The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-08-01
.F4E Sun! g1NDAX. NbGdsTaI Z. isESI7l


inE trafic manager could desire. AZ to the
location OF securities, Europe has been brought
10 q standstil. II has sold American securi-
ties ever since tho Barring panic, until It
now probably holds n smaller amount than
at any time in the last ten years. The conse-
quent accumulation OF corporate and other
obligations in this country is a decided Hdvan.
tagc. II is also evidence OF increasing
domestic wealth and Of growing confidence
In the stability, enterprise, and resources
OF the country. This has become so patent that
II has apparently aroused n degree OF Jealousy
abroad which may possibly no intensified
should the new tarif produce the results pre-
dictei by its trainers and advocates. That
sentiment, however, will not in tho long run
prevent foreign investors and spectators from
rc.cntcring tho market for American securities.
They will ignore leadership that HIS proved to
DO incapable or worse. They have, in fact,
already. ne foreshadowed iii this column q
week ago. begun to think for themselves and to
break away from tho leadership referred to.
1t 10 possible that European bankers, through
adroit manipulation OF their speculative mar
kcts, hnvo stimulated sales of American securl.
ties here that they might facilitate imports
OF gold. Ever greedy to accumulate that
metal, Europe is unauestionably loath to
find this market closed to 1t owing to a radical
change In our foreign trade balance. Tho OK
ports OF specie this week wore really unneces.
sary from o strictly commercial point OF
view. owing to tho large and increasing
supply Of commercial futures that Is coming
upon tho market. There was o bare profit Of
about n sixteenth Of l per cent. on the transac-
ton, which certain bankers saw At to accept.
Tho last Of the bills against these ship
ments were marketed with difficulty. for
the amount offered WINS greater than the market
could readily absorb. Tho weekly trade re-
ports are the most encouraging that have
been received In many months, and for the
first time they are uniform in tenor. Higher
prices have boon recorded this week for
nearly all staple products, and the pros
poets Of good crops AMI high prices for them
have stimulated q demand for manufactured
goods for the fall trade, particularly at the
West, which is most gratifying.
To-day's market was OF rather q holiday char
acter; still the dealings were fairly large and
some noteworthy fluctuations took place. Tho
greatest activity was in Northern Pa
cinc preferred and In Chesapeake and
Ohio. These two stocks closed 1s and y
| per cent. higher. respectively. Current reports
regarding Northern Pacific are that an agroe.
ment has been reached between the various
interests in the property regarding changes in
the management. Tho reason for the ac-
tivity and strength in Chesapeake and Ohio
was given in this column several days ago
in q paragraph forcshadowing the char
acter Of the annual report which will
shortly be issued. An attack was mado
upon Reading securities, particularly tho
first preferred, apparently by an operator
who Is usually conspicuous on the short side Of
the market. The weekly statement of averages
OF the Associated Banks shows a loss in lawful
money Of Ia millions. due probably to ex.
ports Of gold. In view of the large sur
plus held by tho banks, this change is
unimportant. Moro significant is the increase
OF nearly $4,000 900 in the loans. In spite Of
the comparative dulncss and the taking Of
profits incidental to the end Of the week. the
market was firm throughout.
As compared with the final prices OF last Sat
urday, the majority OF stocks are higher. The
more important net advances are In Conso'i-
dated Gas. ela y cent: Northern Pacific pre-
ferrcd, 3a: Chesapeake and Ohio. 3S; Atchi.
son preferred. 24: General Electric and South.
Hudson. .; Chicago Great Western, Manhattan
Railway, and Missouri Pacific. las each; Ameri-
can Tobacco. III: Reading LIST. preferred. lis:
Louisville and Nashville. l; Now Jersey Cen.
trail. 70; Atchison preferred and Tennessee Coal
and Iron. Il each: Chi, ago Gas, Reading. and
Western Union, L y cent. each. The more i'm
portant net declines are in American Sugar Re.
lining 5te y cent; st. Paul. liz; Burlington and
Quincy. 3; Z. s. Leather preferred. u. and New
Final sales compare with those Of yesterday
"a follows;