Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-07-12
Morgan Factions in London Buying
American Securities.
INDICATIONS OF BULL MOVEMENT
Belief That Big Railroad Con.
solidation is Under Way.
SUGARINTERESTS CoNGENIAL


Special Dispatch to The Evening Star.
NEW YORK, July 12.-London cables re-
port foreign markets still fat on the unsat-
isfactory Transvaai affair and prospect Of
an advance in the Bank Of England rate
tomorrow. Americans are, however, an ex-
ception to this. ruling firm and frac,ionally
higher under lead Of Louisville and Nash
vile and the Pacifcs. Louisville and Nash
Vile is the strong feature here today. II
Is selling equal to TlSs bid, New York price
The buying is of very best description. The
Morgan factions in the market for
Americans. indicating that a bull move
ment of considerable proportions will soon
be under way. Consols are down 5-iS on
prospects of tighter money and not war
scare.
; Sentiment is more in favor OF the market
on the belief that next Saturdays bank
statement will show a material increase IN
surplus. and money will work easier next
week The bull speculation in the Gould
stocks is predicated a belief that a big
deal is under way to merge the Texas Pa
cific and Wabash. ST. Louis and South
western and Missouri Pacific in one sys-
tenn. 1t is believed that the Goulds and
Mr.. Common have been buying all these
stocks lately, particularly the latter. and
higher prices for all OF them predicated,
especially Missouri Pacific, which, II is
said. will sell back to 30 on this movement.
Missouri Pacific earnings for first week OF
July show increase of s23,Oo0.
The weekly government crop report is
considered as favorable on both winter and
spring wheat, as well as corn, which Is re-
ported to have made rapid growth The
winter wheat harvest is nearly finished
except in the extreme northerly sections,
particularly in Wisconsin and Michigan
where II is delayed by rains.
A new bull pool is behind the advance in
Sugar. There has been no disturbance in
the rates of refined and rawS and IL is
stated that agreement has been made
by the outsiders and the trust to continue
this, as it permits both interests to make a
fair profit. This is believed to indicate a
better feeling and foreshadowing prob
ably early settlement of the war.
Keene brokers were buyers this morning
ard there was again good speculative west
ern buying. Money was in good supply at
per cent at the start, and ii is not likely
to be a factor the bear side any longer.
News of another deal came out this morn
irg, the Big Four taking control of the
Lake Erie and Western. but ii is a secret
deal and particulars cannot be obtained.
Mr.. A. S. Adler says: Il have trust
worthy information that dividend on Fed
eral Steel CON mon will be paid on the 10Th
instant through arrangements made at
prominent barking house to advance money
to stockholders of record"
Banking houses will take receipts therefor
and will be reimbul sed by the Federal Steel
Company at end of the year in case the
injunction is continued. This shows the
managers are in good faith in trying to
distribute to common stockholders the
money which is due them.
southern railway earnings for the first
week in July show an increase of s43.727
over last year. Louisville and Nashville
first week in July, earning increased SOS SO
over last year. The buying of Brooklyn
Rapid Transit today is very good and IL
looks as IL the stock will sell higher. The
buying also IN Missouri Pacific, Texas Pa
cifc, Wabash and St. Louis and South
western still continues good.
The market closed dull, with a strong I'M
dertone. The London market for Ameri-
cans closed steady In the face OF heaviness
in the other markets. Paris also closed
heavy. Consols, however, closed a shade
higher for money and account.