The sun., 1897-07-31
FRIDAY. July 30.


Exchange markets to-day was 9 falling of In the
Volhme OF speculative operations and an increase
In commission and Investment business The
dealings In bonds were In excess Of -. 600. .o00
par value, circumstance that cannot DO under
estimated, even though considerable pro-
portion OF the dealings were In so-callod
speculative issues. Experience has DEM
onstrated that many bonds that at ono
time wero Of problcmatic value have attained
substantial standing with investors. Among
the issues traded In most extensively to-day. at
advancing prices, were Northern Pacific general
lien 3s. Atchison adjustment 4s. Oregon Short
Line Issues, and Kansas Pacific first consols.
Tho recent movement In Atchison adjust
ment bonds Is the more remarkable be-
cause OF the steady selling OF the bonds
by Europe. They have been bought by local
interests in the belief that large proportion OF
the Interest upon them will DO earned and pos
sloly paid for the current fiscal year. An i'm
provement In Northern Pacific traffic returns
and prospects that the improvement will con-
unue during the remainder OF the crop year
stimulated dealings. not only In tho general lien
bonds OF the company, but also in its preferred
STOCK which led the list In point OF activity. and
scored the greatest net advance recorded by any
ofthe usually active stocks.
Foreign arbitrage houses did comparatively
to be TO sell This Is explained by the fact that
the New York market runs q little ahead Of the
London market. Some Of the selling may be Of
long stock. as was the case In st. Paul recently,
but there is possibility that a considerable
proportion OF recent sales have been for
short account Among other securities.
London has sold a comparatively large
amount Of Illinois Central, which has
been taken here at advancing prices This is
not surprising. In view OF the fact that for the
first five months Of the present calendar year
the net earnings OF the company have been
nearly $3Oo.0o0 larger than for the correspond
Ing period of last year. The stock was un-
usually active to-day at a net advance Of Ia.
cent Although the transactions In stocks
were considerably smaller than on any day
this week. it is interesting to note that
n larger number Of shares were dealt in than on
any day since Monday. Tho engagement of
$3.2OOOOO gold for export tomorrow and of
100000 for shipment on Tuesday was made
much OF by the professional element, which
Is still bent upon bringing about q de-
cided reaction. but was apparently ignored
by substantial interests and by the pub
lie. Both the Treasury and tho banks arc
now carrying large reserves Of gold and both
are being increased BY imports from Australia
and by the product OF newly developed mines.
August and September delivery, particularly
for the latter month, are so large that those
most familiar with the foreign exchange market
do not hesitate to express the opinion that next
Tuesday, shipment will be the last this season.
The reactionist element in the stock market
attaches a gooi deal OF Importance to the fact
that the Granger stocks have practically ceased
to advance. That they should rest around
present figures is not surprising. in view OF the
material rise they have enjoyed. That circum-
stance, temporarily. at loist, diverts specula-
tive interests to stocks that have here
to'ore been comparatively neglected. More
over. tho speculative community appears
to attach more Importance 10 the traffic returns
OF the Granger roads that are coming to hand
than to those which will be reported during the
period covering an unusually heavy crop move
ment. Among the usually less active shares
Consolidated Gas was most conspicuous at act
ADVANCE OF zig points. This tiuctuation naturally
revived reports OF consolidation OF local gas
companies, but SO far can be learned there
Is no basis for them. Other comparative
ly inactive stocks that received more attention
than OF late were st. Joe and Grand Island
issues. p c., c. and st. Louis, United States
Rubber preferred, American Spirits, and Colo
RADIO Fuel and Iron. The attention received by
these stocks is doubtless due to the improv ement
In their prospects owing TO the general revival
OF business activity. The closing was in the
main strong.
Final sales compare with those OF yesterday
as follows: