The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-07-30

Sinoe tho beginning OF tho week the stock
market has reflected a difference of opinion az
to the immediate course of prices. and to-day 1t
became most pronounced. A large proportion
OF the professional element holds the view that
the market Is entitled TO a decided reaction and
that the realizing Of profits has been sufficient
to bring 1t about. Tho operators referred to
have, acting to an oxtent in concert, made Wig
orous attacks upon the market every day
this woek. and to-day they were especially
aggressive. They have encountered all along
increasing confidence on tho part of substantial
interests and also on the part of the public, for
the last named has finally made its appearance
In Wall street. Two or three determined on
slaughts were made to-day, and In certain sec
tions Of the market they were permanently suo
%cessful, but tho majority of the list proved
superior to realizing sales and profess
sional manipulation and closed higher than
yesterday. The only noteworthy net de-
clines were In American Tobacco, Jersey
Central. Susauehanna and Western preferred.
and q few Of the usually inactive stocks. On the
other hand. Chesapeake and Ohio, General Elec-
trio, Southern Railway preferred, Wabash pre-
ferred, and a long list of stocks dealt in less OK
t~ensively closed materially higher than yester-
day. Foreign arbitrage houses traded moro freely
than for q long time past, and bought moro than
they sold. All advices from London agreo that
there is a revival there Of interest in American
securities and that. as noted in this column q
week ago. both investors and spectators are
breaking away from the leadership OF bankers
and newspapers that have belittled the present
movement in American railway securities and
endeavored to dissuade the British public from
participating in 1t.
A few facts regarding the market so far this
week are well worth considering. Ono is that
for fpur cOpaerutiya daya tho frapao,ttopo ~
stocks have averaged over 400 600 shares, yct
these unusual transactions have not been &C
companied by indications of a elimination in
tho advance in prices. Within the same period
the dealings in bonds have increased steadily,
until to-day they reached nearly 81, 900. 900
par value. In tho stock market there
has been a steady improvement in the distribu-
tion Of business, and q more general interest
has been shown by the increase in the number
Of small amounts Of stock traded in. The trans
actions in fractional lots to-day footed up near
ly 10000 shares, and it is also significant that
there was q decided increase in the number
OF 100 and 200 lots dealt in. This cannot DO
attributed to manipulation, az there is no
operator nor aggregation Of operators work
Ing in the market capable of producing such
results. 1t Is patent that there has been q very
decided increase in the number Of people patron.
ixing the Stock Exchange. either for Investment
or speculation. While upon this point it may be
noted that the trading in Sugar Refining, which
was unusually heavy last week. has been upon
@ declining scale since tho beginning of the
present week.
That the amount Of money seeking invest
ments OF the most conservative character is
still very large is shown by the bids received
to-day for the $40. 900. 900 of gig q cent. bonds of
the city. Those bids aggregated more than two
and n half timeQ the anOuDt IF honda nfPonoJ
and the indications are that they will be
awarded upon n basis that will reduce tho
interest to the city to o little more than 3ls y
cent. In the face Of this and other favorable de-
velopmentst the professional element endeavored
to attach Importance to reports of damage 10
the growing crops in q few localities in the
West and to exports of gold on Saturday, which
may possibly foot up 81. 5OO.OOO Bankers and
the business community generally do not regard
these shipments with apprehension, because 1t
is well understood that they are made in pay
ment of extraordinary imports OF merchan-
disc which will be Offset later In the
year by equally heavy exports Of bread.
stuhs. So far as present remittances are
influenced by sales OF securities by Europe, it Ia
already plain that those securities are certain
to be rcpurchased and large amounts taken be-
sides. The withdrawal OF $lOO, 600 Roldl from
the Sub-Treasury for shipment to Canada shows
that recent heavy imports from across tho Dor
der have not yet been entirely paid for.
Tho revival OF activity in Chesapeake and
Ohio Is explained by the fact that the annual 70.
port for the fiscal year just ended will make an
unusually good showing, as shown further ON in
this column. Renewed activity in Wabash pre-
fcrred is also explained by tho company's traffic
returns for June. The June statement of the C.,
b. and Quincy Company prevented that stock
from Welding as much IA fha nthAr