New-York tribune., 1897-11-01
THE FINANCIAL MARKETS.
RROKERS EXPECT 4 nam :
HEAVY RAILROAD EARNINGS - ~
.rIoN OF THE FEDERAL TREASChi'

,rIGN OF THE FEDEltAl- lN-"'
sunday. October SIP M
rho faars entertained in some quarters OF un-
.,,.orah,e election results in this CITY anu III
u,o,as where important elections are 10 pe n'iu
= .r,osdav was the main influence in restrict
INC stock-market operations last week. NO'"''
,,,ors n securities were not disposed 10 en-
,ortain bearish anticpations OF locaI i"un'0'p''
ord state elections. There was no Iquiud'loh
~. ,nonortant interests, and only smaI spe0u'"-
tive holdings came on the market III TIC
hear raids throughout the "eeN '"''' '''0s
,,,,,7a wore due more to the uneasiness caused
-, tho dovclopnents in the Union racine case
ard nv the exaggerated reports Ies"l"'HS ''''
tome Of the Spanish Government rePN u .''e
rscont note Of the United States Operators ioi
,h docl;re eucceeded in frightening leW peo-
% '"e ,'., Ling securities held on light margins
hut the greater part of the selling was lor snort
,..count. which. before the end OF the week. re-
s,,,,ad in a general covering movement WI"
Ices rallying to figures about on level with
o,osng prices Of a week ago. The ran eIecuoNs
always restrict securities operations 10 enter
info large speculative engagements Oh pe eve
of the November elections is hot COhSiuclTu d
wise operation in Wall stree, ana the lirin hOIo
~ this theory upon speculative interests Is the
o,rb which checks stock market trading al tnlS
time Of the year AT the same time however
,hare has been a considerable movement or Sc
curit.es into the hands of men VINO can pro'eCt
themselves against adverse developments. In
the most conservative circles IL is DeleNeu lhdt
current values of securities are not likei! 10 pe
duplicated again this year. Inc deVelopinth'
into real adverse factors Of present uncertain.
ties would not decrease the actual NaIue OF
securities Moreover the evil consequences ol
the so-called bad features IN the situation nave
already been discounted in the STOCK market,
When stock values begin to advance they Will
move rapidly Stocks are in strong hatuS'
Money is easy Easy money promotes active
speculation The majority Of people know that
stocks will go higher. and so soon as rev
active leaders appear in the market there Will
be a general rally throughout the list;
People who have purchased securities at the
current level are, as q rule, men of large imam
Cjal backing They hove bought stocks to SELL
but they will not sell until they can secure re-
spectacle profits. 1t may be that between me
election and the meeting of Congress stocks VIII
he carried to a point at which present holders
Will sell The meeting of Congress Is another
factor which always appeals TO siecuia'Ne
trading. 49,,
If Congress takes action on the Cuban situa-
ton. stock values will be attacked by market
bears but legitimate holders of investment
securities will not throw over their posse sesslohs
at a time when all indications are so bright ior
larger returns in the way of dlVi lends ana IN
terest The outlook for dividend resumption
and dividend expansion was never nrEhte,,
Look at the earnings of all the railroads in all
parts of the country. Hardly one has failed to
show astonishing gains since the beginning OF
the present fiscal year. Look at Burlington, 81.
Paul. New-York Central. Pennsylvania. READ,
ing. Northern Pacific, Atchison. Louisville ana
Nashville and a host of others. 1t is imposslpie
not to predict rosy future Tor American ldA-
road securities ..,
funds The international trade balance con-
tinues largely in this COuntrys favor, lnsurlhg
gold imports whenever they are neeoeu,
and all conditions in the financial ana business
world point toward continued progress ana
prosperity in the industrial life of the country
With two exceptions last weeks wheat exports
from the United States were the largest Tor an!
week of the season The foreign buying or
wheat was heavy. The increased demand for
the cereal brought out large supplies from the
farmers hands. and naturally reassured w an
Street as TO the railroad earnings FOR OCTOBER
and November The recent bear campaign was
conducted. in part on the assunpt,,o'' nc VIC, M "a
s,roin movement would be largely curtdiieu
during the fall months. and, as ConSeqg qgen1r
railroad earnings would De coIIesponulllsIs '
-, general merchandise traffic was not taken
into consideration Current reports from rail-
way managers show that the last-named is now
an important factor in the traffic movement.
the revival Of the demand for grain no fears
need be entertained regarding the railway earn
In as for the rest of the fall season. The sale
Of the Union Pacific Railroad, which VIII doubt
less be made this week as advertised, Will not
cause a disturbance in the money market for
arran gements have been made by which the
greater part of the money to be pald 10 the
Governnent by the Reorganization Commit
zee will be left on deposit with certain or the
hanks of the city The deposits will not be
made until November Il, and the banks Will
hold the money until ii is needed by the Govern
ment. ...,..
bonds in the week are given in the following
tables:
STOCKS.
fCc.2 Oct Sa q