The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-12-05

DATUhDAHs D0C- q.
Tho market for securities this week has
reflected growing confidence. Tho dealings
in stocks have been moro than twice "a
largo as last week, averaging over 100000
shares a day. The increase in the trans
actions In bonds has been even more
pronounced than that In stocks, the daily aver.
age being $780, 600 par value, against less
than half that amount the previous week.
Al repeatedly noted in this column, the
demand for bonds and for investment
securities generally has boon unusually
active. There is q plethora Of unemployed
money, not only in tho banks and financial
institutions at tho principal commercial
centres, but throughout the country as
we'll. Tho same condition exists abroad. but
as yet European investors have not begun to
absorb American railway securities with their
old-time avidity. This is partly duo to their
misunderstanding of business conditions and
prospects in the United States. Their apa-
thy. however. Is not viewed here with
anxiety, as 1t was q few months ago, for
there has been cumulative evidence since the
last Presidential election that the United States
are becoming moro Independent financially than
ever before in the history of the country. Instead
Of viewing with apprehension sales of American
securities in this market by Engliah and other
operators. local dealers, particularly
in Investment issues, have recently entered the
London market as buyers.
Natural conditions have favored returning
confidence and ut tho same time tho Admin
~istration appears to DO doing everything
in Its power to avert political interior
ence with tho business of the country. This
policy has become 90 patent that the conviction
is now general that tho message which the
President will send to Congress on Monday will
be an exceedingly conservative document. 1t
Is also believed. in Wall street at least, that
tho majority in Congress, amenable to
party leadership, will make no aggressive
moves, but simply transact routine business.
The usual amount of bombast and demagogi-
cal talk may be expected from certain members
Of Congress. but 1t is we'll understood that the
inflammatory and Populistic element is
in a hopeless minority. These considerations
have unquestionably influenced investors and
also substantial interests In the stock market
for some little time past. and are to
an extent responsible for the improvement
in prices on the Stock Exchange this
week. The most decided impetus to the
speculation came on Tuesday in tho announce
ment regarding the Rock Island refunding plan.
The price that the company obtained for its new
bonds was as important a factor in stimulating
the market for securities as the magnitude and
general bearing of the transaction.
To-day's stock market was comparatively
quiet and irregular. There appeared to DO
q disposition to await the publication of
tho Presidents messages; still. there was
Q fair amount of commission buying. while
the selling increased the short interest. Sugar
Refining and Chicago Great Western were the
only stocks in which the transactions exceeded
10000 shares. Both were exceptionally
strong. The only stocks that closed mate.
rioll- 1rv~r thn- r.n- C.-t..I
and Manhattan Railway. OF the less active
stocks Consolidated Ice was most conspicuous
at 4 net advance of Zig q cent. Dealings in it
were stimulated by expectations of the dec
l~aration of q dividend before the close of
the year. 1t Is understood that the
only uncertainty regarding the declara-
ton is as to the amount. The weekly statement
Of averages Of the Associated Banks shows no
important changes. The loans have increased
nearly three and a half millions, In consequence
of q scattering demand for accommodations.
The increase in lawful money Is the smallest
in a number of weeks. being only slightly in
excess of 81, 900. 900. The increase In deposits
is somewhat larger than is called for by the two
changes just noted, and tho net result reduces
the surplus less than S50O.O00
As compared with the final prices of last Sat.
urday, the entire list is higher. The moro i'm
portant net advances are in American Sugar
Refining, Al q cent; American Tobacco and
Union Pacific. 2as each; Laclede Gas. Oh; Chi
cago. Great Western. and Missouri Pacific. 2ls
each; Consolidated Gas and Pullman's Palace
Car, 2 each; Rock Island, 17s; Western Union,
Ia; Burlington and Quincy. 1hs; Peoples Gas
and Coke and Pacific Mail. 12s each; Mauhat-
tan Railway, Susquehanna and Western pre-.
ferred. and Pittsburg, Cincinnati. Chicago and
st. Louis. III each; st. Paul. lie; Atchison pre-.
ferred, e; Omaha, 81; Northern Pacific and
Texas Pacific. GO each; Northwest, Louisville
and Nashville, Southern Pacific. and Southern
Railway preferred. u q cent. each.
Final sales compare with those OF yesterday
as follows:
Doc. 9. Dec. al Doc. o. Dec. 4,
A.TAsFep 2Sia 2Ss N " com...1224 1921
Am Cot Oil. 22A N Pae com. 30 20
Am 8 Ref ..13es 1904 n Pac Pfc. 6oSs 66is
Am Tob.... S3k S3Sl N Y Crnt...1O7 lO7
Am sp p. ID 10 NJ Cent. g S5ss
Brook RT.. 3lb 3l1l Omaha com z 1874
c.B&o.... 96s e6h PEG @ & O.. o4as e4h
Con das...1S6 1851 ac MALL. o 81