The sun. [volume] (New York [N.Y.]) 1833-1916, 1898-08-21
ElNAkuAE AND ooltnfERorAE

Although this was not a legal holiday eithe
here or abroad. business was suspended 70
various local reasons on the London and tn,
Boston Stock Exchanges as well as on our owl
Exchange. The week in Wall Street has beer
one OF unusual transactions that have reflected
a rather sudden awakening OF public Interest
In the market for securities. Tho sales Of stocks
have averaged over 65O.OOO a day for the Ave
days that the Stock Exchange was open. and
tho list with but n few exceptions closes mate
rally higher than a week ago. In tho bond de-
partment tho volume Of business has been
fully up TO that OF last week. This fact is in-
terestlng in view OF the revival OF an invest
ment demand for stocks. which is shown by
the greater activity at advancing prices in all
OF the higher priced dividend-poyinR shares.
Spectators have taken profits extensively this
week. and It would DO surprising II some
actual holders had not been tempted to
dispose Of their Investments secured at much
lower prices. Moreover. Europe has been a
fairly large seller on balance. The market has.
however. absorbed all offerings without hesita-
ton. for the reaction from Wednesdays enor-
nous speculation cannot be considered seri-
ously In view OF the course OF the market yes
terday.
The Stock Exchange markets are unques-
tionably beginning to discount an era OF PROS
perity upon which the country is Just entering.
LH0 VoIulluhblOuO Vi ING WbI EoulONeu y CcEJhlu
restraint upon domestic trade. and IL has also
given a great impetus to our foreign commerce.
TIT country Is fully prepared for the transac-
ton of an enormous volume Of business.
It's agricultural industry IL In satisfactory
condition. and the marketing Of the
maturing staple crops is certain to be
attended by an increasing demand for mer-
chandise Of all kinds. Bank clearances this
week have been II y cent. larger than last
year and 80 y cent. larger than in 1892. Rail-
way traf11c returns. In spite OF low and In some
cases very unsatisfactory rates. compare ia
vorably with preceding years. TIL condition
Of the iron industry is so well known that 1t
seems superfluous to refer to IL in detail. The
most important fact regarding 1t is the steady
increase In the exports OF American iron and
steel during the last ten years, while imports
have correspondingly declined.
The events Of the week affecting Stock Ex-
change values have been the increase In the
G.. B. and Quincy dividend to 8 q cent. the
virtual consolidation OF the Minnesota Iron,
the Illinois Steel and the johnson Iron COM
panies. and the progress made toward central
izinG the railroads doing business in the Mid
die Western States. Other events OF a similar
character are foreshadowed. For example. the
recent sharp advance in st. Pau common is be-
lieved TO reflect an informal decision to place
the stock upon q 9 2 cent. basis. Coincident
with the reorganization Of the Baltimore and
Ohio Railroad steps will doubtless be taken to
weld into one system the smaller companies,
also insolvent, that share with It tho bitumi-
nous coal business Of Ohio and Indiana.
These developments. together with the recent
consultations In the so-called Vanderbilt sys-
tenn and the steps now taking to simplify the
capitalization OF the Great Northern system
are proof enough hat the tendency toward
u~nifying the transportation interests of the
country which was interrupted by the last
financial panic has been resumed.
Regarding the Great Northern system. It may
be noted that when the consolidation with the
system has been completed the COM
pany will stand with a total capitalize
ton OF bonds and stock OF $30.500 per
mile. which will include oil equipment.
facilities. express and all auxil-
larry properties. The company win also
have In its treasury existing marketable securi-
ties of the value Of S25.000.000. 1t is under
pany's capitalization has been completed the
preferred stock. which will be the only class
outstanding. will be placed upon a z 2 cent.
basis.
The weekly statement OF averages Of the
Banks issued to-day shows a fur
loss in lawful money Of nearly 81
millions. about equally divided between
specie and legal tenders. Tbs loans have
larger E4ss4uf than 'R last 'e weee. ri These Changes aalI n
financing Of the new Government bonds. Still.
q part of the loss in cash may result from the
IN incihP ne5Ie af I'M crnp sr 0au t beo ih1eT1Sf td ,G md WINGS as
market. The net result brings the surplus
down to q little less than S2o.000,Q0O.
Saturday. the majority of stocks are higher.
The more important net ADVANCES are in New
Vest A1f p P5hHT; ffoss:: e&af me hea9 T ffiS saa
*; Lake Erie and Western. TX; 81. Paul. 81;
9msSlSS and renee eel Coal al and Pq from. 81 ea s9a
Brooklyn Rapid Transit. AZ; Rock Island. ~;
States Rubber, preferred. 3S each; Northern
g Pacific Llo0 and St Louis and San FEapNeisGo
vile, and United States Huber, ~ each:
Pacific preterred, 2S; Chicago Great
IS: American Sugar ,Redning. Metropolitan
efled P PSG $sst sas' G SSsthe Ia faab: Eo RTs:
vest. Cleveland. Cincinnati. Chicago and st.
Kansas and Texas preferred and Wa
cent. and New York Central. x v cent.
Money on call; 1hO1x p cent. Time money
n good mixed Stock Exchange collateral.
ingle names 3%04 = cent. other names 4KiS5
, cent.
quotations. Posted asking rates
Or. sterling are: Sixty days. S4.84, and
l 4'ssx$s9:sf;; A sis ! dr TStss ri k%&. By.
nd cable transfers. $4.85L6$4.S6 So. Francs
re quoted at 5.21yG for long and $50
Dr. short; r~eichsmarks. 94ki694k for long
nd 95 1-15NG95 $40 for short; Guilders. 40S
o 1-16 for long and 40 3-16S4OX for short. ]
Domesticexchange on New York: Boston-10 ]
OlDA cantS discount. Observation-Disclosures mar.
cling. q premium. Savannah-Buying. 1-16
iscount; selling, rs cents premium. New Or
,ans-Bank. 81 premium commercial. par.
an Franeisco-SiRht, 10 cents premium tele-
raph: IA cents premium. q. touis@Par.
yeen banks, 25 cents discount: over counter.
U cents premium.
Commercial price OF bar silver in New York.
Dkc. Bar silver in London closed at 27Hd.
Iexican silver dollars were quoted at 4Uc.
The weekly statement OF averages OF the
Tearing House banks shows: