San Antonio daily light. [volume] (San Antonio, Tex.) 1886-1907, 1892-08-12
WEEKLY FINANCIAL REVIEW.
Reported for the Light by
Henry CleWS Il Co.


interruption of the advance has
occurred through unfav orable Cir.
cumstances and the absence of
large operators at the variOns
summer resorts. But this is of
little consequence; in fact, it is
more desirable that the first stage
of the advance movement should
be slow in order that the founda-
tions, so to speak, have ample
opportunity TO harden. Sudden
spurts do not attract general buy.
ing Of stocks; and the surest
means Of restoring confidence is
by a slow and persistent advance,
such as has been shown during
the last few weeks.
In previous advices have Civ
en- a list of twelve reasons leading
to a belief in higher prices, These
same reasons are still in force,
and will bear 1e-emphasis. There
is every reason, also, to believe
that business will be distributed
much less than usual this Presi-
dental year. The political battle,
l believe, will be fought almost
entirely upon one or two strictly
ecOl omic questions, and struggle
will remarkably tree from the
personal and sectional feeling
usually aroused in a National
election, chiefly because of the
exceptional character of both
candida, es. Whichever is success.
full. it is morally that business will
suffer but little in final results by
the coming campaign, so far as
applied to the Executive branch
of the government.
The outward gold movement
has been the most serious check
to enthusiasm on the bull side.
This feature, together with the
growing use of silver, is of course
a source uneasiness. Neverthe-
less, this question has been upper
most for a long period; and it's
follies and dangero us are taking
no one by surprise. We are less
alarmed than Euro peans, who at
snch distance naturally take the
most cautions, if not the worst
view. AS for the foreign demand
for gold, that has been stimulated
by the scarity of commercial bills;
the Backward Of cotton exports
accounting in considerable egree
for this. Perhrps the most en-.
cOuraging feature of the situation
is the assurance. OF continued
ease in money. The West and
Noathwest are well supplied with
currency; and as Chicago is
steadily geOwing as n reserve
centre. aud crop requirements
will less urgent than year ago,
there net d be no uneasiness about
money rates during the remain.
ing summer and autumn mouths.
Some remark is madv cOucern.
ing the less favorable character
of rail1 DAD earnings; still it should
be remembered that comparisons
are now being made with the ex.
traordinary figures of last year.
The fact remains that many of
the, lines are doing a very prof.
table traffic, and that the financial
and physical condition of many
lines is even better than a year
ago. Increases and decreases in
gross earnings are not always
the true measures of market
values. The spectators, as well
as the investor, must tbke into
consideration net resulth and
prospective earning capacity as
we'll as other other factors. This
is specially true ofsuch lines as di.
verted a large share of last years
earnings towards betterment~,
which will enable them to Oper.
ate more economically in times
when there is a less pressure of
traffic.
Still another factor ofincourage-
ment is the crop situation, which
has certainly shown much i'm
provement over last month. No
one now expects such a prolific
yield as last year; nor is such de-
slrable in view of present low
prices and that Europe's require.
ments next season will be much
less urgent. Experience has pro.
provided that fair crops at fair
prices are the most satisfactory
to growers. This is what we are
promised this season. Last sea.
son we sufferer from an Overpro.