The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-08-03
FINANCIAL AND CoMMEACIAL.


Ia also evident that tn a II ordinary activity In
business keeps tho loana BILE capital OF the coun
try we'll ON poyed and IL like ely to do so for some
time. The possibility OF higher rateafor money
not only checks speculation but leads to con-
servative action on the part OF lenders who think
they may obtain better rates for their capital q
little later The situation is also complicated by
the Arm ness OF all OF tho European money mar
kets Wore II not for that circumstance 6nan-
ciers here would proceed confidently upon the
theory that a large amount OF money would
he transferred from Europe to this country
during tho next few months In payment
for broadstuffs and other products that are
certain TO be purchased by Great Britain and
the Continent. The indications are. however.
that. a. was tho case last year. the United
States will have to give Europe extensive credit
for it's purchases OF tho necessaries OF life The
outcome in the security market will probably
be that the investment demand rather than
speculative enthusiasm will shape the course
OF prices until the m etary situation is clearer
Regarding tho investment demand for secu-
rites 1t Ia to he noted that there is steadily
increasing inquiry for the preferred shares OF
industrial companies 1t IL now pretty we'll
understood that these shares represent tho
valuation OF the various plants that have been
consolidated as agreed upon between the
vendors and tho bankers who have fioated the
securities. In view OF tho disastrous result
following some OF the earlier industrial combi-
nations. IL Is reasonable to assume that In
the cases Of those formed during the last year
or so the bankers who are morally at least re-
sponsible to investors buying the securities OF
the companies they have promoted have en-
deavored to make conservative valuations OF
the properties they have brought together.
The com mon stock represents good will. trade
marks and earning capacity. The principal
reason why investors are turning their atten-
tion to the preferred shares OF industrial COM
panies 10 tho difficulty they experience In
getting more than 3 or p cent. upon sub
stantial railway securities. Nearly all OF the
Industrial shares mentioned mako a much
larger return than that at current prices. 1t Is
possible. too. that capitalists who are mindful
that there will some time come reaction In
the prevailing industrial and mercantile activ-
ity buy tho so-caed Industrial stocks with the
expectation Of disposing OF Thorn at higher
prices before that reaction sets in.
While upon this subject IL is interesting to
note what seems to be growing tendency on
the part OF the managers OF industrial enter
prises to furnish their fellow shareholders
with more information than heretofore re-
garding the affairs OF tho business they are
conducting. Tho International Steam Pump
Company. for example. issued an inform
ing statement yesterday. and to-day tho
pany made public a statement regarding
that enterprise which is printed further on in
this column. The American Mailing Company
disarmed one Of its apparently speculative
stockholders last week by offering to furnish
him with all tho Information he desired. NeIt
week. In an application that 1t will make to
the Stock Exchange to have its stocks
regularly listed. tho Am srican Steel and
Wire Company will present a detailed
a.. Il ma 4
ings. as required by the regulations OF the Ex-
change. 1t Is to be hoped that this tendency
toward openness and fairness will grow and
prove to be permanent. II it should Indus
trial stocks Of merit will attain :he position In
the market to which they are entitled.
The dealings in stocks were considerably
smaller than yesterday. and they were not
quito as we'll distributed. The steel and iron
stocks held very we'll partly because OF n
sharp advance in Tennessee Coal and Iron,
which was believed to DO due In part to the
covering OF 4 stubborn short interest in that
stock. American Tobacco attained higher
prices on purchases based upon expectations
OF large profits from the development OF
the companys business in Japan The |
company controls large cigarette fac
tory In Japan. and iu some way that
has not yet been made public has Sc
cured monopoly OF the cigarette business |
in that country. whore the consumption is said |
to be over e million cigarettes a day. though |
tho use OF them there is really In it's infancy. |
Sugar Refining was strong on the publication
OF trade circulars. issued both by the company
and its com petitors. urging jobbers to increase
their supplies on hand In order to meet the
seasonable requirements OF consumers during |
the next sixty days.
In the railway list Pennsylvania and New |
York Central were exceptionally strong. and |
80 were the local traction stocks in the early |
dealings In the last hour effective selling OF |
Brooklyn Rapid Transit helped to unsettle the |
eptire speculation. Peoples Gas was a strong |
feature. and was one OF the few stocks that
closed materially higher. the market for 1t be- |
ing Influenced by reports that the company 10 |
likely to secure control OF its only competitor. |
the Ogden Gas Company. A natural reaction |
in the foreign exchange market after the |
steady decline OF tho last few days doubtless
had some influence upon speculative senti- |
ment In the late dealings on the Stock Ex-
change. The closing was in the main steady. |
owing to the execution at the decline Of some |
buying orders by commission houses.
New York Stock Exchauge-sales Aug. ..
UNITED STATES AND STATE BONDS I'm 81. OOos). |
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CLOSING PRICES OF UNITED STATES BONDS.
BID Asked Bid. Asksd
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as .................lOl1 No. / OF
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