The times., 1899-07-30

New York. July 29.-The transactions in
securities this week have not been large,
but the distribution of the dealings and the
course Of prices indicate that both specu-
lators and investors are beginning to ap-
preciate the considerations affecting the
value of both industrial and railway shares.
II is claimed by many operators in stocks
that the level of prices is too high to war
rant expectations OF further advance This
view is based upon prices that were made
some time ago, and also upon the current
rates for money. 1t does not take into con-
sideration a number of important factors.
chief among which is the extraordinary ac-
tivity in general business, which seems
likely 10 continue for some time to come,
and the great increase in the supply of
international currency from the Klondike
Australia, and South Africa.
The considerations mentioned appear to
have induced some substantial buying of
securities this week, and, as prices have
advanced, other factors have received the
attention they deserve. Railway traffic re-
turns, notably those of the ST. Paul and
c. B. Q. companies for June, and the
statement of the Chicago and Northwestern
for its fiscal year. have stimulated a de-
mand for the stocks of those companies
during the latter part of the week The
market for railway stocks generally has
been influenced by statistics showing that
the transportation industry as a whole, is
not as dependent as formerly upon the
crop movement from certain sections of
the country, though 1t is, of course. an
important item.
Coincident with the development OF di-
versifed industries throughout the country
there has been logical increase in the
exports OF American products as shown by
the Treasury figures during the last year
OF more. These developments strengthen
the commercial and financial position of the
United States TO degree that has not ye;
been fully appreciated
The weekly trade reports show no diminu-
tion in the volume of business nor note
worthy recessions in prices. Bank clear
ances, though somewhat smaller than last
week, are good deal larger than for the
corresponding week in previous years. In
upite of the activity in general business
the loans Of the associated banks were re-
duced last week over IS 900, 600. This liquI-
dation of bank accommodations must have
been voluntary and was not unexpected.
The decrease in lawful money exceeds the
largest estimates by fully $1,000. 600. The
banks have lost during the week 81 i29, 900
in lawful money, and in spite of a logical
decrease in the deposits the surplus re-
serve is nearly one and a half millions
smaller than last week. This unfayorable
showing by the banks was seemingly offset
in the stock market by the pronounced de-
clining tendency of foreign exchange. The
market for exchange has been depressed
this week by comparatively heavy pur-
chases of securities by London and sales of
commercial bills against probable large
shipments of breadstuffs beginning next
month and of cotton a little later
The features of the stock market this
week have been sharp advances in a nuul-
Der Of the iRdustrials. notably Americ N
Tobacco, Sugar Refining and American
Steel and Wire The anthracite ecal stocks.
though not extensively dealt in. have made
q good showing, and number OF special
stocks, notably Louisville and Nashville,
Pittsburg. Cincinnati, Chicago and ST.
Louis, Lake Erie and Western issues, and
Southern Pacific, have attained mate
rally higher level.
The features of today's speculation,
which was fairly active, were American
Tobacco, American Steel and Wire com =
mon, Southern Railway preferred, Inter-
national Paper preferred, and American
Car and Foundry preferred. The status
Of the investment market is indicated by
the sale to a syndicate OF SO, ,900, ,000 of
Chicago and Alton Railway new 3 per cent
bonds al price tazt may be inferred from
the open market, which is about 81 bid.