New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-11-29
THE FINANCIAL MARKETS.
STOCK TRADING LIGHT.
coNDIrrON OF THE FEDERAL TREAS
URY-RAILROAD EARNINGS.
Sunday. November 2S-p. m.

The Wall Street community Is anxiousiy
awaiting the meeting OF Congress. As the time
araws near FOR the annual session OF that Dody
a more pacific feeling is noticed. however III
the banking community. and many OF the ieais
recently cngendered by false reports regarding
the relations between this country ana SPAN "'0
no longer In striking evidence. 1t Is even coh-
ceded in some quarters that the coming sessio''
OF Congress will prove bull factor Oh i"i
reaching influence In the stock market op'i
mism Of this character is based on the pe''ei
that a pooling bill will be passed, that curren.'
legislation OF some sort Will be maze Pos''''
as the result OF the Presidents recornlhenu"
lions and that there Will be no OCCASION io
drastic measures In order TO force se''ieiie"'
OF the Cuban question. There Is exceleh' 'e"-
son for supposing that the FORM OF currency
legislation to be proposed by the PRESIDENT VIII
he enacted DESPITE the fact that Congress Is
composed Of such discordant set or nhahcia'
minds The President will it Is believed recon-
mend something that can be accomplished his
ideas will overcome popular objections 10 ineo-
ding with the greenbacks. for the simple rea-
son that he does not propose to alter the char-
sc,er of the greenbacks, nor does he intend to
recommend their retirement or cancellation Inc
so-caIIed endless chain can be broken without
nIish,ng this. it Will not be necessary to con-
tract the currency substitute an interest
bearing debt for the present non-interest bear
ing demand notes. The President proposes that
the greenbacks shall not be paid out except for
gold In other words. notes shall not be reis-
sued for any purpose except in exchange for a
like amount Of gold coin or gold bullion such
a measure will be preliminary TO more radical
reform when the countrys ideas are less con-
fused and unsettled on the subject and when
all minds tend more nearly in the same direction.
Probably nine-tenths Of the people In the coun-
try agree that there should be currency
FORM but unfortunately each man has his own
special way Of doing the reforming.
Conditions governing the intrinsic worth of
securities are sufficiently encouraging to create
confidence. and renewed buying by the invest
ment public. Confidence is not wanting In the
higher circles Of finance. Nor is there total
lack Of good investment buying. The specula
tive public is not dealing in the securities mar.
kets. and substantial financial interests are no,
employing their funds In speculative transac.
lions. There is, however. moderately large
volume Of legitimate investment buying. espe-
Cially in the bond market, for low priced issues.
Present low-prced issues Of many recently re-
organized railroad properties afford most at
tractive opportunities for the safe and profit
able employment Of idle funds and II is ex
prices for many Of these issues will ever be
made again. Values for investment securities
now considerably under par will gradually work
higher In the stock market many low priced
issues which appear 10 have a future are i'll
fair demand; and. taken as whole, tho market
probably has less floating stock than in many
months. The work Of digestion, following the
heavy selling Of stocks at the summers top fig
ures, appears TO have been pretty thorough, and
from technical point Of View II VIII require
only light demand to put securities prices
higher Congress develop
unexpected; the rate situation may become de-
moraized; the winter wheat prospect may be-
come worse. and general business may show
signs Of backwardness. any one Of which fac
tors will obstruct stock market recovery; and
they are all uncertainties which must develop
one way or another, 1t Is not unnatural that
stock market trading hats and pauses. Against
these uncertainties there many factors or
certainties which ordinarily would induce large
stock market transactions, but II must be borne
in mind that these factors, in their incipient
stages. were responsible for the enormous stock
operations Of last summer, and that to a great
extent the stock market has already reflected
the wide expansion in business enterprises 1t
may also be said that, II this is So then the un-
certainties In the situation. IL developed into
adverse factors have also been discounted by
the fall in prices from the September level. This
can be granted Then 1t appears that the mar
ket has reached position where new develop
ments will be necessary 10 move It materially
in either direction.
Indications at this time favor large spring
trade. Some people believe that the next ouil
movement In stocks will be figured on this
basis. At present the market is OF no impor-
lance, being in great part mere trading aHair,
with prices up one day and down the next
Even the renewed demand from foreign coun-
tries for cereals fails to create any interest
in stock speculation. Railroad earnings are ex-
ceotionay good bank clearings are heaVy; the
iron industry Is satisfactory. and the money
market Is easy. So easy, in fact, that money is
a irug and home bankers find 1t more proht-
able in lending their funds abroad. Foreign
operations in this security market are connned
20 small speculative transactions, and returning
Americans from abroad report no disposition
on the part of foreigners to make Investments
here until some currency reform measure mas
been passed by Congress. 1t Is said that the
foreigners express extraordinary surprise at the
ease with which the American market aOSorps
the foreign holdings sent back TO this country.
Since the Barring failure the United states mas
absorbed a vast amount Of foreign held Ameri-
can securities with surprising facility and With
out any serious disturbance in financial centres
and the fact that foreigners are not buying thein
back is not such misfortune az some people,
anDarently believe. so long as THIS country can
absorb securities sold by Europe, there is no
reason over the nnanclal strength OF
the country When the United states can lend
money in foreign centres and when Europeans
are forced into this market for their DreadstullS
no reason exists for disappointment over the
failure OF the foreigners TO buy American Sc
curities Every security returned by Europe 10
the limited States means reduction or foreign
credi,s here and increased independence Tor the
United states as a financial power. so long as
home investors can absorb home securities, no
foreign buying is needed. Foreign selling OF Sc
nm,;tIes long ago ceased TO worry American
fnanciers. 81, ..,..o ..ooLs ord
bonds in the week are shown In the Following
tables: