New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-06-14
TIFF FINANCIAL MARKETS.
cTOCES STEADY ADTANCE.
.oxnr-1oN OF THE FEDERAL TREASURY
RAILROAD EARNINGS.
Sunday. June 1872. m.

d Sunday June 13-p m.
stock market which expands In its volume
s,,s,,ess and advances in value in response TO
y ,.o,,,,ate inquiry for securities is safe indi-
- n, improving industrial conditions. Ana
-. largo operators take the bull side OF the
..rra, il can be safely assumed that the IN
80. strength OF the situation does not exist IN
..on-v alone but rests upon solid foundations.
49, traders who generally operate upon the
s,or, side Of the market are unable 10 make any
Material impression upon prices 'here Is soiiie
..ner;or influence at work ana IN 0ont'oi OF
raIues The situation is improving. ana there Is
. General belief that commercial ana financial
osairs are on the road toward prosperity. In
tho last two weeks the stock market mas peen
broader. more active and advancing Tne de-
uand for securities from investors has gradually
worked toward larger limits. and shrewd opera
,ors have taken on line or stocks expecting
higher prices Persistent bear Efforts to force
sppreciable rea ctions have met no success. Pur-
chases Of stocks have not been made by SURFACE
speculators; values have not advanced IN re-
sponse TO any sudden and unexpected favorable
development. and buying OF securities mas not
been done 10 secure quick prohts Acculnuiatlhg
evidence Of gradual Improvement in the country
business taken in connection with the prospect
az speedy tariff legislation has encouraged capi-
"a N come out Of hiding, and while the amount
seeking investment has been small IN Compare
son With the amount lying idle, the movement
has been arpreciable. and bids fair 20 increase
throughout the rest OF the year.
paonla who are pessimstcally inclined refuse
70 believe that the public is looking for securi-
Ties The evidence presented by the increased
business Of commission houses is not sufhcient
70 give them more cheerful IDEAS on the situa-
ton and declarations by leading investment
Sousas that the inquiry for railroad bonds is ex
handing fail TO convince number OF Nall street
people Despite the views 10 the contrary, the
Dublic is buying stocks and bonds, DaslnS KS
oDerations upon the favorable factors in the Sit
nation and holding itself in readiness TO increase
tts operations as business improvement becomes
roora nropouncad No better evidence of the
change in investment sentiment can be desired
than the sustained advance and growing inquiry
noted in the last week in the railroad bond mar
ket Brokers who make a specially OF BONDS
report an excellent demand from investors for
high grade issues. and the inquiry for low-priced
bonds is also good. while bonds which have long
bsen inactive now actively dealt in and
. show encouraging gains in value. This demand
has not come from local investors alone but
from foreign sources While the current opera
tions Of foreigners in railway shares are among
the noteworthy features of the market. London
market conditions in respect 10 American securi.
ties were we'll summed UP in the cable report OF
the "New-York News Bureau on Friday. which
said: The public has taken more interest in
the American market buying chiefly the better
class shares and low-priced bonds. There are
evident signs that the American market for rail-
road bonds and shares is at last waking up.
Not the least significant OF these symptoms is
the circumstance that the Germans are begin
ming 70 buy stocks The Germans have Of late
shown either remarkable shrewdness, or have
had remarkable luck in their Stock Exchange
transactions II was they who started the re-
covery in the South African mining market, and
they will probably be right in their Yankee
ventures The operations for the European &C
count in the week resulted in about 10000 shares
purchased in excess Of those sold. and at the
pres mt there seems to be nothing in the stua
ton which should cause change in existing
favorable foreign sentiment.
The foreign buying OF securities in this mar
ket, II il becomes general and pronounced. will
be an important factor in the foreign exchange
market: but even without foreign buying the
position Of the exchange market is not in favor
Of higher quotations. AS yet the factor in the
market which remains unknown as concerns its
future influence is the amount which will be
required to settle credits given on the recent
heavy merchandise imports. but the most ia
vora bic factor in the situation is beginning TO
make itself known in the growing increase in
merchandise exports especially Of breadstuffs.
cotton and provisions. while imports although
large. are now well under the recent abnormal
figures European requirements for breadstuffs
will continue 20 make large exports necessary
to know that this is fact. not theory it is only
necessary 10 cast A hasty glance at the official
reports Of the current movement, which, for the
lscal year TO June !. shows an increase in value
for breadstuffs Of So 256, 119. with an increase
for May Of 81. go $50 over May, 1896 In the last
two weeks receipts Of grain at Chicago have been
enormous. and the fact that farmers and other
Western holders Of grain anxious 10 ship
current holdings speaks well for the growing
crops for If the outlook were bad the present
heavy movement of grain would not be under
way In crop conditions an excellent outlook for
cotton is reported. The Financial Chronicle" in
It's annual report OF cotton acreage showing an
Increase in acreage over last year Of o.S3 per
cent in all the States this showing being particu-
larry noteworthy on account of the seasons
severe foods in the South. The returns Of rail-
road earnings compiled by The Tribune show
for sixty companies for the fourth week in May
q net gain in gross earnings of 40 per cent. and
for thirty-seven companies for the first week in
June net gain of 4.6 per cent In addition TO
the business improvement reflected in railroad
earnings bank cearings for last week gave fur
Their evidence Of q heavier volume Of business in
year Low prices in the business world con-
tinue but these too. will share in the general i'm
provement. In the local money markets the de-
mand for money last week and the week be-
fore was better than that recently prevailing
and banks whose correspondence with the in
terror institutions is large report encouraging
indications for a good demand for money and
applications for rediscountng Money on call re-
mains at lG14 per cent. with the majority of
Stock Exchange loans at the smaller figure
Banks and trust companies make their rates cor
respond TO those current on the Exchange. The
offerings Of time money are liberal. but the de-
nand is light, the majority Of commission houses
depending upon the call loan branch Of the mar
ket The European money markets remain at
unchanged quotations
The following tables show the movements OF
the principal active stocks and bonds last week.
together with their price changes from the week
preceding:
STOCKS