The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-09-02

"WEDNESDAY, Sept. l.
The dealings in stocks to-day were upon the
same extensive scale as yesterday, aggregating
considerably more than half a million shares;
but the fluctuations were irregular. A strong
opening was follow ed by moderate selling
by foreign arbitrage houses. which, to-
gether with the recent improvement in
prices. induced sales to take profits and
also inspired operations for short account.
In a number of stocks the selling was effective
and resulted in fractionally lower prices at the
close OF business. The majority of the list, how
ever, closed higher than last night, with Omaha
common most conspicuous in the upward move
ment, at a net advance of l0A points. Tho adj
vance in that stock took the Street by
surprise and started a number of absurd
rumors explanatory OF the movement. They in
cluded suggestions of n formal consolidation
OF the Omaha and Northwestern companies and
reports that the last named may guarantee 4 q
cent. per annum upon Omaha common. Tho
nrst OF these rumors was authoritatively denied
several days ago. and the denial was repeated
to-day in unequivocal language. The suggestion
OF a guarantee Of dividends by the Northwestern
Company elected a similar denial. As that com
pany holds n majority Of the stock OF the Omaha
Company. the denial referred TO seems almost
superfuous. The advance in Omaha common Is
doubtless based upon an informal decision by
those who control the compaay to place the
stock upon a 4 y cent. basis. This action was
foreshadowed when a dividend of Q y cent.
upon 1t was declared last February. AS
tho physical condition OF the property
mas boon raised to a high standard by
the expenditure OF net earnings, and
the present year promises to be an unusually
profitable one for ali of the Granger trunk lines.
1t Is perfectly reasonable TO assume that Omaha
common will be entitled to and will receive 4 o
cent. from the net earnings Of the current year.
In some quarters there was q disposition to
regard the advance In Omaha as q menace TO
the immediate future OF the market. This view,
however does not appear TO be tenRble. for the
reason mat the stock has never occupied a
prominent position in tho speculation, and, be-
sides. II II Is to be placed upon a b cent. basis
the final price recorded to-day cannot be con-
Sidcred out OF proportion In comparison with
the prices of tho other Granger trunk line
shares. AL members OF that group received q fair
amount OF attention to-day. Rock Island WIS
exceptionally strong. making n new high rec
ord. ST. Paul, on tho other hand, was relatively
heavy, a circumstance that would seem to indi-
cate doubt regarding an increase In the next
semi-annual dividend. There was moderate
realizing OF profits in Atchison preferred, Chesa-
peake and Ohio, Louisville and Nashville. Mis-
souri, Pacific. and various stocks that were dealt
In less extensively. This. however, was merely an
incident, which was dwarfed by an advance In
sugar Refining to l59. by tho movement I'm
Omaha. and by noteworthy net advances In
American Cotton OIL shares. Colorado Fuel,
East River Gas, General Electric. Lake Eric and
Western preferred. Metropolitan Traction, Ma
tionRl Lead, ST. Joe and Grand Island first pre-.
ferred. and United States Leather preferred.
Regarding some OF these stocks It is TO he
noted that for tho fiscal year now drG wing to a