The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-09-03

Many board room traders and others whit follow
speculation on tho Stock Exchange for q hvoli-
hood, apparently fail to appreciate that the
market for securities 10 rapidly getting beyond
their control, and that In consequence OF tho
radical changes affecting values IL can no
longer DO gagged by tho standards Of a few
months ago. Wider fluctuations are the nat
ural result OF a larger and moro widely spread
interest In the market, while the comparatively
uninterrupted advance in prices 10 warranted
by considerations with which every reader OF
this column is familiar,
Reactions In tho market will. of course, AXE
place from time TO time. but the only oircum-
stances likely to bring them about, barring some
unforeseen catastrophe, are extensive sales 10
realize profits or u moro active money market.
AT the moment there are no indications OF an
Important advance In the rates for money, ana
the realizing OF profits in a market like the pros
ent ono invariably creates an effective element
OF support that becomes operative whenever
q recession occurs. 1t 10 undoubtedly true
that a good many securities have been dis
tributcd within the last two weeks, that Is,
passed from strong holders to weaker
ones; but In view of the unusual conditions pre-
vailing in the present crop year 1t may turn out
that the judgment OF sellers Of securities Is not
as accurate as that Of tho purchasers. In fore
casting tho immediate future OF the market tho
fact should not be ignored that the approaching
end OF the summer vacation season brings into
the market new buyers, both for speculative
and investment account. Tho chances that
London will eventually change Its position on
the market for American securities Is a possible
fy that cannot DO ignored.
The heaviest trading was In st. Paul., for
for which there was an active demand on tho
curb after tho close OF the Exchange. because
ri Tho Hnn l.. --.t sl.t The .
OF the company at their meeting a week from
to-day will declare an extra dividend OF l y
cent. Tho advance In st. Paul after the close
might be definitely explained by the traffic re-
turns OF tho company for the last week In
August, which show an increase In gross
earnings as compared with the corresponding
period OF last year OF $l0S 600. This salts
factory showing will not be generally known
until tomorrow morning. The Same statement
applies to a report Of the gross earnings Of the
Rock Island system for last month, showing an
increase in gross earnings Of 1876 900. The
traffic returns that have come to hand to date
arc unmistakable evidence that the railroads
have entered upon a period Of prosperity, al
though the transportation OF various staple
crops to market and the return movement Of
merchandise have not yet fairly begun.
Tho activity in tho Vanderbilt and the Gran
ger stocks was supplemented by larger dealings
than for some time past in Chicago Gas. General
Electric, Pacific Mail. and Western Union, all
Of which were exceptionally strong. A large
number Of the stocks heretofore neglected also
made material progress toward higher prices.
Among them were American Cotton Oil. Colo
RADIO Fuel, Minneapolis and st. Louis second
preferred. Pullman Palace Car. Rio Grande
Western preferred, and Great Northern pre-
ferred. Toward tho close a fresh buying move
WAN IN sn hat 49, . a ~