The age-herald., 1901-07-08
BULL|SH TONE TO
 LONDON MARKET American InduStriaIs Favorites
 for the Investors BUT ONE DISC0RDANT NOTE The Investors Review Urges Throw Ing Over American Securities in Order to Precipitate an Early
 Panc-Prices Upward.
BUT ONE. .DlSCORDANT NOTE

London, July 7.-Paradoxical as 1t may sound. all the conditions of hte London Exchange during the past week have inn proved, while actual business has been worse if possible, than ever. Money has been exceedingly plentiful and prices gen orally better, but dealings from various causes have been at about the lowest ebb An annoying feature of the weeks stag nation is the fact that large sums of money are actually yearning for invest ment, but the public, from the force of many weeks habit, refuses to do any thing but "sit tight"
 The spectacle of England waiting for the initiative of the United States :n financial matters has become strangely familiar of late. Railroad traffic reports show an improvement in the number of passengers handled, but also heavier working expenses and a falling off in freights The latter feature Is important as indicative of the. general trade situa ton being good. The fact is that the rail- roads are largely themselves to blame for the killing of this trade by the mi position of excessive freight rates, the
 
 indifference to the appeals of over-bur dened shippers.
 American securities, with few excep- tions, quietly continued their upward trend during the past week, although their actual dealings during this time were comparatively small. It Is interest ing to note, however, the change in the tone of English financial writers toward the American markets. These writers say the American boom created a rush of speculation which has now become legiti- mate, and the consequent enhancement of values resulted in investment by pow erful financial interests. It is simultane- ously pointed out how capital has suf- fered, some writers saying 1t was hood winked by the present development. It is further said that American railroad managers for years sacrificed dividends
 to the improvement of equipment, with he result that the magnificently- equipped lines are now fully ready to cope with the present immense American industrial development.
 These railroad lines were largely financed with British money, but the lapse of many years with scanty dividends in duced the British investors largely to cast off their stocks as rubbish. Shrewd Americans bought in these stocks at the low price while the English were selling them, and have been steadily reaping the reward of the present advance in values. The Investors Review, which is notori- | ously bearish in it's tones, alone dissents | from these favorable concentrates on the American market, declaring that under the surface a financial crisis is impending | in the United States and warns bankers | of the enormous amount of American l bills afloat here, and suggests the throw | ing out of a certain class of these bills
 In order to precipitate an immediate panic which the Investors Review says could be better met now than after more Amer | ican securities have been f1oated here. 1 In connection with the lightness of money at the end of the year some au- | thorities have been seriously urging the banks to consider establishing half yearly settling days-January 3 and July. 31-so as to bring the settlements after instead of before the semi-annual government disbursements, as these naturally ease the money market. In this connection the authorities in question compliment Secretary Gage on his alertness in help ing the financial situation by the redemp- ton of bonds and the forestalling of in- tereSt, etc.