New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-05-31
THE FINANCIAL MARKETS.
SECURITY VALUES HIGHER.
CONDITION OF THE FEDERAL TREASURY
RAILROAD EARNINGS
Sunday. May Sop. IN.

sunday, May "o-p. IN.
Favorable progress toward stock market en-
r.nsion was made last week. The increase in
ecurity transaI tuns was not large. but evidence
q. a gradual change in market conditions was
Furnished throughout the week, the result or
+aainC being material enhancement In values
81 eeulative sentiment was encouraged by the
General course Of affairs In the business aud po-
ltical world. Investors appeared to take more
interest in security operations. and large inter
es,s participated more actively in stock market
transactions. Foreign dealings, as represented
In the operations OF arbitrage houses, reflected
a gratifying change In the foreign attitude low
ard American securities. The positions OF the
London and local markets az regards the mar
ra, valuation of railway stocks afford contrast.
which WILL ii is believed. attract London capitaI
this way. The New-York News Bureau SAID IN
the week: ga glish home rails are eNtreineiy
high in some cases at record prices; American
railway stocks are at a low level In many cases
not very far from the quotations current IN
times of acute panic or monetar! slrhSehc!'
The possibility of future Improvement in values
is therefore greatly In favor OF the United
states" The majority of careful market oo-
servers talk in the same manner. ana the con-
sensus Of opinion seems to favor markeu M
crease In foreign interest In American security
markets. H.,
Adequate reasons for expecting appreciation
In the market value OF railway shares are not
wanting Already the weekly returns OF earn
ings show improvement, and the encouraging
prospect which the country's crops present
holds out promises Of q harvest which VIII nay
urally increase traffic earnings. The country =
crops now assume an important place IN the
consideration of factors upon which pUsiiiesS
prosperity depends. and II is extremely encour-
aging to report that current crop conditions are
uniformly favorable throughout the country;
Present exports Of breadstuffs are large ana
foreign necessities will draw heavily on TINS
country later on. insuTing big traffic move
ment and therefore enhancing the intrinsic
value Of railroad properties TO say noth'n5 Oh
stimulating business in general. Inc haIoI'y
Of intelligent men believe that the passese oi
the Tariff bill will start pronounced improve
ment in manufacturing and mercantile pursuits,
and that the bin will become law in time 10
permit its benefting the fall ana WIl'tl , uau,
ing Legislative proceedings in washington
last week Indicated that a majority OF senators
would vote for the Tariff bill WIN me ,aiI ,
question settled, and with good crops the pusl-
ness OF the country ought TO prosper, TOT o'neI
factors contributing TO industrial expansion
are favorable and II is not likely that from .Ie
improvement enjoyed already there VIII pe an!
recession or that there Will be a recui aes
panicky conditions The facts that the iarlII
bill is now under active discussion ana INA.
sentiment In the Senate appears 10 la,ut a
speedy passage OF the measure incline man!
pessimistic stock market traders to thlnk SER
ously OF adopting tie bull side OF me ma NJ,
the course of values last week reHecuns '"'s
In current returns of railroad earnings the
noteworthy changes are being made by the roaus
In the South and Southwest and il Is interest
ing 10 note that bankers who have business
connections in the South and deal In southern
railway properties feel most encouraged over IN
dus;rial conditions in that part of the country
Although Senator Timdn continues 10 huri IN
yectives against capital. there Is probably less or
q tendency 10 Populisn in the South than was re-
Gently the case; at least interviews WIN man;
Northern business men Interested in the South
lead to this opinion. and for this reason the
securities Of Southern roads are. they say, be
coming more attractive This is an encoura ing
factor and II borne out by subsequent develop
rnents should make an appreciate chanse IN
business in the South Populism and successful
business cannot SO together ana lha' pusn l,s
"a bapinning 10 rout the former may be accepted
as reality IL improvement in railway earn
,ngs IL any evidence Of business growth In the
following table number of recent earnings OF
Son,hern roads showing the gains over the cor
resnonding periods last year, are given