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


event may disels-s . large sAuEt Interest. and
Il in therefore. b watched win unusual m
tsrsst.
In cousidsring the various Influences afscttng
the market for securities the fact should not Be
ignored that the rates Of interest the world
over are decidedly lower than they were .
few years ago. The ~refuuding Of the bonded
Indebtedness Of the Lake Shore and Michigan
southern Railroad Company, on a Ga y cent.
basis. was. In q sense, notice to investors
that q very large amount OF capital
had come to the conclusion that the
rate mentioned Is the lowest that can b
obtained with due regard to the safety OF the
principal. Since the Lake shore refunding plan
WIS exploited other operations of q similar
character have been undertaken, with the
cooperation Of important Investment inter-
ests, and this must be regarded a. currob-
orative evidence OF the assertion that 3l1 or
cent. are the maximum rates at which money can
be len. on undoubtsd security. Should this view
be generally accepted. a noteworthy rendiust-
ment Of values is almost certain TO follow.
That it already obtains to . considerable extent
IL shown by the rise in prices for stocks a. well
a. bonds.
The attempt OF London to repurrhase securt-
ties in this market to-day was made difficult
by the unusually large volume Of buying
orders in the hands OF commission houses.
The market was also stimulated by a
further sharp advance in Manhattan Railway.
The publication this morning Of misleading re-
ports Of An actual or prospective alliance be-
tween the Manhattan Railway and the Metro
poitan Traction companies appears Co have
alarmed q dormant short interest In the stock
of the arst named. and As the supply was ex-
ceedingly light a maximum advance Of nearly 8
points and a net advance Of ~ points took
place. It Is significant that the stock retained
such a large proportion OF the maximum adj
vance on buying thai was generally believed
to be to cover short coutrncts. Other stocks
that attained distinction because OF the
volume Of trading in them or the net advances
recorded were Illinois Central, C.. B. and Quincy,
Sc. Paul. Lackawanna. Jersey Central. Chicago
Great Western. Canada Southern. P, c.. and
st. Louis preferred. and Cnitei States Leather
preferred.
The volume OF business transacted Indicated .
total of over 500. 900 shares had the business
been continued until 3 o'clock The distrihu-
ton OF the dealings was the largest ever
recorded on a Saturday half-holitay, $50
issues being dealt in The statistics OF
the market for the week are OF unusual interest
The dealings in stocks have averaged 100000
shares a day. or 100 ,0oo shares n day more
than last week One hundred and eightY-one
issues were dealt in. = number that breaks all
previous records OF distribution Of bushes
on the Stock Exchange in any one week.
The transactions in bonds were n little larger
than last week. when they averaged $4,000. 900
par value a day. The number OF issues dealt in
was also a little larger. Many bonds that were
quoted ex interest the irst Of the week have
recovered the amount Of that interest
The most important change In the weekly
statement OF averages OF the Associated Banks
IL an increase OF Ga millions in the loans.
While this is due in part TO the larger
dealings in securities, It also reflects mere
liberal purchases OF commercial paper by the
banks. A loss OF nearly $4,000, 900 in lawful
money. all OF 1t In legal tenders. Is ac-
counted for by the heavy shipments Of specie
AZ the end OF last week The net result
brings the surplus reserve down to SAL
OOa. 900. which is certainly ample in view OF
the impending imports OF specie. As to the
prospects Of such imports. it may be noted that
options on wheat As fur ahead as the end OF
December have been bought On an extensive
scale by Europe, and that ocean freight room
for wheat. at advancing prices. has been
engaged for several months to come. These
operations were reflected in q weak and lower
market for sterling exchange to-day. which is
the more remarkable, rs that market is usually
at a standsttlI on Saturday. The clos
ing OF the STOCK market was strong at
about the best prices for the majority OF the
list. in the face Of extensive realizing by the
professional element at the end Of the week
As compared with the final prices Of last
Saturday. the entire list II higher. The more
important net advances are in Manhattan
Railway. 13as . cent: Consolidated Gas. 10;
Lacieds Gas, 9ns: Illinois Central. sa; Amert-
can Sugar Refining. 51q: Burlington and Quincy
and New York Central. 8 each: Chicago Great
Western. Sig; St Paul. 5ss: Western Union,
5A; New Jersey Central, SIS; Pullman Palace
Car. ~: L. ). Leather preferred, AS; Louis
vile and Nashville. AZ; Tennessee Coal and
Iron, 1; Rock Island, 3ss: Susquehanna and
Western preferred, gle; Canada Southern. 8:
Northwest 2as; Chicago Gas and Southern
Railway preferred 2La; Reading and Z. 8
Rubber. 2k each; American Cotton Oil. Omaha,
General Electric. and National Lead. 2 each;
Reading lists preferred, 1Ts; American Spirits,
Ii; Northern Pacific preferred. Is: Chesa-
peake and Ohio and Kansas and Texas pre-
terred, IL each; American Tobacco and Mis-
souri, Pacific, lie . cent each.
Final saIes eompars with those Of yesterday