The times. [volume] (Washington [D.C.]) 1897-1901, 1900-08-05

NEW YORK, Aug. 1.-THE Developments
regarding railroad properties this week
have been OF a character that would o-di-
narily start an upward movement OF nc
mean proportions in railway shares. Two
important stocks, Union Pacific common
and Baltimore and Ohio common, have
been placed definitely upon per oent
dividend bssis. The action in each case
was accompanied by the publication OF
annual statements whish show that the
Arrangements were conservative in the dis
tribution OF profits which they ordered,
since each company reports large surplus
revenues after making the dividend Is
bursements.
simultaneously with the events referred
to- a number of traffic statements for
June were made public, and these were IN
yariaby favorable. 1t Is also to be noted
that railway rates are better maintained
than ever before. the corn crop is pro-
crossing finely and The yield bids fair to
be a record breaking one.
Apparently the only circumstances hold
ing securities in check, apart from the
usual midsummer dizziness are caution in
making extensive commitments during the
early stages of Presidential campa gn and
the complicated and enigmatical condition
of affairs in China
In the mean time evidences multiply
that unemployed money is accommodating in
this country in consequence of its great
prosperity and enormous invested capital.
For the third time within year American
bankers have become active and influential
participants in foreign loan operations
the first being the refunding of the Next
can national loan, the second the placing
of a part of the British war loan In this
af @ IA
British exchequer bonds IN conjunction
with the Bank of England.
The weekly statement of averages for
the associated banks shows an increase IN
lawful money of over three and quarter
millions, or two and quarter millions
less than the amount known to have been
received by the associated banks from the
interior and Sub-Treasury during the week.
The discrepancy is doubtless aecoun ed for
by the misleading system of averages used
in making up the statement The surplus
reserve is now upward of $40. 100000, and
at the same time the Treasury is in
strong position.
These circumstances show that this coun-
try is abundantly able to part with what
ever amount of gold may be required TO
pay for such proportion Of the British loan
as may be allotted 10 this country.
1t is worth noting that the summer is
ment of any serious labor troubles, and
that where such differences exist between
employers and employees they are being
sensibly negotiated Moreover, while arbi-
TRACE operations between this market and
London have been at a standstill, Europe
has gradually been selling here consid-
cradle amount Of high-grade American
investment securities. These are rapidly
being absorbed by domestic investors, just
as they have been absorbing local offerings
In quiet way for some time.
The strength of the stock market, not
withstanding the small volume of trading,
is unquestionably due to this last fact and
also 70 the tenacity with which actual own
ers Of securities hold on to them.
Today's market was extremely dull. but
very strong. The leaders in the upward
movement were the iron and steel stocks,
Sugar Refining. and Northern Pacific COM
mon.