The times., 1899-08-18

New York, Aug. 17--Today's rapid price
movements resulted for the most part in
the establishment of a higher range Of
values. The buying Of stocks was for both
accounts. and in those instances wherein
the short interest has become unduly ex-
tended the advances were very sharp. On
the other hand operations for the short
account we're not suspended, and, indeed,
they were aggressively conducted in some
stocks with the palpabie view of affecting
the general market Bullish sentiment re-
ceived its most effective incentive from
the radical change which appeared in the
LONDON stock market American shares
were shown in the early cables at sub
sta1tial advances above the local closing
level, while English consols also advanced
1-2 point The Improvement in London
was attributable both TO the retention OF
the Bank of Englands discount rate at
1-2 per cent and TO a further decrease
in the uneasiness respecting the outcome
OF the situation in South Africa. The bet
tering tone of the London market was at
tended by moderate purchases of stocks
here for foreign accounts The local situ-
alton OF itself comprised nothing new of
general Importance. Among the days
features were the establishment of yet
lower rates for money and these were not
reflected in a quotable advance in sterling.
The railway traffic returns submitted to-
day. .1ncluded the earnings of the St. Paul
Company for the second week of August,
which showed an increase of Sl06, eco or
about IL per cent as compared with last
years earnings. In six weeks of the fis-
cal year this company has increased its
gross returns nearly 80 per cent over those
of last year Speculative interest showed
pronounced shifting from the industrial
quarter into the railway list, notably for
the middle grade stocks, the dividends on
which are not yet fully settled. Note
worthy features in this regard were Atchi-
son preferred, the Southern Railways,
Louisville and Nashville and all the stocks
classed as the Pacifcs. Southern Pacific
and Central Pacific were conspicuously
stropg.
So far as can be ascertained no exact
dat6,-has been fixed for the conversion of
Central Pacific into Southern Pacific, but
il is understood 10 be not remote. The
sharp advance in Southern Railway pre-
ferred and Louisville and Nashville were
reasonably enough attributable 10 the con-
Etantly improving positions Of those Sc
curities and TO the certainty that their
holders may look forward to gradually in
creas1ng returns on their investments The
granger shares, New York Central, and
Pennsylvania, were likewise strong and
substantial advances were noted in Peo-
pies Gas. Brooklyn Rapid Transit, Metro
poIitan Street Railway, Consolidated Gas,
and Tennessee Coal and Iron. While con-
lecture was very active as to whether the
directors of the Consolidated Gas Company
viii 5nake a further reduction in the divi-
dend at their meeting this month. the
stock was not thereby unfavorably affected.
Sugar Refining was exceedingly erratie,
declining rapidly at the opening and subse-
quenily undergoing wide fluctuations. Div
idend uncertainties were also advanced in
this, instance to account for the move
rents in the stock. The Tobacco shares
were reactionary, presumably on profit
realizing sales following the exceptionally
extensive advance that has taken place in
these stocks.
The other firm features OF the market
were the Baltimore and Ohio issues, Nor
folk. and Western, and the Pan Handle
stocls. Trading continued active through
cut the day and the market showed moth
ing more than the occasional reactions
following profit realizing sales and the ef-
forts OF bearish room traders at depress-
ing prices. A feature of the market was
the increased activity in bonds, and that
quarter furthermore reflected the influence
Of the easier monetary situation, to which
81 is even more susceptible than the more
speculative stock market