The sun., 1897-09-01


There was decided increase in the volume of
business transacted on tho Stock Exchange to-
day. particularly in the bond department. The
market for stocks showed some irregularity,
but that for bonds was strong throughout. Tho
demand for bonds. both investment and specu-
lative Issues, In increasing. partly because per-
sons Of means and officers of financial
institutions that are constantly seeking
Investment returning to business
from their summer outings, and also because
tho rates for money remain at low figures al
though tho movement of staple crops to market
IL now fairly under way. As the outlook for
obtaining satisfactory rates of interest. either
by lending money temporarily or purchasing
giltedged securities, arc far from brilliant,
those who possess or control capital seem to
have como to the conclusion that tho most prof.
liable return they can get is through the appre-
citation In the market value of the securities of
all kinds. This view, which is undoubtedly cor
rect, explains the persistent and increasing
strength of the market for securities.
The dealings in bonds to-day were over $4,-
100000 par value. an unusually large amount.
Tho most conspicuous movement was in Read
ing general ~. tho market for which was favor
ably Influenced by tho announcement In this
column this morning that the reorganization
underwriting syndicate had sold the balance of
its holdings. $6,oo0.OOO. to a syndicate that
has already made decided progress In placing
tho bonds with investors both here and abroad
As this announcement was supplemented by the
publication of tho statement OF tho earnings
of the Reading company for July, show
ing surplus Of nearly 100000 above
fixed charges, as foreshadowed In this
column last week. a brisk speculation
in the Junior securities of tho company.
particularly tho nrst preferred stock. ensued.
Other features Of tho bond market were Atchi-
son issues. Chesapeake and Ohio 4ias. Chicago
Terminal transfer bonds. Erie issues. Texas and
Pacific 2dB. Wabash seconds, Rio Grande West
ern flrsts. and Northern Pacific issues. All of
| them were extensively dealt In at advancing
| prices.
The feature of tho stock list was revival of
activity in Sugar Refining at net advance Of
| nearly points. Notwithstanding a reaction of q
| point from tho highest price, This movement
would seem to indicate that those who control
tho policy Of the company have arrived at
| decision either to increase tho regular
dividend or to declare an extra one for tho cur
| rent quarter. Tho movement in Sugar Refining
was accompanied by considerable shifting OF
interest to the Industrial group, which has re-
Gently been rather neglected. American Tobacco
was fairly active at net advance OF 2bs
per cent, and the American Cotton Oil
! stocks received more attention than for
some time past that resulted In both
tho common and preferred closing moro than 2
points higher than yesterday. Other members
of the Industrial group that scored noteworthy
net gains were Chicago Gas. Lacledo Gas, Ten.
nessee Coal and Iron. and Colorado Fuel and
| Iron.
The Granger stocks were rather sluggish er-
| cept Chicago Great Western. which WAS frat in
respect to activity. and closed % point higher
than yesterday. Tho professional element Is
aggressively fearful. and conservative opera
tors are cautiously apprehensive OF possible
damage to the corn crop. This condition of
| affairs may exist as long as specula-
tors In cereals are indefatiRable in their efforts
TO bull tho market for corn In the face OF en-
enormous quantity brought forward from last
year. more substantial argument In favor of
higher prices for corn can be found In the un-
usually large exports last year and the oar