Birmingham age-herald. [volume] (Birmingham, Ala.) 1890-1895, 1895-06-25
BUSINESS,


New York, June 22-The week has been
r period of continued expectancy on the
stock exchange. No loss of confidence in
the ultimate additional improvement of the
market could be observed. but large oper-
ators have wisely waited to ascertain the
permanency of the May rise. Simple pru-
dence dictated a policy of this sort in or
der to determine how far the expectations
which that rise anticipated had been full
filled. Another cause of diminished activ-
ity was the return of Mr.. Morgan from Isu-
rope, upon whose action several very i'm
Naturally the absence of information re-
garding his policy in these matters re-
Aside from these influences the stock
market presents exceedingly strong
front. Early expectations have been am
ply justified and our industries are step
ping forward in a manner that shows the
movement has merely started. and not cul-
were venturesome enough to predict that
the turning point had been reached; now
everybody is convinced of the fact, and the
professional croaker is quoted. The chief
obstacle to a further advance has been
the cessation of London buying, which is
attributable to natural causes. First, the
immense sum of over SlOO,0o0 900 of securi-
ties, which the syndicate and its followers
placed abroad, temporarily satisfied those
markets; and, in spite of the ready de-
mand for good investments on the other
side. bankers are likely to be more sparing
OF their taxings until present holdings have
been disposed of. Spectators in London
are chiefly occupied with the kafiir bubble,
Which. should it burst, would cause
fresh outburst of British indignation about
The wicked promoter; and, until this di-
version has lost its force, London operators
Americans Another obstacle to foreign
buying is the stubborn prejudice of the
financial press on the other side, which has
a powerful influence among the mass of
investors. Those journals are woefully be-
hind in their appreciation OF the changed
condition of affairs here. Their positions
are based upon the scandals formerly at
tached to American railroad management
and the distrust of our monetary standard.
almost StlDiQlX ignorant OF the
fact that these matters now belong to the
past, and that we are to nave reform IN
railroad management as well as in curren-
CIV matters. Europe is slow to understand
that the sound money crusade is sure to
result in an overwhelming defeat of the
dishonest silver infiationists. Our own
great capitalists and bankers appreciate
this fact; for. coupled with business re-
vival, it means restoration OF credit as
we'll as earning power. 1t means that ere
long American railroad securities will rank
among the best in the, opinion OF foreign
investors, and that values must advance
accordingly. London bankers SHOW by
their actions that b they and t9 German
financial writer's cannot afford to much
longer mislead their readers.
Clop reports are more favorable tnan
few weeks ago. There is every prospecs
of bountiful corn crop, which Is OF chiet
Importance to the rai Ire Ine d'9 fog
by better prices. General trade continues
to inaprove and there Is every prosp 'ses
for its commencement. The iron trade one
of the best commercial barometers, IS IN
Excellent condition; values rising and or
ders Increasing; in fact, before long 9py . Is
will be compelled to rush in their orders g,,l II
they wish to anticipate higher prices. inc
great staples of trade are generally y, a mer
@ Snsss's are rising and industries daily be,
coming more active At the same time lite
money is plentiful and easy, while creoits
are sound Importers are preparing 1or
large arrivals. but the present iigntness o. OF
exports causes little fear OF golu hp ayaiI
able and Europe is likely to be liberal
purchaser Of our investments. under s ueh
circumstances the tendency of the stock
market should continue to move IN an up
ward directions point has been reacn ,.;sii
however, when Temporary reactions Will
he Of freauenf oceurrence; quick terms are
therefore in order. rr,>,pv cr r,vvs