The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-07-16
THURSDAY, July IS.

Attention was directed atresh to-day to o
fnctor that for some time past has Leen an i'm
portant ono In advancing the prices Of securities
BY the extraordinary subscriptions for $4,000
600 OF the consolidated mortgage 8 Der cent.
bonds Of the Metropolitan Street Railway Com
PAM. These bonds. which were offered at los
ex the coupon due Aug. l. were applied for
twenty-five times over. and sold on the
curb, after the subscription books had
been closed, o. ll1ia. This result appears the
moro remarkable in view Of the announcement
that SlO.50O.Ooo of the bonds were placed
privately by tho syndicate handling them before
the public offering OF the remainder OF tho issue
to-day. These circumstance indicate that tho
city 10 likely 10 obtain excellent prices for
tho 100000 900 OF bonds for which It invites
bids next week. The success of the Metropolis.
tan Traction issue had q decided effect upon tho
Stock Exchange market for railway and other
bonds. 1t was strong throughout and more &c
tive than for a long time past Investors are be-
ginning to find in that market q number Of
issues of merit that have been neglected. either
through ignorance Of their value or because
of sectional or other prejudice. It Ia a
matter OF general knowledge that many in
vestors have been reluctant to put their money
In the securities Of railway and other corpora
tons operating in the South. but that feeling 10
being eradicated by constant and profitable de-
ve!opments in that section and by prospects Of
greater prosperity based upon extraordinary
natural resources.
The dealings in stocks to-day were upon about
the same scale as yesterday. and the market
showed q little moro irregularity. Sugar Re-
nning, which led the list in respect to activity,
sustained q net loss OF another point, making a
total decline Of 4 points from the record
breaking price Of Tuesday. Uncertainty AZ
to the outcome Of the conference commit
tees deliberations over the tariff was re-
sponsible not only for the decline In Sugar
Refining. but also for a restriction Of speculation
throughout the list. Early in the day tho
market was strengthened by further yet mod
crate purchases OF stocks by London, particu-
larly Of Louisville and Nashville. Later on this
WINS Offset by sales of St. Paul. Tbs volume of
transactions was kept up to the level of
yesterday, largely by increased activity in
American Tobacco and q number Of other
shares that do not figure in the usually active
list. Among these WAS Brooklyn Rapid Transit,
In which Q fresh buying movement dcvoloped,
and the Susquohanna and Western stocks. The
Street learned to-day that the sharp advance
In tho last named, which took place yes.
to-day and this morning, was based largely
upon q chimerical scheme for obtain.
ing control Of the Susquehanna and Western
Company by the means OF foreign capital. with
the view OF extending Its lin westward, and
thus forming a connection through TO Lake Erie.
The announcement OF this programme WAS fol
lowed by a sharp break in Susquehanna and
Western preferred. and though there was some
recovery from the lowest price the stock closed
fractionally lower than yesterday.
East River and Consolidated Gas stocks 70
ceived marked attention on the theory that the
organization Of tho new Central Union Gas
Company might have some bearing upon
possible relations between the two com
panies first named. 1t was explained in due
time that tho new company was formed &c
take over tho Central Gas Company, which ha,
been operating In the annexed or westcheste,
district for many years, In the interest of the
East River Gas Company. Other noteworthy
net advances among the loss active shares. and
they were about the only ones recorded, were In
American Gable. Colorado Fuel and Iron, and
Oregon Navigation preferred. At the close tn,
market continued to reflect uncertainty as tc
the disposition OF the tariff. particularly tn.
sugar schedule.
FinaI sales compare with those Of yesterday
-. fg1laura.