Grand Rapids herald. [volume] (Grand Rapids, Mich.) 1892-1959, 1892-08-08
HENRY cLEWS' LETTER
The Market IL Gaming in Strength snd
B.eadth.

B.sadih.
New YoRK. Aug. THE market
slowly but surely gains in strength and
breadth. Some interruption OF the sd-
vance has occurred through unfavor-
able circumstances aud tie absence OF
large operators at the various summer
resorts. But this 10 of little conse-
quence; IN fact, IT Is more desirable
that tho first stage OF the advance
movement should be slow IN order
that the foundations, So 10 speak, nave
ample opportunity TO harden. sudden
spurts do not attract general buying OF
stocks; and the surest means of restor-
ing confidence Is by slow snd perns-
tent advance, eucn as has been shown
during The last few weeks.
In previous advices l have given .
list of twelve reasons leading To . be-
lief IN higher prices. These same rea-
sons are still In force. and will bear re-
emphasis. There Is every reason. also,
to Celieve that business will be dis
turbed much less than usual this pres
idential year. The political battle, /
believe. will be fought almost entirely
upon one or two strictly economic ques-
tions. and the struggle will DO remark
ably free from the personal and Sec
tlonsl feeling usually aroused in Ma
tional election, chiefly because OF the
exceptional character of both candi.
dates. Whichever 10 successful, it 10
morally certain that business will suffer
but little in final results by the coming
campaign, SO tar as applied to the ex-
ecutive branch of the government.
Some remark 10 made concerning the
lees favorable character of railroad
earnings; still it should be remembered
that comparisons are now being made
with the extraordinary figures Of last
wear. The fact remains that many OF
the lines are dong q very profitable
traffic, and that the financial and ply
seal condition of many lines Is even
better tnan year ago. Increases and
decreases In gross earnings are no,
always the true measures OF market
values. The speculat0r, as we'll rs the
investor, must take into consideration
net results and prospective earning ca.
pacity a. well as other factors. This il
especially true of such lines ~ diverted
q large share of last years earnings to.
wards betterments. which will enable
them to operate more economically IL
times when there 10 less pressure Of
traffic.
Still another factor of encourage.
mont is the crop situation, which hai
certainly SHOWN much improvement
over last month. No one now expect
such y prolific yield - last year; nor il
such desirable IN view of present low
prices and that Europe's requirement.
next season will be much less urgent
Experience has proved that fair crops
at fal2 prices are the most satisfactory
70 : growers. This 10 what w,
promised this season. Last season ",
suffered from an overproduction Of
cereals and cotton IN spite of the shor
crops of Europe. Our farmers ant
planters are still suffering from thi
cause; but the diminished yield Of cot
ton, corn and wheat this Forthcoming
year ought TO bring them some relief
In conclusion, the situation 10 an en-
couraging one, and the facts certainl,
warrant an improvement IN the value
of better grade securities, with whicl
the less desirable issues would of cOurs
sympathize to fair ration extent.
L HENpy CIrUs