The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-09-08

TUESDAY. Sept. z.

TUESDAY, Sept. z.
An Improvement In tho London market for
American securities over the double holiday
here influenced a strong and animated opening.
Tho stocks most in request were Northern Pa
cihc. Reading, and Southern Railway issues
and st. Paul. The first and last named proved
to be prominent features of the market, A
number OF other stocks were dealt in extern
sivcly and several Of them, notably o., b.
and Quincy and Sugar Refining. made ma
terial progress toward a higher level. The
most extensive transactions were In Northern
Pacific preferred. which closed nearly 4 points
higher than on Saturday. The Northern Pacific
common also received more attention than for
some time past at n net advance of nearly .
points. There was aggressive buying Of both
stocks that not only caused a local short interest
to cover, but compelled foreign sellers in this
market to reverse their position. The move.
ment in Reading securities was less pronounced
than that in tho Northern Pacific issues; still. it
had a decided effect upon the remainder Of tho
market. Louisville and Nashville and the
Southern Railway stocks were unfavorably
influenced after the early dealings by adviccs
from the South OF tho appearance OF yellow
fever at various ports. The professional ele-
mcnt endeavored to mako q good deal OF
capital out Of this occurrence. and APP
parently succeeded in influencing some
speculative holders Of various Southern
railway securities. who overlooked a number
of important facts. namely, that the epidemic
mentioned has never made serious progress in
the United States when 1t has appeared as late
in the season as it has this time. and that the
sanitary provisions for meeting and controlling
the disease have fo- many years past been ef-
fective in preventing 1t from making extensive
ravages.
The yellow fever scare Is worked periodically
in the market for the Southern securities, but
OF late years with indifferent success. The
speculation in the Granger stocks was influenced
by the further advance in the price OF cereals.
the unprecedented receipts of grain In Chicago,
and the heavy exports of brcadstuffs. The
possibility OF an increase in the dividend to be
declared upon Sugar Refining tomorrow was
responsible for a noteworthy net advance IN tho
price OF that stock to-day. Among the less ac-
tive shares Consolidated Gas was most conspicu-
Gus nj a net advance OF ga points. Other stocks
in that category that made noteworthy advances
were Sugar Refining preferred. Hooking Valley
preferred. Detroit Gas. Rio Grande Western
preferred. and Susauehanne and Western pre-
fcrred. The bond market was fully as strong
and active as that for stocks. with brooklyn
Rapid Transi. IS. Erie "a general liens,
Fort Worth and Denver City firsts. and
Northern Pacific general lien bonds especially
strong. The news consisted almost en-.
tirely OF railway traffic returns. which are
printed further on in this column. 1t is to be
noted that London was an unusually heavy
buyer Of securities, and that speculative hold
es took profits upon an extensive scale. The
buying. however, was more effective than the
selling, as Is shown by the fact that the major
ity OF the list closed higher than on Saturday.
Final sales compare with those of Saturday as
follntEs.