The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-06-25
FINANCIAL AND coMMKRoIlL.
SATURDAY. June ~

FINANCIAL AND COHAhhCIALs
SATURDAY. June ~.
There are Indications that foreign dealers in
American securities are beginning to change
their views regarding the commercial and
financial situation In this country. European
hnanciers have been disturbed by the
enormous amounts OF Industrial securities
that have been foated here. by the closeness
OF their own money markets. by fears Of q dis
tressinR shortage OF staple crops here as we'll
as abroad. and by apprehension OF political
troubles in France and in the Transvaal SO
far a. the United States are concerned. busi-
ness prospects seem to be much brighter than
they were a few weeks ago. decided
Improvement has take place in the crop situa-
ton and at tho came time It Is becoming APP
parent that q large percentage OF last years
yield Of wheat and corn has been held back
until the outlook for this years. production
was satisfactory to the farmers. Simultane-
ously the foreign demand for brsadstuf1s has
revived and bids fair to be active for some time
TO come. Besides furnishing Europe with SUBJ
sistence this country Is supplying 1t with gold.
because It needs money and this Is the cheap
est market In which It can be obtained. Other
gratifying developments are tho comparative
ease with which tho large amount OF Industrial
securities manufactured during the last year
or 30 10 being digested. and the manner In
and bonds have been absorbed By investors.
In considering the attitude OF European deal
ers and investors In securities toward the
United States 1t should be borne In mind that
the principal manufacturing countries OF Eu
rope have become very jealous OF our increas-
ing Industrial and financial prowess, 1t wounds
their pride and diminishes their prestige to
have to borrow money in this market and
to have to compete. often unsuccessfully.
-ith lp,n
obliged. however. to accept the situation. and
In consequence there has been during
the last few days some rebuying Of lead
ing railway shares by London. Operations
OF this character have been stimulated
by the excellent traffic showings OF the
st. Paul and OF the New York Central COM
panies and by prospects OF favorable Develop
ments In the operations Of tho Baltimore and
Ohio Railroad The exceptionally strong
features OF to-day's stock market were |
New York Central and St Paul. Note
worthy net advances were also made by
O.. Is. and Quincy. Omaha common,
Union Pacific common and Baltimore and |
Ohio issues Tho leadership OF these |
stocks Influenced the entire speculation and |
the list. with but few exceptions. closed higher |
than yesterday. There was some selling OF |
American Steel and Wire common. presumably |
by specuativelholders. who did not learn until |
this morning that the management OF the COM
pany decided yesteHay not to declare dvi
dend upon tho stocIAt present.
The weekly abatement OF averages OF the |
Associated Banks shows q loss in lawful money
OF nearly 100000. As this change was OK
pected 1t had practically no effect upon the
market for securities. A further increase OF
over 81 millions in the loans shows that there
is an active demand for accom- me dations from
various quarters The net result brings the
an reaerva down n n bout SDE 700 600