New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-07-05
THE FINANCIAL MARKETS.
SECURITIES IN DEMAND.
HEAVY SALES FOR PROFITS IN THE
vEEK-THE DEBT STATEMENT

UrrK-THE DEBT STATEMENT.
Sunday, July 4-p. IN.
r,,;dance continues TO accumulate that IN
..a.,o~s AFRO active factors In the security mar
To, Their operations are based upon confluence
~ tho return Of prosperous business times anu
nor ,he realization that capita. can no" oe
..,o,,.d nroftaby and safely. Despite the up
@f ...,oant In securities In the last six
a..s values are still low. the market price oi
,,s number Of shares and bonds peihs peiow
tho intrinsic worth OF the properties. ana ny no
,,aans at the level which a fun return Oh III
dustral activity will warrant. The measure VI
,mprcvement in business conditions is not as
srs.t perhaps. as tina, already reached in the
security market, but ii must be borne III inihu
that security values move III advance vi aStuai
developments, and that the fuA measure VI i'ti
provement cannot be reached until capi'ai nos
iirst moved into the channels or trace, lhe place
,nent of this capital having its first pronounced
effect upon market values, winch III tiiiie 40 io'-
lowed by strength and progress in the Proouc-
tive force Of the countrys industries ana III tne
demand for consumption. The producer is en-
terirg upon a favorable period Inc restrlcleo
demand Of the last Few years aneau. sioms
signs Of expansion. and the beginning or opera
lions above the hand-to-mouth order OF recent
wears becomes more certain ana more pIo-
nounced every day. Economies practised In the
years OF depression have prepared the people
For the enjoyment Of years OF plenty, ana they
have also served TO put corporate enterprises IN
such condition that legitimate returns can pe
made 10 the owners without the fear that ulsull-
hutions thus made will be taken at the expense
OF the physical condition Of the company. OF
from borrowed funds TO cover dehclts ana 70
mako dividends. The earnings in the years Oh
depression have been applied 10 the malilte
nance and Improvement Of properties, ana
economies INDUCED in while cutting ooWn sto ",I
holders returns, have added 70 the Ilatelid'
upon which future dividends VIII De mace. Falt-
road companies are now managed Ior iess lIione!
and for better purposes: Inc reors 20 .Io o
HOY
way management extravaganza. ana nave de-
veloped sounder properties than ever before IN
the history of the county, while aHoruihs as
s,,rartjye and safe investments as ever known
IN the country's most prosperous days.
The failures and bankruptcies or the past nave
r.s,,,Ad in new methods new management ana
=. .ha bringing 20 the front OF new men. The
losses incurred by the fall Of so many railroads
and other investment concerns were lrishttu''
bu, the effect Of The hardships suffered is sraou,
ally wearing away, and the goOd results a'S
occrning TO the benefit % present buyers ana
10 those who were able 20 Keep their INTERESTS
in the bankrupt institutions during the perl0o
~ failure and reconstruction. ReorSanlzeu ran
uav nropertjes are rapidly aNordinS attractive
investments. and the inquiry Tor the pohds y.
those companies has been strong feature Vi
The current movement in the security MAJ he..
IL ,hosa narts Of the country where the effects
~ business depression We're the worst Inc I'M
movement promises to be the greatest anu tIie
railroads running in these districts pegih 20 re
eect in Increased earnings the gradual resufnp-
lion of work and activity. The railroads Oh tIie
South and Southwest make most ehcourasli
coronarisOns with recent years. and IN inc pros
rass Of business affairs in the South ana west !.
is encouraging TO note a decided raining OH ia
the Popuistc sentiment and an increased o.
sire the part of the people 10 !naM 90 nj.
territory an attractive fed for Northern caPi-
raj They have learned that SUCCESSFUL business
cannot be conducted without capital n &C.
have discovered why capitalists nave lot Ia
,.ornd them in recent years and they nave APP
narentlv determined to make every eXeruvil ~
bring moneyed interests into their ihauss ati
For this reason capital IS now more laNolduIs
disposed to enter into the securities VI " a.
railroads a reflection Of which has been seen III
the comparatively heavy business recent! ~, ~
in the issues Of a number OF southern ran, 90
ur,perties Investors are now Wiling 10 80, 80
into the security market, because Ines Iad
that many excellent opportunities are am! IL.
for the safe placement OF their money anu 80 r.,
the rubbish Of the past has been cieareu d at
ord they know that business conditions are se'-
ting settled and promise 20 remain 50. ..o
Reactions in last weeks stock hiarket W. MSis nc
accompaniment of strong ana healtliuI ma
l,at and rot indications Of adverse deVeioplhelis'
With the exception Of labor troubles IN the d
luminous coal region business coluL.'o'-Ss ia
time favorable. With the passage ot tIte
Tarife bill a good demand is expected, although
The abnormal imports may serve Tor tihe 10
n0etnone the improvement which the passage OF
the b.ll would otherwise insure. Grop - f the
continue encouraging. and estiinattes- " tnS
G. ring and winter wheat yield for lN!'. lssueu
last week by Thomans. place the produC'lon at
20 600 600 bushels against f''3.U"V'o pusheIs
,n 1soG The volume Of business in the security
,oarket in the last half OF the week was con-
sderablv under that recently preVaiilns' ana
reacfions were generally followed by quiet
market The speculative favorites attracted 'he
bulk OF the dealings but while reactions were IN
rrogress III these issues II was TO be noted that
in a number Of low-priced shares and IN purely
Investment issues values maintained ther
strength and advancing tendency, and tnat IN
creased attention given such issues u! I'M
portant investment interests. Among the low
nriced issues which continued TO attract serious
attention Brooklyn Rapid Transit remained near
the front and considerable capital was put ln,o
the bonds and stocks Of the company whlie III
var,ous o,her traction stocks and in gas securi-
,ios a good demand prevailed Money market
conditions were not materially changed IN Ine
week although call loans ruled slightly higher'
owing 10 the withdrawal Of some OF the pahks
and t1llst companies from the market lncldent
10 July settlements and 70 the heavy drain lnade
upon them by Withdrawals for customs pay
neents which in the week were unusually idIse.
The hanks appeared reluctant 10 put money
ont for long periods. better rates were eX-
,ec,sd with the fall trade and movement OF the
crops Commercial paper offerings were nodeI-
atev large IN the week. and rates were sllghtIy
frmer the demand coming chiefly from drygoods
merchants and from the South there was con-
siderable inquiry for rediscounts. the toreish
exchange market was easier, with demand ster.
ling closing az 81 81, the supply or commercial
offerings being larger and the demand ior re-
m.ttance smaller. 1919,
The movements Of the principal active STOCKS
and bonds in the we ak are given in tie iolloW-
ing tables.