The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-08-11

and speculative ventures in the Argentine Re-
public, in Australia, and In South Africa. Not
only Ia this country richer than IL was twenty
years ago, but Its unfortunate Investments have,
by a long list of drastic railway reorganiza-
tlons, been reduced to practically their actual
value. AT tho same time, the physical and
financial condition of the entire transportation
system OF the United States has been improved.
and this In spite of a steady lowering OF rates,
hostile Legislation. and Populistio attacks,
which are certain TO DO less violent in the flu
ture, because OF the increasing wealth OF the
moro newly developed portions of tho country.
still another marked difference between the
present situation and that of nearly twodecadcs
ago is that the impetus given to business and
enterprise at that time resulted In tho issue
OF hundreds OF millions of securities upon
newly constructed railroads and other enter
prlscs, while Tor several years past there has been
no noteworthy extension Of our transportation
system, the volume Of securities has been scaled
down, ana many millions OF dollars paid into
various corporation treasures Tor improve
mcnts and liquidation OF old obligations
In the form of reorganization easements
II appears therefore, that with the volume OF
securities virtually stationary and possibly d.
minished during the last Ave or six years, the
amount OF money available for investment hos
Increased to an extent that Is beyond computa-
ton. These are facts that should not DO
ignored In endcavoring to forecast the fu-
turc OF the market for securities. Tho dis
position OF the currency question and OF the
tariff, and tho unusual position enjoyed by the
agricultural industry this year. are events OF
the greatest Importance; but underlying them
there Is, In brief. the increase In wealth, the
comparative scarcity OF good securities. and tho
decline In the rates of interest throughout the
Cnnln N ola Nynrll
Fortunately for American investors and spec
ulators, Europe has failed to appreciate tho
situation outlined above, and In consequence Is
steadily selling, upon a rising market, its hold
ings OF American securities irrespective OF their
present ana prospective value. The absorption OF
those securities here constantly strengthens tho
commercial position of this country and lessons
the power OF foreign nations to draw upon our
constantly increasing stock of the only recog-
nizcd medium used in international set
Elements, namely. gold. Every day brings
additional news from abroad OF the depend
ence that Europe will have to place this year
upon the United States surplus production OF
brcadstutfs. Russia, Hungary, France, and
Germany and Great Britain are already in this
market on an extensive scale, and to-day's sharp
advance In the price OF wheat, In the face OF
what proved to be n favorable crop report, indi-
Gates that tho foreign demand Is still OF an
urgent character.
Dealings OF over half a million shares to-day,
following yesterdays extraordinary activity,
together with the recovery in prices already
noted. may logically DO regarded as evidence
that the normal activity of the market is three
or four times what it was a few weeks
ago, and that its underlying tendency is
toward higher figures. 1t is significant that
oon'o u 'no iore'sh aroi'Fase houses aie NOT
only engaged III seilihS stocks' Out also intent
upon depressing prices. as. for example, in the
case or Illinois Central, which London has sold
steadily, while the price has advanced 10
or IL points. Efforts have been made
repeatedly to close Illinois Central as
| low as possible, presumably for the pur-
pose of making repurchases to advantage
In Iondon. Tho stock bowever like many 9TH.
ora scemst tn mass into strong hands and the
larger dsa,ings would aeon, RI ind;c,+. tint n
4. ,ro,r IN ooornr -. ir,n,rta,, = Das;.;., a.
49, n,. -. ,haoha CrnasanoLro 80
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