The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-07-24

FRIDAY. July %.
Tho indications noted yesterday Of q possible
change In the attitude Of London toward Ameri-
can securities became moro pronounced to-day.
The best Information obtainable from abroad 10
that tho steady improvement in prices and tho
broadening market hero have begun to appeal
to the British public, and in consequence II Is in
clined 10 disregard the persistent efforts that
London bankers have made to discourage In
vestments or dealings in American securi-
ties. Time will prove-indeed. some Of the
evidence Ii already at ~hand-that those
who endeavor to shape English public
opinion regarding financial affairs have.
through ignorance. prejudice. or irritation, been
totally wrong in the views they have expressed
regarding the present and prospective condi-
tions Of commercial and financial affairs In the
United States. When the British public finds
this out. and also realizes that 1t has been in
duced to part with some OF its holdings Of So
~curities In the face OF what bids fair 70 be o
phenomenal rise in prices, II Is quito likely to
break away from its present leaders and act on
its own judgment, or, as in tho case Of the Kaf1r
speculation. indulge In q speculation in which
judgment may play a very small part
London bought several thousand shares of
various stocks to-day, principally St Paul.
These operations, together with the slightly
higher range OF prices In tho English market. re-
III IL - ctAoh POA'' ADSNSa ~ saS "a
effect OF these encouraging developments had
worn away and the market had become compar-
atively quiet, the professional element, or q con-
siderable proportion OF 1t, which Is bent on bring
ing about a reaction, made a demonstration
against prices. The movement was short
lived, however, because 1t was speedily
apparent that those who wished to de-
press prices were practically the only sellers
of stocks. In the afternoon there was q
general scramble to recover. for both accounts.
stocks that were sold yesterday and this morn.
ing. Tho outcome was q strong and active mar
ket. Sugar Refining developed fresh strength.
and on somewhat larger transactions than yes
terday closed 2as y cont. higher. The backbone
OF the market was the Granger group. Rock
Island and c., b. and Quincy wero exceptionally
strong. and each closed Zig y cent. higher than
yesterday. Advices that are coming TO hand re-
Rarding the present traffic returns Of these
roads and their prospects during the last half Of
the year foreshadow ira fhc returns that II OK
pressed In figures now would seem almost
incredible The belief which prevailed up
to the close of business, that tho
Senate would pass the Tariff bill to-day.
and that Congress would adjourn before to-
morrow night, was unquestionably a factor in
the final movement of tho market; but more inn
portant than the disposition Of the tariff and
the adjournment OF Congress 10 the unusually
strong position that the agricultural industry
OF tho United States occupies this year. That Is
a factor in the business Of the country and In
it's relations to other nations that will be oper-
alive for many months to come.
Those who belittle this situation or fail to APP
preciate its Importance will fail TO improve an
opportunity that comes once in q decade or
more. sometimes only once In n generation. The
immediate past should be ignored except for its
experiences. II certainly cannot be relied upon
In determining values, for conditions have
changed radically and rapidly. The period OF
renewed business activity and Of awakened con-
hdence that the United States is now en-
teriRg upon is not understood abroad,
aud for once foreign investors and deal
ers In securities have not got ahead of
our own people. SO much the better. The
United states has absorbed hundreds of mil
lions of its own commercial and corporate obli.
cations since the Barring panic, and the indica-
tons are thai it will be richer In consequence
before the end OF the century. Europe may buy
back some of these securities, undoubtedly will
do SO. but the profit will have been made by
those who have bought them on u scale-down
during the last seven years, or arc buying then
to-day.
A shipment OF $sUu, 900 gold that vii! be made
tomorrow and another Of 5000 900 early next
week had Lo elect upon speculative sentiment
except. perhaps, upon a few eighth chasers.'
This gold Ii exported at an inhnitesimal Droht