The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-10-12

the weakness OF the market at the close on
saturday, and the evident intention Of opor-
ators for short account TO depress prices
as much as possible ut the beginning OF
this week. They undoubtedly counted upon an
accumulation OF selling orders over Sunday In
consequence OF their aggressive tactics during
the last few days. At the carly decline buying
to cover shorts was conspicuous, and before the
day was over sonrc Of tho professional opera
tors who have boon active on the short
SIDE ala not hesitate to admit that they
had changed their position on the mar
Rot. A number OF them professed to
be Influenced by the termination OF the drought
that has existed in certain parts OF the West
and Southwest for several weeks past. How.
over that may be, the fact remains that copious
rainfalls In the sections indicated during tho
last forty'eight hours had "a decided effect upon
speculative sentiment to-day, and helped to
turn the course Of prices. Not only were shorts
covered upon an extensive scale, but there was
also considerable buying for long account.
Tho effect Of the change In meteorological
conditions ut the West was most pronounced In
the shares Of the Granger trunk lines, In Mis-
souri, Pacific, Northern Pacific issues. Union
Pacific, and Louisville and Nashville, all Of
which closed fractionally higher than on Sat.
urday. Regarding the current traffic returns
OF these roads most gratifying figures arc
~ III JEuo0NOIbhhy iOpoib
cd that the gross earnings OF the
Northwestern Company for September will DO
approximately SO. soc, 900 and tho largest In the
history Of tho company. The c., b. and Quincy
Company will, 1t Is confidently asserted, show
an increase in gross earnings for September Of
over $1,000 900. That the traffic returns Of
these roads for the present month will BIO fully
as good as those for September is in
dictated by the increase of nearly 100000
in those OF the st. Paul Company for the
first week in October. although comparison
Is made with exceptionally large receipts for
the corresponding period OF last year. The
local political campaign was less of a factor
than last week. partly because views as to the
outcome of tho election have changed some
what and also because the speculative combina-
tions that have been making capital OF the
candidacy Of an out-and-out Populist and have
also professed to believe that q similar can.
didate thinly disguised might be elected were
less pronounced in expressing and dissent
mating their views.
1t appears from foreign advices that the ship
ments Of specie TO this country and the pros
poets of a fairly heavy movement in the near
future have begun t%oaffect the European money
markets. The Imperial Bank of Germany has
raised its rate OF discount from 4 to 8 q cent,
and at the same time the Bank OF England has
raised its selling price for gold bars and Ameri-
can eagles lad. per pound. These changes. which
are doubtless warranted by conditions abroad,
are not likely to retard exports Of specie. for the
exchange market here is declining steadily and
the close this afternoon was very weak under q
fresh supply Of commercial bills. Foreign arbi.
TRACE houses did very little in stocks to-day. 80
little, indeed. that their operations cannot be re-
garded as a factor in the speculation. The
market as a whole showed more resistance
than at any time since the reaction began.
Chicago Gas continued to hold first place in
respect to activity and after a sharp decline in
the early dealings recovered TO Saturdays final
price. All Of the improvement, however, was
not retained at the close. Sugar refining also
sustained a fractional net loss. and SO did Atchi,
! son issues. Chicago Great Western and Reading,
The only noteworthy net declines were in Chesa
peake and Ohio Wabash preferred, Consolidated
Gas. and q few OF the less active stocks. The
closing was in the main firm.
Final sales compare with those OF Saturday al
follows: