New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-09-17
WHIT PROSPERITY MElN2

An English journal. THE Pail Mall Gazette -
erlightens It's readers on the desirablenoss OF
selling American securities and thus helplng q
the Bank Of England 10 conrlve payment in
such securities for American grain. with the
following statement: while conditions in the
United States have improved and are improv-
ling, the future Is more than adequately dis
counted. and prices are bound TO descend 5"
Predictions are easy. and ordinarily Thought
cheap. Possibly the English journal docs mo-,
know any more about the actual conditions Of
American railways than their leading managers
and owners. who have been buvnc stocks LARGE
ly down TO this time The Tribune doe, no,
profess the powers OF soothsayer nor does II
predict whether the stock market will rise or
iall Bnf II Is able To test by recorded facts the
assertion that the Improvement In condition.
h"r" has been more than adequately discount
ed. There are some proofs regarding tho vol
nmc OF business and III" earnings If RAILWAYS
In past years Of prosperity which nobody can
dispute II is misfortune Of course that dry
statistics have TO be employed when a prophet
appears on earth. hut there Is often no other
way H. determine whether he is really "A prophct
n fake.
The average value Of the sixty most active
railroad stocks on Tuesday. the day the quoted
assertion was written. was So ~ Der share
This is. indeed. a little higher than the highest
average In recent years of depression under a
tariff devised for the benefit Of British indus.
try. But from such n tariff the people of this
country have escaped. ana within month the
volume Of business and the earnings of railroads
have leaped up above the level Of the same
month of 1902 most prosperous wear Of
American history The average value of the
same sixty stocks was never so low in 1888
until the panic began as it was on Tuesday. nor
was it ever 50 low in 1882. but at the CORE.
spending date was - O2 higher. at SG3 81 a
share. In 1891 il was never so low except in
fifteen weeks scattered through the first half Of
the year and at the corresponding date in Sep
TENDER was SG3 81. II 1890 ii was never So
low until November, and at the CORRESPONDING
date was SG4 ~ In 1889 il was never so low
except IN the first week in March and AZ the
corresponding date was 500 % In 1855 il was
as low IN about third OF he weeks bur m thu.
corresponding date was SG3 ~ In 1851 II was
as low in only three weeks Of October. and ot
the corresponding date was SOS 50. In 1856 Il
was never so low after June !, and al the CORE
spending date was S64 40.
These are comparisons Of prices for practical.
ly the same body Of securities covering eight
years prior TO the panic. Next it may be profit.
able 10 see why stocks have grown strong. and
how the volume of all business and OF railroad
earnings compares for the corresponding months
in different years The exchanges through clear
ing houses in September thus far have been IL
per cent large than in August TO the same date.
and in August were larger than in the same
month Of any previous year. The actual pay
mens made through more than seventy clear
ing houses throughout this country constitute
by far the surest proof Of the actual volume OF
business transacted. and in n table below will
be found statement in millions of dollars. show