
Chesapeake and Ohio general 4ias, Chicago Ter
= minal lists. I. r.. Fort Worth and Denver Cit,
= lists. Houston and Texas Central generals low
Central lists. Kansas Pacific consos, t. r.: LOUIS
vile and Nashville gold 4s. Minneapolis and st
|. Louis consol 5s. New York. Susquehanna an,
!, Western generals, Oregon Railroad an,