Evening star. [volume] (Washington, D.C.) 1854-1972, 1897-09-02
FINANCE AND TRADE
New York Stock Market Marked by
Violent Fluctuations.
VANDERBILT STOCKS WERE FEATURES
Omaha's Sudden Advance Due to a
Rumored Consolidation.
GENERAL MARKET REPORTS
Special Dispatch to the Evening Star.

Special Dispatch TO the Evening Star
NEW YORK. September 2-Today's
stock market was decidedly feverish. but
exceptionally strong. I'm spite of this DOM
inant characteristic.
The 10 per cent advance In Omaha at the
close OF yesterdays business had the effect
of revolutionizing the basis on which mar
ket values are determined. Rumors of its
consolidation with Northwestern were per-
sistently denied. and. as this influence alone
was operative yesterday. its destruction
during the opening hour resulted in a con-
siderable volume of irrational trading.
Opening prices reflected a decline of 3
per cent from the closing level but during
the hour the bulk Of the loss was regained.
The stock was extremely sensitive through
out the day. and at times had a tendency
TO unsettle the entire list.
There was an evident lack of confidence
in the shares even among those who con-
ceded its intrinsic merit. The advance. It
vas argued, had been too sudden TO be
wholly sound. While this argument was
applied to this stock as principle market
factor. neighboring members of the Van
derbilt group were brought out prominent
ly as leaders because of the possibilities
for advancing them made evident by the
easy flight of Omaha.
Chicago and Northwestern. for example.
was advanced points because of the fact
that the company Is the largest owner OF
Omaha securities. These assets were mark
ed up nearly five million dollars in value
by yesterdays advance in the company's
protege.
Canada Southern, Michigan Central,
Lake Shore and New York Central all ad-
vanced substantially under exceptionally
good buying
This movement was wholly due to conf
dence in the management and the evidence
of popular favor. disclosed yesterday.
The Nanderbilts were the features of the
day and to a degree not duplicated by any
group OF securities In many months. While
the general market was forced into a state
of indecision for the time being IL is never
theless encouraging to have the buying
power OF the street so amply indicated.
Pacific Mail was advanced nearly per
cent under buying OF the better class an
Increase in earnings being opportunely re-
ported during the progress of the advance.
The coal shares received moderate atten-
ton from time to time, but as yet efforts
TO maintain this group in a position of
leadership have failed. solely because of
superior Inducements elsewhere.
The granger shares were practically
neglected. but gave evidence of rather
good selling from time to time. Profit
taking IN this group had the appearance
of weakness by comparison with the move
ment in the more active ISIS les.
Bu-lington's much-discussed statement
is likely to appear tomorrow. the delay in
publica ton being credited to changes in
the company's fiscal year
Tobacco, Leather and Sugar were active
but erratic during the early trading. The
two former properties are being marked
opportunity offers by pools working en-
tirely in the interest of speculative profits
The fluctuations for the day were the
most violent of any yet witnessed during
the present movement. The net changes
in view of this fact must be regarded as
more encouraging than otherwise.