The times., 1899-06-25
FOREIGN CONFIDENCE IN
AMERICAN SECURITIES
European Financiers Change
Their Views.
Railroad Stocks Prove the Feature
of the Stock Market.
The Weekly Statement of the Ave-
rnses of the Associated hanks
The Surplus Reserve.

New York, June 24.-There are indica-
tions that foreign dealers in American Sc
curities are beginning to change their
views regarding the commercial and
financial situation in this country. Euro
pean financiers have been disturbed by
the enormous amounts of industrial Sc
curities that have been foated here by
the closeness of their own money mar
kets, by fears of distressing shortage of
staple crops here, as well as abroad, and
by apprehension of political troubles In
France and in the Transvaal. So far as
the United States is concerned the pros
poets seem to be much brighter than they
were few weeks ago.
A decided improvement has taken place
in the crop situation, and at the same
time it is becoming apparent that large
percentage of last years yield of wheat
and corn has been held back until the
outlook for this years production was sat
isfactory to the farmers. simultaneously
the foreign demand for breadstufis has re-
vived and bids fair to be active for some
time TO come. Besides furnishing Europe
with subsistence this country is supply
ing it with gold, because it needs money,
and this is the cheapest market in which
it can be obtained.
Other gratifying developments are the
comparative ease with which the large
amount of industrial securities manufac-
tured during the last year or SO Is bang
digested, and the manner in which the
foreign sales of American railway stocks
and bonds have been absorbed by invest
ors.
In considering the attitude of European
dealers and investors in securities toward
the United States 1t should be borne in
mind that the principal manufacturing
countries of Europe have become very
Jealous of our increasing industrial and
financial proves.
1t wounds their pride and diminishes
their prestige to have TO borrow money In
this market, and to have TO compete, often
unsuccessfully with American manufac-
turers They are obliged, however, to &C
cept the situation, and in consequence
there has been during the last few days
some rebuying of leading railway shares
by London Operations of this character
have been stimulated by the excellent traf-
hc showings OF the St. Paul and OF the
New York Central and by prospects of ia
vorable developments in the operations of
the Baltimore and Ohio Railroad.
The exceptionally strong features OF to-
days market were New York Central and
St. Paul. Noteworthy advances were also
made in c. B. & G, Omaha common,
Union Pacific. and B. & o. issues. The
leadership OF these stocks Influenced the
entire speculation, and the list, with but
few exceptions. closed higher than yester-
day There was some selling Of Amer
ican Steel and Wire common, presumably
by speculative holders, who did not learn
until this morning that the management of
the company decided yesterday not to de-
clare a dividend on the stock at present.
The weekly statement of averages of the
associated banks shows a loss in lawful
money of nearly $4,000. 900. AS this change
was expected, it had practically no effect
upon the market for securities. A further
increase of over five and one-half mil
lions In the loans showed that there is an
active demand for accommodations from
various quarters The net result brings
the surplus reserve down to about
325, ,7O0, 600.