The times., 1899-08-02
THE UNDHRTONE STRONG
After an Animated Opening the
Market Becomes Quiet.
The Rigid Quarantine Regulations
Yellow Fever Infected Portion OF
Virginia Has Renssuring Ef-
feet Upon the Foreign Operators.

New York, Aug. AFTER an animated
and very strong opening the stock market
became more quiet, though with the de-
crease of activity there was no apprecia-
bic impairment of the markets strong un-
dertone. The opening burst of strength
might be regarded as a continuation of yes
terday's general rise. On the advance, as
was to be expected, heavy profit realizing
selling appeared in various quarters, but
its effect was practically confined to check
| ing the rather exuberant speculative senti-
ment prevailing. The general circum-
stances of the day were in line with those
of yesterday, with the exception that in to-
days market the arbitrage houses turned
buyers and were purchasers OF larger
amount of stocks than they sold yesterday.
The change in the disposition of the for
eign operations in this 11arket appeared to
be principally owing to the decline in ap
prehension in respect of the yellow fever
situation in Virginia. Today's advices re-
garding the situation were very encour-
aging and indicated that the rigid quar-
antine imposed upon the infected quarter
had been successful in confining the fever
! to the limits of its original outbreak. 1t
seems probable, indeed, that the revenue OF
| the railway lines more directly concerned
will be temporarily, even if artifcally.
swollen b ythe abnormal passenger traffic
incidental to the scare. re
The days situation comprised a further
! decline In sterling exchange, unchanged
money market conditions, favorable wealth
er reports from the Western surplus grain
growing sections, and a number of excep-
tionally good statements of railway traffic
| The Atchison's return for the month of
June made the most remarkable showing,
the company's income from operation in
creasing nearly 100 per cent.
| 1t should be added, however, that this
result was chiefly owing to a cut in oper-
ating expenses from II per cent last year
| to 62 1-2 this year. For the full fiscal
year the Atchison reports average oper-
dting expenses of 81 1-2 per cent against
~ per cent last year The reduction, to-
gether with an increase in gross earnings
of s1,299.000. resulted in a gain in net
income for the year of 81, ,245, 900, or more
than "a per cent. The returns reported by
the Union Pacific and the Norfolk and
| Western companies were also highly graft
flying.
The dealings again showed very gen.
eral distribution of speculative interest.
all quarters of the market being well rep
resented IN the transactions reported. The
more pronounced movements in prices were
still in the industrial quarter, while Sugar
Refining, the Tobacco shares, American
Smelling, and the car and foundry issues
were the conspicuous features. The only
one of these stocks influenced by particular
| circumstances was American Smelling.
| which advanced on the prospects of the
settlement of the labor troubles in Colo
rado. Limited changes resulted from the
dealings in the standard issues and Man.
haitian Railway and Brooklyn Rapid Tran
sit both failed to retain forenoon ad-
vances. In the final dealings the market
had a general reactionary tendency and
the close showed irregular changes