Evening star., 1899-07-01
Buoyant Prices in Spite Of Adverse
Factors.
CAUSES FOR fHIS CONDITION
American investors Get LARGE,
Percentage of Earnings.
ii Il NG II OLIDAY

NEW YORK. July There were In to-
days market two factors which would
nave, under ordinary conditions. either de-
pressed prices or restricted business name-
~, monday In London and the certainty of
considerable decrease in bank reserves
hhst conditions are not ordinary Is attested
py the buoyancy Of prices in spite of these
facts, and the explanation is that the cIt
max IN unfavorable routine DEVELOPMENTS
as oeen reached. Money advanced from
10 per cent in yesterdays market hut
stocks thrived most under The Ia,,a~ -.
SO today lie most confident trading foIlow-
ed the publication OF the bank statement
fennsyiVsnia Railway, Rock Island. BUR
His ION, 81 raul and Union Pacific Prefer
ieu were taken in round amounts right up
10 the close of business. Strong interests
oought confidently and not a few shares
are TO be taken out of the street. paid for
enterprises. " Noi"ei NiaA
American investors get a larser nsrrs,,-
age OF american corporation earnings for
the last SIX months tnan ever hefora 1,ba
ooSa,'y mas demonstrated its capacity for
CONSTRUCTING, operating and financing its
own enterprises. Ii has bought hack its
ISSUES from foreign holders in such ahun-
dahee that the achievement gives them new
merit IN foreign eyes and creates another
demand abroad. America can very annro
prlateIy celebrate her financial independ-
ence In connection with the Forthcoming
ANNUAL celebration of her political independ-
ence- DurIng the half year u tremendous
wave OF Improvement has passed over Wall
created. ~
The advance was stayed at a time when
1 enthusiasm seemed destined TO foster dis
aster. For nearly three months overIoanpd
accounts nave been undergoing a process of
liquidation. The daily Introduction of new
~riiuusttial ~ corporations. capitalized at the
promoters estimate of ha
ity, mas been checked. Disappointment as
70 the winter wheat crop has been met but
the succession crcp must yet pass into the
area of known quantities
Gold shipments, under novel conditions
nave been going on, until about $IgUnH HyI
mas been sent out of the country At the
beginning of the second half OF the year
there Is speculative level which has not
exhausted value, over sI50ostaov in INFER
est and dividend disbursements are being
MADE, railroad earnings are good the great
nIann1' ioao corporations are coming into a
closer commercial union, gold exports are
waning, bank reserves are expected 10
grow IN strength and money at the bor-
rowers terms is predicted. Some of the
larger operators recently committed TO
lower prices We're liberal buyers TODAY and
houses with western connections came
prominently forward in the demand
large outstanding short interest is be-
HeFeu 10 exist In the tDdustrials but this
can wait without injury to future plans
Ialr proportion of the buying of the last
TWO or three days may be set down to a
desire to sell at the probably improved val
uation growing out of a public demand
after the holidays. Such selling cannot of
itself hurt the main trend of the market
Conservative buying on such declines is al
most certain to appear.
The bank statement reflects a loss of SD
5'2,ooO in lawful money. almost all in spe-
Gle. Loans have increased $S.015.6pO and
deposits have decreased s.. .s71.o The net
change reduces the reserve by S11 i23 80
bringing the total surplus above legal re-
quirements down TO about $14.up00eO