New-York tribune., 1897-08-16
THE FINANCIAL MARKETS.
HEATY BUYING OF STOCKS.
CONDITION OF THE Federal TREASURY
RAILROAD EARNINGS.

Sunday, August lJ-p m
Cperations In the security market last week
.vaio broke all records for tho summer move
ment both IN point Of activity egd exten; OF ad-
vance while In variety Of issues traded III all
preceding records In tho history OF the stock
exchange were exceeded N the face of legiti-
,,a,e and improving trade conditions. and de-
spite the genuine local support to prices. foreign
hou,es were sellers the greater part OF the week,
and It was not until near the close that indi-
cations favoring a change in the foreign specu-
,suve attitude appeared, The fact that arbi-
,rage houses had difficulty in getting stocks out
~ London appeared to foreshadow the end OF
the foreign selling movement; and ii was note
worthy that while arbitrage houses were sellers
the English public showed inclination to take
American securities The accumulating evil
ssnces OF business improvement, as reflected In
hotter railroad earnings. larger bank clearings
the presence In this city OF mercantile buyers
from all over the country the opening OF mills
and manufactures heavy foreign demand Tor
our hresdstuffs, good crop reports ana hlgher
,rhcat and securities markets. proved attractive
inducements for small and large investors and
operators in stocks to come into the market. the
result OF this interest being an average daily
business in stocks Of 5IG.230 shares. and III
bonds Of S3.547. 900. par value. Not since the
Venezuelan panic has there been so much activi-
" in the securities markets. The current move
ment as compared with that of December IS'''
&c decidedly different in its origin. however and
in place Of heavy liquidation and panicky prices
there is excellent buying at advancing value
The advance in the price or stocks ana pohus
since the beginning OF the summer lno'enleh'
has been heavy, but not phenomenal ne @ MAJ
bot has broadened constantly and on every reac-
,ion fresh buying power has developed me
movement has not been of the boom characlel,
and II has developed few weak spots Cuirem'
nrices are certainly warranted by acluai conul- c,
,iors Higher prices than those now preValilhS
can he made before market values become uah-
eerously high. and the most experienced anu 60 co T.
servative men in the Street believe that there -
~. a considerable margin between the present
level and top prices. All or the conultiohs viz
caused period ot business depression, u'sve
,led affairs IN the National treasury y anu @ @
t,rrate industrial and political agitation nave
disappeared. and capital which was i~ockeu ~ up 20 %
anxious TO seek employment. Inc cheaphess o'
money also tends 10 increase STOCK MAJ ,,a T.,
nv while the desire Of people to MAKE % %Ihoiie; - 80
iag;timate market operations after peIiou "a
vears Of restricted bank accounts Eve 'le i 81
curites markets STEADY grown ~ - Hr;ao,, a
,ivitv and in broadening tendency. Ch riluas
raac;ion in prices took place. due 10 neaN &c, 80
izing sales a temporary pause IN pup!ic nn nuS is
and 70 vigorous efforts by bear traLers ~ uepIo @
49, In view Of these factors larger Teac
49,, ,bon actually followed would not nave peei
surnrisInC and the great resistance siioMn -!
prices furnished further evidence ut ,in % nos;tion
lying s,iehs orlet ~, situation The bear element
secured slight ADVANTAGE FRIDAY, pu' t., ,rb hrino
element may also have been cohCeI!ieus s ,,tjrnafe
ing ON lower prices in the mteles' u
biqher prices throughout the Iist' ,,o dove,on-
This reaction was not an unlaVora,ole, uin be
,oert and the future or the ai liai fa,,,ra of
No. for I, The only unfavorable 1ea'ule @ VI
De''tI tI1i.s III tradinr was the disposition shown
an some days to indiscriminate puH iiiS ~, hroad
chose values are next 10 Wor'hieo, 49, non0dent
ing tendency Of speculation ana tne coliue' s nar
<1iin, amone operators led to Du!lhs ol 'si
,oin low-priced issues without an! Sc baing
,bo ac,uai merit of the security. 'he 'heoi - -
NO, onvthing was a good purchase IN sucn "a d
III ,,,ovament Stocks on when assess"eI
are vet TO be paid. and stocks OF unreoI .hor
,roncrties in which il cannot he known -
ror not the equity will be recosIl]eu o d tho
,i.a,ion are not good purchases, anu .ne
ss';,,as in such issues last week showed an , un
T0rtunate tendency, which II rs 10 DE nopeu .are
"a, no developed further. None! la'eo 80
n.ic,,lv higher last week. and forelgn eHcnine e
vas weak Wheat was higher, Damn 80 80 10 "a
zero larger railroad earnings We're s.rias %
Indications Of reviving iron ana steSi ia I IN,
r.,r,,;sbed encouraging evidence oil business M
,.rovement The change in business c~uiluI JIM -,
,vas reflected in the presence Oh an oiia' -,
mercantile buyers in the city curing lne 60
nv ny, ~ haavv purchases which they mace lui-
risbed additional evidence OF the cheerluI sen
ment in business circles ne n ,, ,ba re
money was less in favor or 'nls nIo,,na CnS, tho
o,,,renents at interior points stlmuiatlhs S va
rputward flow Of currency, while the lhcI lhcI.H
demand for accommodation among liei ~
and Stock Exchange borrowers efatnd lesula9 honks
heavy loan expansion by the assoclhteu oaar,e
on1 decrease In the cash and surplus IeSelno
hnidines The trend Of international trade con
ait,ons was decidedly in favor OF TINS oiii, coui,
trv as reflected in the movement OF the l1' s liz
nxobanee market in which the drawing Oh p@io @
ocainst heavy grain shipments brought steriins
-atrs close to the god-importng point. ods i, ,s
not impossible that gold imports VIII pe .au nau
within the next two weeks. Foreign lhNes' -
houses consider It simply question or tlime nm
when the foreigners VIII come ih'' '
rEof
Tha toTowing table shows the present range
of values compared with the lowest IN 800 tne
oan,c nrices In December 1895. and the hlghest
IN 1S95 and 1896 Of number or actlNe stoOno-