The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-08-07

that the issue may DO considered ~ dead b.
yond the possibility OF resurrection.
Other considerations that seem to be over
looked or are not fully appreciated are the alb
normal depression in tho prices Of securities
during the last three or four yearn and current
Developments which are likely TO result in
an equally abnormal advance. The year
1897 bids fair 10 DO q phenomenal
one In the commercial and financial
history Of tho country. Abundant crops and an
unusually large foreign demand for the, surplus
Of staple products arc an ideal conjunction Of
favorable circumstances. That this situation Is
appreciated by investors and the public gener-
ally, as we'll as by substantial interests, both in
and beyond the limits OF Wall street, is proved by
the steady progress OF the market for securities
for several weeks past and particularly since the
adjournment Of Congress. The only surprising
feature in the present situation is that European
inanciers. investors, and spectators are per
sistently holding misleading views regarding
the condition Of affairs In this country. For
~tunately, the attitude of Europe can be regarded
with equanimity. The people Of the United States
have certainly suffered no loss by absorbing
the securities that Europe has sold since tho
Barring panic, and profits can be secured from
day to day upon the stocks and bonds that are
being purchased In London by foreign arbitrage
houses and bankers generally, or are sold
hero for account of London correspondents.
In brief, Europe 10 trading OF American
obligations Of various kinds for brcadstuffs and
other necessaries which this country produces
in excess of Its own consumption. 1t may DO
remarked incidentally that the operation 10 &C
companied by q degree Of irritation abroad re-
sulting from tho increasing wealth and commor-
cial Independence Of tho United States.
OF the basis for tho change in sentiment that
- IA .-A.I
except to note that tho trade reports for
tho week furnish material for increasing its
substantial character. According to ono Of
them, "the volume OF business measured
by actual payments through clearing houses
is 2s.4 y cent. larger than last year, and I7R
cent. larger than for the corresponding week Of
1892" Imports OF merchandise are naturally
decreasing, while exports are increasing. Tho
net earnings of fifty OF the more important rail.
roads for Juno were IS y cont. moro than for tho
same month Of last year. Tho figures for July will
undoubtedly show q moro pronounced improve
ment. The most important commercial ncws Of
tho week is Of an advance in the price OF iron.
particularly steel and finished products, An
improvement in the anthracite industry can also
DO noted. Tho only unfayorable circumstance
Of Importance 10 the bituminous coal strike,
which. however, has only q local effect, since 1t
drives business from one locality to another
and increases the traffic Of certain railways at
the expense Of others.
To-day's stock market was in every respect
equal to that Of Wednesday, when, in the
opinion of many operators, = eliminating point
had been reached. That view, as already
noted. proves to have been a mistaken one.
London sold about 80. 900 shares Of various
stocks, local operators realized freely, and
the professional element, ever DESTROYS
of ~pronting by fluctuations in either direc-
ton. endcavored to bring about a reaction.
The market, however. moved along like a rising
tide. with occasional declines that were simply
| ripples upon its surface. In such q market it
seems almost superfuous to particularize for
the dealings were widely distributed and
tho advance in prices wns general, IL
not uniform. A large number Of stocks
made new records. Tho Granger stocks were
conspicuous. with st. Paul frst in respect to
| activity and Burlington scoring the greatest net
advance. Illinois Central attained fresh promi-
| hence. The dealings in 1t were the largest yet
recorded. and it closed 2as y cent. higher than
yesterday. 1t will be quoted ex the semi-annual
dividend at 2ls = cent. on Monday morning, a
| circumstance that in the present condition Of
the money market doubtless influences some Of
the buying.
There was . revival of activity In Manhattan
Railway at q net advance Of Al y cent, In La
Clede Gas, at q net advance OF 2 y cent, and in
United States Leather. also at q net advance Of
2 cent. OF the high.priced shares Pullman's
Palace Car, Manitoba, and New York
Central were conspicuous, the dealings
In them being unusually largo at rap
idly advancing prices. OF the low-priced
stocks Chicago Great Western was the leader.
being extensively dealt in at a net advance Of
liz p cent. Others that received more attention
th,r f~r anpnn tipnA raa, thA nrtha-n