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

close tho American Cotton OIL Company VIII
show something more than 2 v cent earned
upon Its common stock. Tho advance In East
River Gas is amply explained by the agreement
that was reached this afternoon between the con-
trolling interests In that company and those in
the Equitable Gaslight Company rclativet to con-
solidation. A formal announcement Of the
terms will probably be made within the next
twcnty.four hours. Tho buying Of National
Lead is based upon tho advantages that lead pro-
duclng and manufacturing industries derive
from the new tariff. Upon this point 1t is worth
noting that tho decline In tho price OF silver Is
not ms severe n blow to many producers OF that
metal as tho public may imagine, because n
largo amount Of the silver Produced In this
country is really an incidental product Of lead
mines. and tho advance in tho price OF tho last
named practically Offsets tho decline in tho price
OF silver. The publication of the last annual re-
port of the Colorado Fuel and Iron Company
appears 10 have awakened fresh interest in
its securities. That report shows n balance
OF $3.50. 326 after providing for all fixed charges
and sinking fund requirements, and also that
for tho four years and eight months ending June
80 the average balance. after making tho do
auctions referred to, was $222, 1911. 1t appears.
therefore, that although last year was not Il par
ticularly good one in the iron and fuel industry,
the company was able to show profits of nearly
100000 above the average for the last four and
two.thirds years. In view OF the manner
in which the great bulk of Metropolitan
Traction stock is held. to-day's buying. which
lifted tho price liz points, can hardly be re-
gardcd as OF a speculative character. The
further advance in st. Joe and Grand Island
first preferred, in connection with tho state
mont OF earnings OF the company for tho first
six months OF the calendar year, recently pub
lished. would seem to foreshadow the declara-
ton of a dividend upon that stock before the
end Of the year.
The bond market was quito as interesting as
the stock list. For a number OF issues new REQ
ords were made, among them Central Railway
OF Georgia 5s, which sold at 95. Tho heaviest
dealings were in Atchison, Reading. Northern
Pacific and Wabash issues. The most interesting
domestic news OF the day came from the South.
where n shortage in freight cars is reported.
even before tho cotton crop has begun to
move to market. The increase in traffic
over southern transportation lines is reflected
in tho Louisville and Nashville statcment for
July. published to-day. and in recent returns OF
the Chesapeake and Ohio and the Southern Rail
way companies. The foreign situation shows
no Improvement. A fresh advance In the price
OF wheat is CorroborRtive evidence OF the
demands that Europe will make upon
this country for brcadstuTs and also of
lnt prices lnat IL Will nuNC 10 pay.
Its pitiable effort to reduce an inevitable
and large foreign trade balance in favor Of the
United States by selling on a rising market its
holdings OF American securities. continues. 1t
is n situation that, however unfortunate ii may
be for European consumers. investors, and
bankers, cannot but be regarded with cluanim.
ity here. The situation IN London was disturbed
to-day by the withdrawal OF nearly 81. 600 900
gold from the Bank OF England for shipment to
the Continent, and by the decision OF the
Indian Government 10 suspend the sale OF coun-
Gil drafts for ten weeks on account Of its low
balances in the East. This may result in ship
ments OF sold from England to the Indian EN-
pire. These circumstances tend to strengthen
the London money market, with It's conseq ucnt
effects upon foreign exchanges, and may result
in an advance in the Bank OF England's mini.
mum rate OF discount tomorrow. The closing
OF the stock market was, in the main. firm at
prices below the highest, yet generally above
the lowest recorded.
Final sales compare with those OF yesterday
as follows: