The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-09-12

Heavy on the Bad Earnings Showing
Southern Roads Affected by Yellow
Fever Scare and Cotton Crop Reports
Grangcrs Take the Bulk of the Trading
-Silyer's Rally at Home and Abroad
The Week Reviewed
New York, Sept 1.-THE general tone
OF the market for stocks was strong to-
day and there was no heavy pressure
OF realizing sales. But there was more
or less weakness at different points
scattered throughout the list The
Northern Pacific issues were heavy on
the continued bad showing Of earnings.
the fourth week in August showing de-
crease, and the most decrease in gross
earnings amounting to s12.194. This
showing is in marked contrast to the
average increases which are shown by
other roads almost without exception.
Some of the roads in the Southern
group were unfavorably affected by the
fear that the yellow fever quarantine
would interfere with their traffic and
also by the government bureaus report
of theu nfavorable condition of the
cotton crop. The effect was noticeable.
Southern Pacific preferred and Mobile
and Ohio, Mississippi Valley, were under
more or less pressure of profit taking.
The coalers were also weak, the Read
ing issues being under pressure TO
marked degree. The bulk Of today's
trading was centerej in the grangers
and Kansas AMI Texas, and these were
strong with the exception Of Chicago
Great Western and Northwest, which
closed at a fractional decline after hav-
ing risen a point net. Kansas and Tex
as preferred closed at a net advance of
1-2 per cent All of these stocks clos
ed fractionally below the best, but at a
net advance. The results in the list gen.
orally were mixed. Outside gas stocks,
especially Bay State Gas, were weak
and local gas stocks were strong.
B~Alyn Union Gas gained nine points.
Consolidated Gas advanced at one time
3 points, but closed at fractional de-
cline. Manhattan ranged freely over
two points and lost a fraction net. To-
ledo and Ohio Central rose points and
Pullman two points. a feature of the
day was the sharp recovery Of silver OF
I'D TO % I'D. in London, and 1 cent, to
So cents in New York. This was due to
the decision Of the Bonk Of England au-
thorities to hold one-fffth of the bank 5
reserve In silver. Today's price is ID
above the lowest in London and 3 1-2c
above the lowest in New York.
The total sales Of stocks today were
2SS, 7o5 shares.
THE WEEK REVIEWED.
The week in Wall street has witness
ed the resumption in force Of the bull
movement, the buying through commits
sion houses being again in full tide.
Evidences are abundant also of buying
on a large scale for individual and cor
porate holdings Of capital. There has
been abundant liquidation OF other large
holdings whose owners seemed content
to take profits and whose belief is eX-
pressed that prices in leading stocks
have advanced as far as warranted II
is some ground for the belief that large
blocks of new securities of reorganized
companies which had come into the
hands of large capitalists through their
memberships in underwriting syniicates
have been passed to other hands, or are
being passed to other hands in the cur
rent boom on Wall street Offerings
have all been well absorbed, whatever
reaction was manifest being usually re-
covered before the trading day was fin
ishei. The weeks speculation showed
renewed activity in railroad securities
while the industrial Specialties were
less prominent The manipula ting
boosting of an individual stock, which
was a feature all last week. has beer
absent this week, except on Tuesday
the first trading day, when Northern
Pacific preferred was thus employed
Developments OF new factors Of strength
in the general situation has done away
with the necessity for this daily bracer
or artificial stimulant 10 the market
One of the most notable developments il
the general situation has been th'
growing interest in Americans on th'
part of English and continental capital
As the London market is nearly stripped
of American securities. much of thi
buying has been in the New York mar
ket direct for the foreign account. TIT
supply OF Americans in London has, il
fact. become so small that they ar
easily affected by manipulation and tn
course OF their prices is no longer &C
cepted as reliable indication in New
can securities by foreigners have beer
melted by foreign financial authoritie
and encouraged and aided by the larg
banking and financial interests, with
view TO their effect in checking gold eX
ports to this country, and keeping dow
the money rate in London, is now full,
admitted. 1t is much doubted whethe
the expeiients adopted by the Bank o
England 10 check the outflow Of gold b,
contracting loans and raising the dis
count rate will be much longer success
full. The bank is handicapped by IS ON
desire 10 keep down the money rate i
order 10 facilitate the success OF the in
mediate sold movement. But the evt
dence OF continued heavy bank clear
insg throughout the United States,
elat uses are being found in bushes
for this country's surplus reserves c
money. This is supplemented by today
statement OF New York clearing hous
banks. The decrease OF S7,07S. 900 in III
stock OF legal tender indicates that tn
contraction il the reserve Is due to n
demand for currency from the interior
Meanwhile the exchange market ha
grown weak again. and offerings OF Spt
grain bills and cotton futures are hes
Wy Probabilities thus point to an cal
IL hardening Of rates for money and a
inauguration % gold exports. TIL
most important event OF the week va
the action OF the St. Paul directors
declaring an extra dividend Of l per Ger
h-frgiug the wears distribution IN