New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-10-11
FINANCIAL MARKETS.
,suxcr or IMPORTANT INTERESTS
WORK OF BEARS-LARGE RAIL
ROAD EARNINGS.
Sunday. October 10-p. III

ROAD EARNINGS.
Sunday. October 10-p. III.
Despite the fact that Stock Exchange spec"-
,otors profess uneasness over the outcome OF
.bo municipal elections. and fear over the reVer
s,,nation In the South. the dlouth IN the west
and the Cuban situation as regards TINS couh-
ivy and Spain, business continues to grow ana
,mnroye gold imports increase In magnitude
,,ooa earnings make magnificent returns
ord all forms of business enterprise show the
hene6cent effect of restored confidence good
.rons and heavy foreign demand for American
hreadstuffs That important financial interests
should show apathy in the stock market on
ccount OF the candidacy Of Henry George lof
Navor Is hard to explain. and it can only De
,.a +o an exaggerated idea OF the importance
:, the George movement as care1ulIE ihu"u-
.oo,ured by stock Exchange bears. Inc GU!
a,onaign cannot be classed with the Natiohai
so,,,,cal fight of 1896. and to elevate the George
,,ovement to the position or STOCK market
nv lands little credit to the intelligence of
s,ock market interests. Even the election Oh
~. George would have no effect upon the intrin-
a., merit of securities. The bear element on
~ stock Exchange has induced number of
oon,a 70 believe that something frightiui Is III
s,ore for them if they don't sell their stocks
and
,h,. pernicious element has succeeded in max
49, very dull market and worrying few
,,.on,e into the notion that bear lies and pear
;asas are the controlling factors in the general
situation. People are apparently afraid to touch
,ocEs They ignore all the favorable factors
In the situation and whenever the bears exert
themselves so little support is given 10 prices
that values fall and certain holders of securities
are forced to admit that nothing but gloom
and destruction confront the country. These
neople should take day off and fill their heads
with facts regarding the actual situation.
Such a situation prevailed in the speculative
last week Important interests fur-
nished no support TO prices. and allowed Dear
TO continue in their WORK OF uil-
the public commence II, maj he' op-
erations II Wall Street wants TO Keep lts Gus
toners among the public Il would better end
the rank bear manipulation on the STOCK En-
change. II strong interests appear III the mar
ket this week the public Will doubtless loiIoW
tbem hut II bear operators are allowed TO NAM
mer prices without opposition the puDIic ma!
sell out and get out with Its losses ana WIN
disgust and no pleasant feelings toward the
sneculariye centre. Important operators may
want TO recover stocks at lower prices, Dut IN 40
ing so the Street may lose large number or
customers. The market needs little support,
Few aggressive bull leaders. and less credulity
on the part Of holders OF securities IN the re-
ports and rumOrs of unscrupulous traders. In
view of the heavy reaction the market mas nad
from the high prices of a few weeks ago. It's
technical condition ought TO be most healthful;
and now that gold imports in large volume have
begun and money rates show an easier tendency.
active bull specula ton is fully warranted. And
in times such as these. when the bear element
Is trying to destroy values and confidence by
telling the most shallow kinds of stories. IL is a
Orry spectacle 10 see intelligent operators NOV
nc as though the end of all things good and
prosperous had been accomplished. Commission
Houses are advising purchases around the pres
mt level OF values and in doing so ii is to be
loped that they have information that prominent
interests intend to support the market. The
najority of people trade on the long side OF the
market. and a sound trOuncing Of the bears
you'd not be an urwelcome spectacle for them
o witness. The stock market may at one time
rave discounted the Improvement in business.
,ut at present it is behind the actual business
,an and the majority of values are below the
eVel warranted by the brilliant prospects and
n:finsic worth of securities.
The so-ca'led ultin alum to Spain is the crea-
ion If foreign newspaper fancy. and other bear
actors of the current market contain about the
anne proportion of truth. Uneasiness has been
'rought about by the uncertainty regarding
ome Forthcoming railroad decisions by the SUI |
IRENE Court People who are always borrow |
ng trouble assume that the railroad mana gers |
n this country are feeble in resource and |
,ower and 50 dependent upon traffic ass jcia- |
ions as now organized, that decision by the |
supreme Court adverse TO the formation OF a |
,ool will be followed by wholesale rate-cutting |
md utter Generalization of the railroad bust |
ieSs. In the first place. railroads ali over the |
.ouutrv are enioying the fruits Of prosperity. |
md business comes to them without an extra |
nducement i'm the way Of lower rates More !
,ver as the railroads are not especially anxious |
10 ruin their own business. 1t is not TO be sup
posed that they will deliberately cut their own |
hrOats because the Supreme Court finds That
hey cannot pool their interests III Il certain |
way From the decision against the Trans |
NJ issouri Association last spring no rate de-
nOralizatiOn followed. ans IL Is not likely that
an adverse decision in the two cases now before
he court will have any bad effect except upon
/ parcel Of stock Exchange bears. The cases
ire Just as likely TO be decided in favor OF the
ailroads as against them but. whatever the
outcome may be. the railroads VIII continue
o show heavy gains in earnings. pay dlVl-
lends and prosper. These railroad cases
which are causing much alarm on the Stock
exchange are the Nebraska maximum freight
md passenger rate case and the United States.
ppellant agt the Joint Traffic Association ct
IT," In the first-named case. the railroads are
lighting TO break down law passed by the
Nebraska Legislature. fixing maximum freight
nd passenger rates beyond which the roads or
he state cannot go in their charges no mat
er whether they making or losing money
The other case is appeal by the Government
rom decision favorable to the association by
ne lower court. the contention Of the Govern
nent being that the association has entered
ntO an unlawful agreement to restrain trade
nd commerce N the several States IN Whlch
he roads forming the association operate The
most conservative lawyers IN the country nave
,assed fav0rably upon the legality Of the joint
Traffic Associations agreement. The great pun
ard for the railroads this year will be well-di-
ected efforts ard the passage of a pooling
,fll at tho next session Of Congress.
The following tables show the movements or
ne CHIEF active stocks ard bonds in the week:
cro,.tyc