The Republican. [volume] (Oakland, Md.) 1877-current, 1894-10-18
FINANCIAL REVIEW.

livery CGcllnGI TO repeal.
FINANCIAL REVIEW.
Fienry CI@ws' Weekly Resume OF the
Stock Market.
New YORK, Oct. 13.-The stock
market as yet shows no sign Of vio-
lent change either for better or
woIse. Notwithstanding the pro
fcssionals" are likely to remain in
control, in the absence of fresh
TEXTURES calculated to attract sub
stantial demand from the public.
The industrial prophecies continue
to absorb more than their share Of
attention, and still form the dis
turbug element in the market, in
asmuch as they are destroyers Of
conf iouce, and are causing othrr
securities to suffer unnecessarily
and without special reason. There
are but few unfavorable situations.
however. out Of which do not come
some good result, and this one is
not likely to be an exception, as in
the end it will tcud toward a reyul-
sion Of feeling which will place the
industriais in The background, and
speculative fayorjtism will once
more be with the good railroad
stocks.
The movement has been
"worked'' for nearly ali it is worth
in connection with the former class
Of securities, and the tremendous
losses which outsiders have suffered
as result Of insiders manipuIa-
ton are undoubtedly going to prove
lesson not easily forgotten, and
one which viii naturally turn the
current Of speculation away from
manipulated stocks and towards
securities the movements of which
are governed by natural causes and
not by the Vaccinations of few
men. The situation Of the rail
roads is encouraging as far rs the
outlook Is concerned, and although
Their present condition is not all
that could he desired or may be ex-
pecled later on it is at least q guar
antee of better things to come; and
earnings are good when the general
condition Of business throughout
the country is considered. 1t must
be remembered that railroad re-
turns now are beiLg compared with
those Of a particularly prosperous
period, when the bulk of the
Worlds Fair business was being
done, When they are compared
with the ordinary traffic returns,
the showing is not 50 poor after all;
and with the habit of economy now
being so well learned, the prospect
for marked Improvement in net
receipts is good when the general
business situation begins to mend
with more rapidity, as soon it VIII.
The "Granger" stocks have suf-
fered for q long time on the pros
pect Of a small corn crop this year;
but this idea has undoubtedly been
carried too far, as present Indica-
tions certainly point to the prospect
of a considerably larger yield than
at first expected, The Washington
agricultural report, issued on the
10th instant, shows that wheat and
corn had increased over their esti-
mate OF last month and information
from private sources from almost
every direction is to the effect that
the crops this year are much under
estimated by the government. All
these form another reason why an
improvement may be looked for
later on, for when a stock or class
of stocks is unduly depressed, a re-
action is natural when the cause for
the depression is removed or dis
covered to be principally the result
Of error. 1t has always been a prac-
tical impossibility to induce the
public to buy stocks when they are
away down: but after the range of
prices has advanced to a considera-
bic extent outsiders begin to buy.
The thing is to purchase while it
can be done at low prices and be-
fore growing demand has adj
vanced values. This ought to be a
good time to buy properties which
enjoy confidence, with the idea of
putting them away and holding
them for few months at least, by
which time the prices for all good
securities will in all probability
reach a much higher level.
London, though for some time
past having shown a much more
marked degree Of confidence in
American railways, is at present
doing a little liquidation, as a result
principally of the slight fear of
political disturbances. Should this
continue 1t may result in a moder-
q 70 lir,,ont Of oc1d frOy,, fiji, c;5o