New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-10-25
,r,r FINANCIAL MARKETS.
STOCK TRADING LIGHT
,ox OF THE FEDERAL TREAS
rpy-RAILRoAD EARNINGS.


...cx market operations oy buying eneap anu
..n,nr dear have been quietly aosof0'he
seh'Is =, the prices now current. The people
no sold their stocks at the receh. i''sn pr
~. rrces reached early In septemDer-iiiau'
....sons pronts on their TRANSACTIONS anu ~
~. now apparently ready to enter the iii"'"o'
...,r In order TO repeat the sausiacloi'
'-,.r.e OF their earlier operations. IheY arc
y. ..rtain that prices will not go lower oeioie
49,, On higher but they feel conhdeht 'ia' any
..-.,o- setback will not be material, ana una. III
49,. =, the heavy decline from the hieh poiii'
VIC" ,,.r,. movement the present level Is
- ue % n. the starting point Of another con-
's.-.,is rise I'm values. Liquidation has oeen
..,s,va Stocks gre TO longer held on weak
..~,rs or by the army Of public buyers VINO
80 an conspicuous in the August market
e...,,s srs IN strong hands. Holders on margins
-. ,..r re,,,ired TO deposit more than . or .
.,t and brokers have placed themselves
ros,tions TO withstand any attack when
nav be forthcoming by bear operators ANY
,-onounced demand for securities VIII sehu
vices up at rapid pace and no" 'nA' '"e
r,onev market has relapsed Into conoltoh Oh
,xtreme ease a renewal Of speculative purchases
NAV begin at any minute Perhaps there may
he a hesitating market until after the election
and no heavy buying Of stocks until congress
meets and gives some indications OF its inten-
,,ons On Cuban affairs and currency problems.
mn. 4, IS safe to say that throughout the period
=, dulness prices Will not seek lower level.
barring some adverse development, and that
sbrewd operators Will not miss the chance OF
.coulring a good line Of stocks on every reac-
,ion. Street gossip in some quarters Is incilned
n favor a further shaking out process IN the
market especially In the event OF the election
Of either the Tammany or George ticket ou'
even the most pessirnistic people agree that tne
effect Of the success of either Of the tickets just
mentioned will have but temporary depressing
influence No one Is 80 weak In intelligence
as to believe that municipal elections can retard
the drift of commercial affairs toward steady
revival of National prosperity.
An adverse decision in the Nebraska maxi
mum freight law case will doubtless nave d
temporary depressing influence upon STOCK Val
ues, but 1t is not unlikely that decision la'
able to the railroads will be given, tor lhe
merits Of the case seem 10 be entirely on the
side Of the railroads. while public opinion Is IN
clined TO favor the theory. This, however Is
no proof Of the intention Of the supreme court
IN the case IL has proved comforting now
ever to holders of securities, and II Is NOTE
worthy that considerable buying Of stocks mas
hee
zion by the court. Whether or not the decision
is In favor Of the roads it Is well TO pear IN
mind that the prosperity OF the country Is no
dependent upon Supreme Court opin1oHs' GU
Thai the onward course Of business expansion
will not eliminate in a disastrous ana VIDE
spread bankruptcy. Wall Street Went INTO con-
vulsions last spring when the supreme court
decided that the Trans Missouri AssoclaH IasinS
ersct upon the railroads, nor did IT prove a
stumbling block 10 Industrial ACTIVITY, Nel'iT 1I
did II do any damage TO the railroads uilecuy
concerned Efforts are making 70 create an
that sufficient opposition will develop
10 prevent the sale OF the Union PACING Raii-
-oad on the lines adopted by the ReorGaniza-
ton Committee. but the scheme Is sucn papa
his stock iobbing operation that little credence
: placed in the sensational reports now oeing
actively vended in Wall Street by means OF tne
sensational section OF the daily press. me VIZ
Of securing a responsible syndicate which is pre-
pared TO outhid the Representation COMMITTEES
AZ the foreclosure sale is not an easy matter
and While II would be no misfortune II larger
hid were received the magnitude OF the opera
ton seems 10 preclude the possibility or ano,hcr
offer The Government Is in position 70 lahe
only cash for its claim ana lndlvldua.s VI - 49,,
cafes are free to outbid the REPRESENTATION com.
,njttee which has pledged $JO.OOUuoo as the
minimum While there may be other bids II APP
pears extremely improbable ana as 70 'is ~,
NJ syndicate headed by Russell Sage. inVesu-
cation proves 1t utterly Impossible, ana con-
cocted chiefly for effect upon rnarke' vaiues
Congress has failed 10 act IN the Union ram. !
md
hut TO take the very best price II can OBTAIN
for it's claim And this price viii doubtless De
that OF the Reorganization Committee when
viii bid In the road at the foreclosure SAFE next
week a., oo,,,s
Money market rates are easy, and the weeks
movement q currency shows decided decrease decrease
In the demands from the interior the heaN res
,hinn,cuts being for the South. Ihe length OF
rs neriod of ease in the market Is an unknown
actor. but from current indications there Is no
,hance ~ stringent rates this year. LondOn
f,-v vfs n
bankers efforts 10 restrict soId mn ol.s ~ ' ~
country are not opposed by local interests ior
he simple reason that this market has all the
money IL needs. and the treasury Is aHedu!
)ve-burdened with the precious metal r04eisn
,iscoun, rates have risen, and loans on sterling
hills as collateral are a feature az this centre
he last-named promising TO reach large proper
lions on the same operation Wflch was SO zen
.ral last year. At the close or the week me
,Ynor- demand tor cereals showed a decided
Increase and the movement OF general mercnan-
disc continued on the same large scde' LUZ
rountrv has large trade balance ABROAD anu
foreigners are more disposed TO come INTO our
,Acuri.y market London Is borrower OF
nonev IN this market. ard at time when me
trade balance is heavily in favor OF tne od.iteu
States. year ago, with trade Daiam.l 10 PoI
"a II smaller than at present, local bankers IN
vested in over 500 100 900 Of sterling eXcnange'
10 that the position this year IN THIS respect
favors even larger accumulation II II ~.
profitable work making predictions ABOUT the
roirse % the stock market. IL Is even less SO
han figuring out the hoped-ior maJoriues q
.lsction candidates, but II opinion oaseu upoH
The talk II conservative brokers. counts foT any
hing the low pOint In the current NOV E";rl-.
has been reached The course OK Naues ias1
week confirmed this opinion, and the majority
% brokers' apparently expected 20 see hlsher
prices this week. Earring. of course any actud.
adverse development Efforts We're made al the
rlose OF Tho week to revive the Cuban question
a. stock market factor. but. beyond selling for
short account there no indication INA, us
Influence was considered important by sups'ah-
tai market intecests \ reply by Spain 20 the
recent friendly note Of this Government is not
declaration ot war. and even IL IL We're tneIe
would be no sense in Americans selllii9 theII
own securities Spain certainly has none OF our
Securities to sell end there are practically 10
snarcis relations between the two couhtrlfs'
The following tables show the movements VI
'ht chief active stocks and bends ID the Ne@h'
STOCKS
HIrh Low. oct, % oc,. lSich'Fs.l Bales
s,ch.s-. .ai- ~ :. Srrt