The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-07-18
SATURDAY, July IT..

The holiday and midsummer character OF last
weeks stock market for securities has been fol-
lowed this week by renewed activity in the stock
list and also in tho bond department of tho
Stock Exchange. Tho larger dealings have
resulted from an increasing demand for securi-
tea This 10 shown by the higher prices re-
corded for nearly every stock on tho
list and for practically tho entire bond
market. Tho dealings In bonds have
been even more significant than those
in stocks. Tho percentage of increase over the
previous week IL greater and a ! larger number of
important net advances have been recorded.
Tho bond market also reflects q broadening of
tho views of investors. Evidence upon this
point Is furnished by the larger deal.
ings. ut advancing prices. In Central Of
Georgia issues, Fort Worth and Rio Grande
irsts. Oregon Short Line issues. Standard Rope
and Irvine bonds. and Brooklyn Rapid Transit
Ba. The last sold to-day at the highest price
recorded for them. namely. 89k.
A decided impetus was given to the invest
ment market this week by the unparalleled
subscriptions to the Metropolitan Railway Com
pany's 5 y cent. consolidated mortgage bonds.
which are already quoted at an advance
of about z points above the issue price.
1t Ia understood that the amount offered was
applied for forty times over. OF course, some
of tho bids were Of q purely speculative
character-that is, made by dealers and
operators. who applied for tho bonds
with a view Of disposing Of them at q
profit should they secure them. But after
making lowance for bids Of that character the
emission Of the bonds has furnished evidence
not only of the immense amount Of capital
awaiting Investment, but also Of the disposition
Of those VINO control 1t to find employment
for II.
What Is perhaps the most significant feature
OF the recent advance in the prices of securities
and the absorption Of investment Issues by actual
buyers is the fact that Europe has not been a fac
tor in the situation except as n moderate seller.
In other worls, the market has been an Ameri-
can market over since the present rise In prices
began. This confirms the statement made
In this column several months ago that
tho New York market for American
securities has become practically independ-
emit OF Europe. This was shown Immediately
after the last Presidential election. and evidence
In support of. the view has been accommodating
over since. Because OF its lack Of accurate
information regarding public sentiment here
Europe does not realize that the Wow
p~revailN, except In a few unimportant quarters.
that the currency question was settled, for four
years at least. by the defeat of the silverites
last fall. Foreign bankers and operators
In securities also fail to roalize that
revenue or economy IN Jno Humlhibtrdtiou
of the Government finances 10 moro desirable
than so-called currency reform. Every dollar
other than gold that is in circulation Is a Gov.
eminent obligation. and now that tho injco-
ton of silver into the currency has been
stopped and steps taken TO provide tho
Government with sufficient income to meet Its
current obligations without borrowing. the 30
called currency question has virtually ceased to
exist. ...
Tho news that came from Washington be-
fore tho close OF business, yet was not for
mally made public. that the tariff conferees
had agreed upon a report, was received
with great satisfaction. that was reflected
I'm n strong and higher market at tho
close and explained its frmness In the carly
dealings. The agreement upon tho House sugar
schedule was not followed by a decline in Sugar
Refining stocks. as many operators had expected.
possibly because q new short interest has boon
created upon that expectation. The best infor-
nation obtainablo Is that tho sugar refining
industry can DO conducted proitably under tho
House schedule, and, what 10 moro important
tho party In power. which gained Its last Vio-
tory on the sound-money issue, will minimize
future antagonism by acquioscing In tho agree
ment reached to-day.
Underlying all other considerations Affecting
the market for securities Is the fact. now
patent to every one, that the United States
is likely TO enjoy an unusual advantage
this year because OF its large and OK
cellent , crop of wheat md the market
for It that is plainly in sight. 1t would not
DO surprising II the remarkable showing Of
our foreign trade for tho year just ended
were surpassed during the present fiscal
year. Already imports OF merchandise are