The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-08-12
LATEST LONDON ouorArro..a

There wore indications in the London market
to-day. according to all accounts, as we'll as in
the local market, that English operators are
gradually abandoning the illogical views they
have held for some time past regarding the prob
able course Of prices for American railway secu
rites. Foreign arbitrage houses bought and
then sold stocks In this market on a fairly
largo scale. and the magnitude Of their
operations, together with adviccs from
London Of greater activity there. 10 evidence
that English bankers and spectators are
endeavoring to follow the fluctuations in
American railway shares that enjoy an inter
national market. The efforts OF European
bankers to discourage purchases of our securi.
ties and to induce sales of them are most plausi-
bly, explained by the certainty that Europe
will have to import an unusually large
amount of our breadstuffs at compare
lively high prices and export o large
amount of gold in payment As every ono
knows, every European nation has been accumu.
lating all the gold It could get hold of at
reasonable prices during the last seven or eight
years, and each holds on to its stock OF tho metal
with great tenacity. With the view of con.
serving those accumulation, the various Gov
eminent bankers and their associates have I'M
questionably encouraged sales of American
securities, since such operations would natural.
- NSNeSS " aoASAe" bAae0 didiiSo uuNcEb0 u
Europe caused by its enormous demand for food
products, particularly upon tho United States.
The dealings in stocks to-day substantiated
the view expressed in this column this morning
that the market has finally attained q degree of
activity that will make tho average daily
transactions half q million shares or more,
The total transactions to-day were loo, 900
shares larger than yesterday, aud in bonds
nearly 81, 1000. 600 par value larger. The
dealings in both departments were I'M
usually well distributed, and not i'd
vanccs were recorded for nearly every issue.
Reactions took place from time to time, but they
were short-lived and unimportant. Tnoy were
the natural results of profit taking. supple.
mented by healthy but probably unprodt-
able attempts. on the part of profess
sional traders and reactionists generally, to
bring about a lower range of prices. The most
extensive trading was In Union Pacific. st. Paul,
Atchison preferred. Northern Pacific preferred,
c., b. and Quincy. Chicago Great Western, and
Louisville and Nashville. All of them scored
noteworthy net advances. the greatest being
those Of 81 points in Union Pacific and OF Ola In
Louisville and Nashville. There was also
noteworthy activity in Western Union,
Sugar Refining. Southern Railway pre-
ferred, Northern Pacific common, Read
ing securities. and Rock Island. The re.
" VI ihlciCoS " MOI fdCluc, DOth
here and in London, was attributed to the rapid
progress now being made toward completing
the reorganization of the company. 1t seems
hardly necessary to repeat that the market for
tho Granger stocks was influenced, as 1t I'M
questionably will be for some time to como, by
tho continuous advance In the price Of wheat
and the heavy movement OF that cereal to tho
seaboard and out OF the country.
A specific development affecting the market
for Reading securities 10 the sale of tho last of
the general mortgage bonds of the company
taken by the syndicate underwriting the plan Of
reorganization. A second syndicate, IL will DO
remembered. underworld tho issue Of those
bonds required TO complete the refunding Of tho
obligations Of the branch lines Of the Reading
systems; but these bonds. 1t IL understood, arc
not for sale at current prices. Among the less
active stocks a long list OF noteworthy net adj
vances will BIO noted. Tho closing was strong at
q slight recession from tho best prices.
Final sales compare with those of Yesterday
as follows: