New-York tribune., 1897-08-30
ruE FINANCIAL MARKETS.
STOCKS MOVE HIGHER.
CONDITION OF THE FEDERAL TREAS
rRY-RAILROAD EARNINGS.
Sunday. Aug. 2O-p. m.

rha r.actions and duness In the stock market
,as, week and In the week preceding served to
.o,,eve the situation OF the dangers or ihhation
.,d mad speculation. They served to strengthen
.ho speculative situation. and particularly III
.ao,;nc r new short interest and In anording
=, opportunity for the assimilation OF iow-priced
,octs which had been sold for prof1ts saies
80, have heen made for the purpose OF Sc
.-.rg nrofts have resulted. It Is believed In
.,rr stocks In stronger hands; and, this being
-, case 4 is natural to assume that material
x.so in prices will soon take place. From the re-
Mt course OF the market II does no; appear
.,oar that further liquidation will be indulged In
hofore a substantial advance begins, and the
majority of conservative observers IN the Street
:, Ito that the pause in stock market activity
=. over September often brings a big bull
,,cvencnt in stocks. In fact, d pull movement
;s alwavs looked for IN the iirst autumn month,
ard this year the existence OF so many favorable
Conditions makes an active and higher market
,,ac;,cal certainty. 1t is pretty generally real
i7es that the cOuntry's crops VIII give satlsfac-
,orv Yields and that the damage in certain dis
,ricts will be offset by the increase in acreage
Wanted II is also known that this year yield
of wheat will sell at about one-haf again as
,nuch as last year; that corn will be marketed
Al a considerable advance over 1896 also oats.
potatoes and other farm products The IN
duence Of good crops with good market FOR
tben, upOn the transportation business, upon
,he International exchange market and upon
business in general is such that every person in
The country IS benefited, and everybody is able
IN see profits ahead in the active employment of
idle funds either III stock market operations or
in mercantile transactions.
The country is enjoying the fruits Of beauti-
f,,l harvest and of stable National Admins
ration Confidence in the Government is en-
nhatic Faith in current conditions as the fore
runner Of better times is great Optimism is
general. The fall trade opens under auspcious
Circumstances The buying power OF the people
has materially increased, and the demand III
mercantile circles this fall for finished products
promises to be the heaviest in years. Under the
influence Of confidence felt in the present and
future il is not surprising that Wall Street
expects an active business in September The
end Of the vacation season now at hand means
the return to town of many active market in
terests and il is not unlikely that they Will
be powerful factors in the market at no distant
time: while the people who have been in at
tendance all summer are anxious and eager for
further profits which are in sight in current
market operations. Railroad earnings tell the
story Of growing business The gains not
confined To any particular part of the country,
but include the roads which traverse the whole
length and breadth of the land According to
The Financial Chronicles" computations, The
gross earnings Of forty mine roads for the
third week in August show gain OF S613. iO2, or
L. Il per cent. as compared with the same week
q year ago. Net earnings for July are showing
handsome increases Net earnings for the cur
rent month promise to break many records
While the stock market and the wheat market
have reactions, general business keeps on the
upward path. growing in strength and stability
every day and furnishing accommodating evidence
for a legitimate ard healthful growth. The mer-
camille agencies report cheerful and encour-
aging situation in all lines Of trade. The most
accurate information from crop centres proves
that there will be an ample supply of the great
staples 10 meet home consumption and foreign
demand. Approaching values in the security
mark Il reflect the substantial basis upon which
tr$de and -inlnce now rest. Indications in the
cotton market appear to foreshadow an upward
and active movement in cotton speculation, and
number Of conservative Wall Street men eX-
press great confidence In the future Of this mar
set as the result Of the improved demand for
goods. and Of the resumption of activity in the
mills due TO the general revival of industrial
progress
The lateness Of the cotton crop accounts In
great measure for the postponement Of gold i'm
ports 10 this country Last year the cotton crop
was early and at this time In August. 1896. gold
was moving this way in large amounts to meet
the obligations created by the heavy trade bal
ance in our favor. Money rates We're then high,
while now they are unusually low for this sea-
son OF the year. and the fact that foreigners
have been sellers Of American securities all the
summer furnishes further reason for the alb
sence of gold imports at this time London can
not, however. settle its entire trade indebted
ness to this country by the sale Of its holdings
OF American securities, and. despite the opinions
Of European bankers TO the contrary, gold Will
come TO this country from Europe before many
days go by. There is an almost dearth OF food
supplies in Europe. and the United States and
have surplus of wheat corn. oats and rye. And
Europe is even short OF potatoes. The United
States is also somewhat cramped on the potato
harvest. and any quantity Of this important
article Of food which goes abroad Will be paid
for AT handsome prices. statistics Of the grain
furnish adequate reason for the be-
lief that foreign grain needs extreme.
While stock market operations were conducted
in great part last week by the professional ele-
ment. the tendency Of prices was toward a
higher level and the last two days Of the
week a moderate return OF important buying
power caused substantial gains throughout the
list. Reasons for higher prices accumulate so
"a pidly that reactions caused 10y technical mar
ket conditions are short-liveG and. as there is
no legitimate cause for lower prices. i is be-
lieved that net fluctuations for some time 10
come will he in favor ~ the bull element In
spite of reactions on two days last week. the
losses Of the week preceding were generally re
covered. and number IF issues made new high
records for the year.
The following tables show the movements Of
the chief active stocks and bonds IN the week: