New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-10-18
TIE FINANCIAL MARKETS.
STOCK VALUES LOWER.
CONDITION OF THE FEDERAL TREAS
URY-RAiLROAD EARNINGS

URY-RAiLROAD EARNINGS.
Sunday. October lip. M
The trend Of affairs throughout the United
coates is steadily In the direction Of commercial
,rospe-ity Actual expansion in trade is larger
man in the best preceding years OF prosperity.
oroof Of which is found in bank clearings and
rairoad earnings. Payments through clearing
houses for the second week in October were II
rer cent larger than in the corresponding week
IN 1892 and railroad earnings per cent larger
while according 20 "Duns Review" failures for
The first week in October were S2O35,557 smaller
than for the same week in any preceding year
In the iron industry which Is an accurate
barometer Of trade conditions. the revival Of
business activity is reflected by marked i'm
movement in the production OF pig iron. a
heavier demand for finished products and a
steady gain in prices. On October the output
Of pig iron was about 100000 tons weekly.
against 1896 tons September /. and 112IS2
tons at the same time year ago showing an in
crease since July Of % per cent. And despite
the increased production there was a sharp de-
crease in stocks on hand. Foreign trade in Sep
,smber showed larger exports than in any pre-
ceding September in the history Of the country.
and returns for the month TO date indicate an
excess Of exports over imports OF the same large
drouth in the Western and Middle States has
been removed by copous rains. and, although in
certain districts more rain will be needed TO in
sure the complete success OF winter wheat
enough has fallen TO improve the situation TO
an extent which removes all possibility OF dis
tress.
Early in the summer prices for securities be-
gan 10 reflect the Improvement in business and
the expectation OF the favorable situation which
prevails to-day. The advance was gradual and
healthful. Overtrading done by some oper-
ators and in many cases small traders over
reached their credit in their anxiety to make
money, but at no time were operations. taken as
a whole. conducted on extravagant lines. nor
were prices worked above the actual worth Of
the securities represented. When. however.
there appeared indications that further ad-
vance in prices and increased specula ton might
lead 20 fictitious values and heavy overtrading,
large lenders of money Stock Exchange col
lateral induced certain large operators To re-
duce their line OF stocks 10 more conservative
limits. and 1t is doubtless true that had not
this Intervention by the banks been accom-
plshed. IN unreasonable imitation in prices would
have taken place that AT the first appear
ance Of any adverse conditions crash would
have followed At the time in question the
flow OF money to the interior assumed large
proportions thus furnishing additional reason
for caution in lending TO loca! speculative in
terests. Since then the monetary situation has
given no indication Of stringency and from ex-
pectations of large gold imports which Will be
made before the end of the year IT can be
safely assumed that money rates will a. no
time this season reach stringent figures. The
high prices touched by stocks in the middle Of
September induced heavy realizing sales by big
holders ana the passing Of securities from
strong TO weak hands. which. with the read
Justment of loans. precipitated the downward
movement in prices. Then the bears appeared
and. by series of aggressive and unObstructed
attacks forced small holders TO sell out the
stocks bought at high figures Important mar
Ike; interests offered resistance to these OPP
erations for they desired to OBTAIN securities at
lower figures and so the decline was allowed
10 run on. while the bear element brought to
the front any number Of adverse factors
despite the fact that business conditions I'M
proved daily. The process Of liquidation GER
taInly did the market good for q time. hut the
continued efforts Of the bears frightened many
people into selling who otherwise would have
upon whch Wall Street makes its commissions
was gradually forced out Of the market
OF course. this support will come back to the
Street hut il NAV he some time before general
buying movement is again begun. Actual bust
hess conditions warrant an upward movement
in securities. and the much talked bout techni-
cal market conditions also favor higher prices
the only thing which prevents an upward move
nent appears to he uncertainty This uncer-
tainty has proved ine card for bear manlpu-
la;ors. There have been the Cuban uncertainty
the yellow fever uncertainty. the municipal cleo
ton uncertainty. tho Supreme Court railroad
q, cisicn uncertainty and host OF other uncer-
tanties. none Of which If developed into aciua
adverse factors would be sufficient TO inlure
tho intrinsic value Of securities. And II Is not
Likely that the real substantial interests who
have bought securities as inves tments have sold
them on the bear uncertainties. At the close OF
last week there vas some indication that liaui-
dstion in the market was at an end ana thar
the bear campaign was about over. FRIDAY :
MANIPULATION Of prices looked like an effort on
the part of large operators 20 secure a line OF
long stock. but opinion WIS not altogether
unanimous that the bears had reached the end
~ their rope The decline on the average from
the high level has reached about per cent. or
about ono half NJ the average advance for three
months The decline has been OVerdOne. and
prices have gone far below parity with the
actual ir7proveflnni affecting values.
The following tables show the movements OF
the chief acti.e stocks and bonds in the week.
STOcks