The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-12-03
en,n,no oLonrro ouorArrora

THURSDAY. Dec. 2.
Thu dealings on the Stock Exchange to-day
were remarkable, in that the transactions in
bonds wero slightly larger than the unusually
heevv saIes Of stocks. As o rule. whom the
market for stocks is as active as 1t was to-day
the transactions In them run considerably ahead
Of those In bonds. That tho reverse should take
place 10 therefore quito significant. It shows
that An extraordinary demand for In
ye,tment underlies tho current speculation.
The record Of today's bond market was no sur.
prise to dealers in investment securities. for they
have been oyerrun for two or three weeks past
with an active inquiry for good bonds. This
demand has not been local. but has come from
all over tho country, and has been q revela-
ton 10 tho dealers as to tho amount
OF capital seeking Investment outside Of
tho recognized financial centres. Those
who cndeavor to supply the demands Of
investors arc handicapped by the fact that COM
parativelyf few new securities are being created.
Tho issues of reorganized companies and the re-
funding issues that have been brought ont dur
ing the last six or eight months are taken to .
large extent by the holders Of the old securities,
and those WHIT prefer not to take the now issues
come into the investment market to replace
the obligations with which they have parted.
It 10 plain enough that the legitimate demand
for investment securities of all kinds is likely to
continue for some time to como. for in addition
to tho largo interest and dividend disburse-
ments this month and on Jan. 1, tho Government
will pay out over $50, o0o.O 900 In the redemption
Of Pacific Railroad aid bonds. The dcarth Of first
class investments abroad 10 even more marked
than it 10 hero, and in consequence British con-
soils have advanced to the highest prIco ever
recorded for them. According to cable advices,
this centre 10 absorbing American railway bonds
In London. 1t is not SO long ago that Wall
street regarded sales Of securities by London
with apprehension. Now domestic dealers arc
clearing the London market Of its floating sup
ply Of American issues.
The dealings in stocks were about IS y cent.
larger than yesterday, and they were even better
distributed. During the first half of the day
the entire list enjoyed an advance, which was
most pronounced in Suga. Refining, Rock Island.
c., B. and Quincy. Peoples Gas. Union Pacific,
and Chicago Great Western. The improvement
was sufficient to invite realizing sales. and when
these caused the market to hesitate traders of
bearish proclivities began to hammer the more
active stocks. The leaders on the bull
side were apparently shrewd enough to leave
the market to itself for IN hour or two. with a
view of determining its real character under
pressure. This absence of support was con-
struod in some quarters as an indication Of
NOdkhooo civ Ill othcIb 40 NluChC0 IluI INC up
ward movement had eliminated. In the final
reaction the early improvement was wiped out
and q I majority Of the list was carried below the
final prices of yesterday. The only noteworthy
net declines. however. were in Sugar Refining,
Manhattan Railway, Western Union. and Jersey
Central, and in the less active shares, Delaware
and Hudson and Consolidated Gas. On the other
hand. Peoples Gas. Union Pacific. Chicago
Great Western. and Southern Railway preferred
closed fractionally higher. and q large number
of the less active stocks scored gains of q
point or more. Shortly after the close Of bust.
ness the news came from Washington that
tho Treasury Department had decided to
impose countervailing duties upon sugars
imported from the Netherlands. The impor.
lance of this decision is not foundi in the amount
Of sugars imported from that country. which ia
comparatively small, but in the fact that the
imposing of countervailinR duties will prevent
the surplus product of the Netherlands from fix.
ing the price for the entire output of American
sugar refineries. AS the decision of the
Treasury Department was not generally ex.
pected until Saturday. to.morrow's market will
some additional railway earnings, Including
those of the st. Paul Company for the fourth
week in November. showing an increase OF
nearly $780, 900 as compared with the CORE
spending period of last year.
Final sales compare with those OF yesterday
aS follows:
Dec. /. Dec. 81 Dec 1. Dao q