The sun. [volume] (New York [N.Y.]) 1833-1916, 1896-04-19
LATEST LONDON QUOTATIONS.
SATURDAY. April IS.

been of o favorable character; hence It Is
entirely natural that the prices for Sc
curities tonight should, as q rule, be
higher than those recorded . week ago,
This improvement has resulted chiefly from
professional operations. particularly in the
stock list, and. In spite Of sales. to
realize profits during the latter part of the
week. The most substantial and hence
most important circumstance influencing the
market for securities is cumulative evidence
that foreign capital is about to break over the
limits OF homo markets. The amount of I'M
employed money abroad has become so large
that II has forced choice investment securities,
such as British consols, to unprecedently high
prices. At tho same time. It has depressed the
rates for money to almost nominal figures.
South African enterprises have ceased to attract
capital. and the prospects of political complica-
lions in that quarter may reasonably be expected
10 give q further setback to speculation in
Kah'rs.
On the other hand. there is a distinct improve
mont in the business and financial prospects
Of tho United States that is beginning
to appeal to foreign capital. The re-
Mobilization OF bankrupt railroads, especi-
ally of tho Northern Pacific Company,
is progressing more rapidly than any one ex-
pected o few months ago. The opportunities
presented by the development Of various reor-
ganization schemes have always attracted bar
gain hunters to the Stock Exchange, and
this class Of buyers was never more alert
than at present. Their operations facilitate re-
organizations because the advance in prices re-
sultinR from their purchases encourages tho
original holders of securities to accept
the terms offered to them. and in some
cases to increase their holdings. The improve
ment in prices thus brought about helps the
market generally. II follows that. as a large
proportion Of the securities affected by pending
congratulations arc held abroad. progress in
those organization is certain to stimulate .
more confident feeling among European holders
Of American railway securities.
Next In importance to tho onslderations just
mentioned 10 the improvement In tho foreign
exchange and domestic money markets.
changes that have resulted partly from
the disposition Of foreign bankers to
employ their balances here, and also
OF foreign investors to secure desirable obliga-
lions in this market. The amount Of foreign
money lent through the medium of the ex-
change market 10 not large; neither have tho
purchases of securities BIZ European dealers
and investors reached an important total. II is
sisIliuaul however, that the tide appears 10 be
turning. The extent of the movement, both in
respect to time and volume. will uuquestionably
be governed by the commitments or pledges Of
the two great political parties upon the currency
question: and as their attitude Is still In doubt,
both foreign and domestic capital may
hesitate about making extensive commit
ments until at least one OF the National
Conventions 10 held. The feeling seems to be
30 strong that whichever party comes out I'm
equivocably In favor OF sound money will win,
that business interests are likely to respond at
once to such q declaration, on the assumption
that the party making It will be certain to carry
the election.
The indications arc that the wedding out of
weak and mismAnAged commercial enterprises,
caused by the TOW events that repressei
business during the hrst quarter OF the year. has
about como to an end. At the same
timo banks and other lenders Of money
who arc accustomed 10 accommodating the
mercantile community have obtained q much
clearer idea than heretofore of the resources
and character OF borrowers. These two
circumstances are partly responsible for
tho freer movement of commercial paper
ut . moderate recession in tho rates
that ruled up to the beginning OF the
present week. Still another influence affecting
general business Is tho warmer weather. which
has stimulated the retail trade In particular.
Bank clearaness corroborAte the regular trade
reports that business 10 improving. The fact
that there Is room for q great deal more i'm
- - hSNb ehos ohoulu II y " over
looked.
The foreign exchange market, which has
been watched with unusual attention ever
since the Government was compelled, frat
by foreign apprehension regarding our cur
rency, and then by inadequate revenues, To
resort to bond sales to provide a gold
balance against Its issues OF paper and silver
money that would meet popular requirements
to be feeling the effects OF = more
sentiment abroad and also OF q
shifting trade balance. The only
exports OF specie SO far have been upon special
orders, and unless some unforeseen clrcum-
stance becomes operative the chances are that
Shipments even upon that basis will not be re-
sumed. Tho weekly statement OF averages OF
the Associated Banks shows that the tendency
Of money toward this centre. which nrst
became apparent last week. still continues. Tho
banks have evinced q disposition TO increase
their accommodation by lending a somewhat
larger amount OF money than they re-
Both Of the changes are small, but
they may be reasonably regarded as significant.
stock market was inactive. but strong.
The features were Sugar Refining. American
American Cotton Oil preferred. and