The herald., 1897-07-17
OFFICE OF THE HERALD,


The existence of the much-talked-of wave
of prosperity is the subject Of a carefully
worded editorial in the last issue of Brad
streets, which presents the two views of
the condition of things as they appear to
eastern eyes, as follows:
A fortnight ago Bradstreet's took occa-
sion to point out that the alleged beginning
of boom" in general trade and industry
involved great exaggeration of the actual
facts. Wall street, it would seem, had taken
such msstatements very seriously, though
1t would seem that the halt and slight
retrogade action OF the market was in a
measure due to appreciation of the fact
that the discounting of possibilities in the
above connection had gone altogether too
far. At the same time the argument that
the country is ON the verge of another for
ward movement has weight with the specu-
lative community. 1t is held that the ap-
preaching completion OF tariff legislation,
whatever criticisms may be made on the
actual provisions of the bill, will result in
a feeling of certainty for some years to
come and give q free field to the country's
expansion. Money, too, it is urged, is
plentiful, interest rates low and investment
securities scarce, while prices, owing to the
long drawn depression, are generally be-
low a normal intrinsic level. In addition
the favorable crop prospects furnish
basis for expectations of better railroad
traffic and earnings, while it must not be
forgotten that the trans-Missouri decision
has proved to be somewhat of a blessing
in disguise. since the railroads have shown
under compulsion an unexpected ability
to avoid the unrestricted and destructive
competition such as it was believed the
decision would create.
On the other hand, the bear element have
g number of arguments of considerable
cogency. They claim that the rise thus
far has been sentimental and excessive in
proportion to any real or even prospective
Improvement in the situation of the coun-
try, and that the tariff, so far as it's capa-
biity for stimulating an expansion is con-
cerned, is an unknown and possibly a dis
appointing factor. Great stress is laid upon
the fact that the disorganized condition of
the currency has been the fountain of evil
in the commerce of the country for the
and whatever the attitude and efforts of
the administration may be or how loud the
cutlery of commercial and financial inter-
ests for relief the unwillingness of con-
gress to institute reform is probably i'm
movable. Such considerations have espe-
cial weight abroad and deprive our market
of any support from the foreign investors
or spectators, and. indeed, stand in the
way of any development of the popular
speculative interest which is the most nee
essary ingredient in what is termed a
boom in the stock market The point is
made that any visible improvement in the
public participation in the market since
last May was desultory and not of perma-
nent or reliable character, and that the
support which the market received, and
which was in the main responsible for the
advance of Is points in the average quota
tions, was due to the sentimental bullish-
ness of professional operators, who ac-
cepted the favorable arguments without
examination as to their substantial char
acter plus the free use of their power,
which limited number of the larger capt.
taists have made to foment bullish spec
ulation. 1t is undoubtedly true that this
latter factor has been very conspicuous in
determining the course Of the market dur
ing the past two months, and it now re-
mains to be seen whether the elements in
speculation which are arrayed on the bull
side have judged the system correctly and
have the facts on their side. The probable
adoption of the new tariff within the next
week or so will afford a test of the opposing
theories set forth above, and the progress
OF the harvest Is also calculated to bring
the entire matter to a head. At present.
however, Wall street clines to it's bullish
belief and certainly looks forward to much
higher prices for securities during the late
summer and autumn of the current year.
. ..
The statement of the product of the
precious metals of this country for the
calendar year 1885, as revised up to June 10.
as furnished by the director of the United
States mint, differs somewhat materially
from the preliminary estimate made by the
same gentleman a few weeks ago The
value of the gold product is reduced little
over $1,000, 600 in the revision The changes
among the states and territories have been
important. The product from Alaska is
reduced nearly $1,000 900, California 81. 600 :
ooo, Nevada $4420OO, Idaho 1919, 900, Montana
$4,000, and lesser amounts in other sec
TONS The product of Colorado is in
creased $1,911 900. South Dakota 1919 900 and
Arizona $246000.
+ + +
The revised figures of the gold nroduots
are annexed: