The daily morning Astorian. [volume] (Astoria, Oregon) 1883-1899, 1897-02-06
IDLE CAPITAL NOT
SIGN OF WEAKNESS
Increases Demand for Securities and
Enhances Stocks and Bonds.
TRANSACTIONS IN NEW YORK
Tho Rich Not 20 BE Feared Their EK-
travaganocu Help the P0or--Prop-
crty Not EntRiled.

orty Not Entalled.
Special 10 the AHtOrfan.
New York. February b-ln wall
street affairs continue 10 move on con
seryatiyely. not by leaps and bounds
but rather by ups and downs, yet the
strength Of undertone and readiness TO
buy on any slight concessions OF price
are well maintained. During the week
the bears found an incentive TO selling
In the mlsforunss Of Hooking valley
The rccklsvs competition among the
coal roads Of thnt section had caused
temporary embarrassment TO the Imam
c,u OF the company. which afforded
the bears an opportunity for ruiding
itH stock and bonds with some con
siderable effect. and with THAI disturb
ancc tho general market sympa,hized.
Late on Wednesday. however. set
,lcmrnt between all the companies In
tcrcs, was effcged. by which compe-
tiiion viii in future bc controlled. and
on Thursday the announcement OF the
payment Of interest on Hooking Valley
bonds quie,ed the apprehension which
the bears mad encouraged This had
an immediate effcc, upon the suffering
securities. and Hooking Valley ceased
TO disturb the market.
on Thursday there was reappear-
ance of London buying. apparently
based upon easier money there. the out
SIic rate ON call loans being ~ per
cent There II some reason for antici-
patlag that these orders. following
those Of last week. viii prove 10 be the
beginning OF a recovery OF confidence
In American investments. This is likely
10 be- the case not only because affairs
here ARE drifting into n condition calcu-
lated 60 bcgct o recovery OF confidence
In our ability to maintain sound
money sy'stem, but perhaps equally be-
cause Il il becoming difficult Go procure
England has had enough of Kahilrs.
The present market value OF the stocks
In the Witwatsersrand mines amounts
Ia Si5O. 900 600 ami English investors and
spcculntors seem to prefer taking a
rt,st. In order 10 Judge of results be-
fore increasing their holdings of this
class OF securities, besides the year
there opens with lighter subscriptions
70 new companies than might be eN-
pcctcd from the generally prosperous
condition u the country. Paris Is un-
dergoing a safety OF Russian. Spanish
and Turkish Investments, and would
have no objection TO improving It's as
sortment by an infusion OF obligations
less dependent on the whims OF gov
ernmcnts and the dangers Of interna-
tionM politics. Germans are becoming
weary Of paying aS for Imperials. which
yield only per cent, their idea being
that per cent should be obtainable
ON Bafe investments. II Is not at all
unlikely that we may soon hear Of
some % these malcontents nibbling at
our railroad bonds and dividend-payin
stocks. The one thing necdful 20 bring
out an important investment demand
from Germans Is the enactment OF a
law THAI would weed out the weak
in our currency SYSTEM and put
our paper money upon a broad basis
OF gold redemption. They and Euro
pean investors generally acknowledge
an important Improvement in the quail
ity and truStworthiness of our corpo-
rate management but they wait for
moro conclusive evidence that the pay
ment Of our obligations In gold or its
representatives will be insured. 1t Is
much to be hoped THAI congress will
soon set this matter beyond all doubt.
The increasing abundance of idle
funds at this center was illustrated
by last weeks bank statement, which
showed a surplus Of 57.00O.0OO over the
legal reserve, II might indicate more
active commercial condition II this
money found employment In the cham
enls OF trade; but of one thing there
can be no doubt that the effect of this
accumulation of idle capital must have
the effect OF increasing the demand for
securities and thereby enhancing prices
Moreover, II Is not entirely just to
reason that this plethora OF money Is
due alone TO commercial inactivity. The
large decline in the prices of merchan-
disc has very materially reduced the
amount of money needed for trans
acting current business. and conso-
quently money accumulates in the
bank reservoirs. But however this may
be- II seems quite possible that this
local abundance OF money may be In
creased by a renewal of importatlons
OF gold. The export bills held here for
transient Investments are now begin
ming TO mature freely and are going
forward for collection. Ii Is estimated
that about Sl0,O0,OOO dollars of this ma
turing exchange has been shipped this
week. and a steady stream OF II is
expected from this time forward. Lon
don Is becoming alive to this move
ment and its dream Of receiving gold
from the United States has been dis
PEELED. These liquidations win place to
our credit a great mass Of gold; and
what portion Of ii may come this way