The Republican. [volume] (Oakland, Md.) 1877-current, 1894-10-25
FINANCIAL REVIEW.
Henry CIews' Weekly Resume of the
Stock Market.

Stock Market.
NEW YORK, Oct. 20.-The past
week has shown an increase Of in
terest in the stock market, but no
material change in the volume of
business. The attention of opera
tors has been occupied principally
with the near approach of the cleo
tions; the monthly statements of
railroad earnings; the large decrease
in the earnings of the st. Paul road;
the possibility of renewal of ex-
! ports of gold suggested by ship
meuts of 81 100000 to Germany;
and the unfayorable developments
in connection with the management
of Northern Pacific, which have
had an especially unfayorable effect.
The first effect Of the falling off
in railroad earnings was a partial
decline in prices; that, however,
brought out free buying by the
clears to cover their "short"
contracts, which caused a recovery
from the fall, that tendency being
also encouraged by some moderate
buying on "long" account. The
falling off in the months gross
earnings-which averaged 81 per
cent-was hardly matter Of sur
prise, as the comparison is made
with period of last year when the
immense travel to the Worlds Fair
was at its heighth. Indeed, MAX
ing due allowance for that feature
in last years September business,
the showing is to be regarded as a
fairly satisfactory one. The fact,
too, that many companies are re-
porting an increased traffic for the
first and second weeks OF this
month is accepted as a good midi
cation. The Missouri, Kansas &
Texas shows an increase for the
first week of October of $44, 700;
Norfolk & Western, $2G, 800; Mis-
souri, Pacific, $j1, 1S7; st. Louis &
Southwestern, 1874, 800; Peoria,
Decatur & Evansville, SIS, 800; In
ternational & Great Northern, 1913, =
600, and Louisville & Nashville,
sG7,510 These are conceded to be
very encouraging symptoms. From
this time forward we shall begin to
compare with a period of last year
when the business of the roads was
little affected by the fair travel,
and the gains already shown indi-
cate that comparisons will in future
be more favora ole than they have
been.
The symptoms Of growing conf
dence in the market are unmistaka-
Bile, and sagacious operators are
looking for an early improvement
in prices; though more disposed to
wait for fuller maturity of condi-
ton than to precipitate a rise pre-
maturely. For the last few weeks
Wall street has watched the course
of general business with a critical
eve. Whilst expecting revival of
trade Immediately following the end
of the tariff suspense as a matter of
course, they waited to see how far
the revival would run and whether
it would not be followed by some
reaction. There was some reaction
following the universal and liberal
replenishment of the previously ex-
hausted stocks of merchandise: and
then came second waiting to see
how far that reaction would extend
and whether the second stage of the
seasons buying would be as salts
factory as the first. That test was
crucial one, but it has been at
tended by no disappointment. In
most branches of trade there is al
ready an encouraging resumption of
buying; which is construed as
meaning that the retailers are find
Ing a satisfactory demand for goods
and that the consumptiye ability of
the country is again verging upon
normal measure. The effect of
these indications has been to develop
hopeful feeling through the va
rious departments Of trade, which
finds its effect in larger orders at
first hands and in preparations for
an increased output among the in
dustries and in larger orders for
importations.
The recent public utterances of
President Roberts, of the Pennsyl-
vania railroad-whose abilities and
conservatism of judgment are uni
versally recognized-are an impor-
tant acknowledgment of the value
Of these symptoms; and his esti-
mates will have the more effect upon
public confidence because they echo
a feeling that is generally enter
tanned among men connected with
the larger movements of capital.
1t is not easy to limit the benefits
that may arise from public conf