San Antonio daily light. [volume] (San Antonio, Tex.) 1886-1907, 1892-08-30
WEEKLY FINANCIAL REVIEW
Reported For the Light by Henry
Clews & Co

Reported For the Light by Henry
Clews a. Co.
New YORK, Aug. z7-The stock
Market did not disappOint expecta-
lions. Prices have experienced a
| still favorable. AS already maintain
ed In these advices, the basis of the
present advance is the confidence of
the big holders OF stocks in the future
development and resources OF the
couutry. Our commercial and in
dustrial interests are now enjoying q
fair share OF prosperity. Business is
not only on larger scale than ever
before, as demonstrated Dy clearing
house returns and railroad earnings;
but IL is also in exceptionally sound
condition. This statement being con-
firmed by the small number, rs we'll
rs the character, of business failures.
Agricultural interests are also in
good shape; as, in spite OF smaller
yields of wheat, corn, cotton and
other products, We shall. with last
seasons surplus, have sufficient and
to spare.
The railroads are not likely to
suffer from any insufficiency OF
freight for some time to come. Judg-
ing by the small additions to mileage
during the last few years, and the
increase of traffic and population,
there is more likely to be q scarcity
OF facilities than of tonnage. Another
factor to be considered is that many
of our roads are yearly growing less
dependent upon few staple crops
for traffic. Tha multiplication of
industries; the growth of passenger |
traffic, and even the development of
new crops, as, for instance, the carry
ing East of California fruits, all tend |
to the stability of earning power |
and consequently to the value OF
railroad stocks. These facts are par
ticularly true of lines in the Esst and
Northwest; while they apply in q
lesser degree TO some OF the Southern |
and Trans. Con tinental lines. The |
Chicago Exposition promises to be n
source of great profit 70 oil the prin.
cipal roads entering that city, |
provided managers abstain from
reckless competition. Stockholders
should make themselves heard on
this point before harvest time is at
hand.
Two events happened during the
week under review which very
strengthened the market.
viz, the Texas railroad decision and
the collapse of the Buffalo strike
Judge McCormick's decision that the
State has not the power to prevent
railroads from earning reasonable
profits is one of the most important
and fsr-reaching decisions of the day.
1t will undoubtedly be confirmed by
the Supreme Court of the United
States. The chief benefciaries will
be the states themselves; for capital,
which had left these sections severe
ly alone for the last few years, will
again flow in those directions with
Its rsviving tendencies. The effect of
this decision was shown In the ad
vance OF the Southwestern group Of
stocks, wbi ,h will of course benefit d.
rectly by the decision. Instead of do.
ing business at q loss, with prolonged
constantly fronting them,
there is now q prospect of interest
being earned, and even a fair divi
dend on such of the lines as are not
with over capitalization.
The defeat of the switchmen's strike
m ltirislly simplifies labor trou bles
for railroad managers; the refusal
IF the engineers and other railroad
to participate in sym
pathetic strike having considera ole
The strikers have
thus learned an unwilling lesson;
that while they might have the
right to strike at will, they must also
recognize the equal right OF employ
ers to fill their places with others
without molestation,
The future of the market certainly
seems favorable. In addition to the
facts just mentioned, stocks are in
strong hands and money promises to
remain easy, even though rates show
more firmr ess. The renewal of gold
exports attracts little attention, be
cause each day brings us nearer a
larger supply Of grain and cotton
bills usual In the latter half of the
y ear Upon any sharp or extended
rise l would advise realizing; but In
the absence of unfavorable develop
ments good stock are purchase on
the breaks.