New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-07-12
THE FINANCIAL MARKETS.
LIGHTER DEALINGS IN STOCKS
CONDITION OF THE FEDERAL TREAS
I-RY-RAILROAD EARNINGS.

t1-ice
position of legitimate buyers in the current
market or of the considerations which recently
orompted the large absorption of stocks ana
,onds by investors and important market inter-
isis The fact that continued efforts for lower
,oas have resulted in only trfing reactions.
"a that there has been no liquidation on pear
attacks save speculative selling, should con-
,.irce certain traders that the time 10 not wen
,,osen for short selling, but the professional
RAIDER is not accustomed to listen TO convincing
,rsuments. and even experience seldom serves
n leave lasting impression upon MIN. Inc
recent years in the stock market have peeh 80
much given up to the control of the professional
trader that il is difficult for him TO reaiz' 'ha'
his power Is passing away, ana that eohui''o"s
ore changing for the benefit and advah'ase y.
the investor and moneyed interests. Inc Ieoene
,,oward movement in the security marhet was
accompanied by heavy buying Oh secuiities ~
men of large means and by men VINO were eon.
WINGED that the time had come Wien i, no. !,
could be safely and proftaby elhpIo!eu' n~s
shoud not be supposed that the current cessa-
tion of this buying movement would enc the IA
rerest of capitalists in the market M"nes ~ -
moving slowly and cautiously. Ihe SUMNER 80
cen may NOT develop another prolonged hea'y
huying movement, but the fall season uouo.icsS
viii Meanwhile stocks are well held anu ~. ~
Nnuidation takes place, the fluctuations III .iie
market representing nothing save the eincI.ehd q,
,,iaws Of BOA rdroom traders. All the uniaNoiapi-
features which have worried money ii'as go
and oppressed large and small investors ;., or, ~
savers are now of the past. and IL is possipi- -
name score of favorabl factors current anu
prospective all of which are the SURE az ~,
paniInents Of prosperous times. lhis - 49,
money has recently gone into dNidehu anu ~
dixidand having properties In large amounts
Money has sought dividend-payins secu'i.Ieas ~
cause of the confidence felt in the chances "a -,
creased dividends and or tneir Nn',r;,ias he
turns and in non dividend paying securiues Dc
Cause of the confidence in their return 10 ei,t
sv;5end- paying class Money rates at present
make the buying of dividend pa! ing
profitable for their investment returns. A.,
The passage of the Tariff bill not attracting a
large number of outside buyers 10 sns ma ne -,
afforded professional traders an oPPoI,u r,
u-ork for a reaction, and IL was tnoush' HhcN
hat during the period the bill spent IN cohle,
ence the course of the security marx. wou'S d
be marked by unimportant iluctua,'onis eu.s ne
unon Roardroom traders changing Views a'
he hill went through the mill of the tariH con
ferrees While the movement in the weeh III
securities was on smaller OASIS 'ndn NO ,
Gently prevailing. there was gooO UuHi'6 n! ia
number of stocks an1 there was specula,Ne
buving In many whose chances TOT Iurther MI III
hancernent appeared particularly pris... nr
snlendjd crop prospects helped the Granger
shares toward greater popularity both among
investors and spectators. the chances OF 81.
Paul going TO . per cent OASIS Iooh 'o'' G ner
a per cent basis. and Northwest 10 PEI
cent basis furnishing additional attraction LOT
purchases of the respective stocks "hlse III
burlington the companys prospects Oh Ielu' su
Northwest helped draw many new buyers Tor
the stocks. Chicago Gas is rapidly becoming
favorite with investors. and the active prePaia-
lions for the formation of the new or cohsoil-
Satnd comnany in the week was another step IN
the placing Of Chicago Gas Companies securi,
ties on a high investment lever. LON p,iCcu
e,ocks continue to attract favorable attention,
and as business improvement reaches more pro
nounced proportions il may be found tnat low
nriced stocks are scarcer than expected anu
that a considerable advance in price Will nave
10 he paid In order TO get them. Among the Sc
curjties representing Southern railroads me de-
mand is fair and promises 10 be larger JUST as
soon as the public realizes the vast improve
ment in business conditions in the South IN
political sentiment and in the opportunities i9r
the placement of capital. The increase IN traue
al Southern coast and Gulf ports is refiectioh
of the improved conditions in the South. "he
Improving railroad earnings OF southern ronds
are sure indications of business expansion The
bitumjnous coal miners strike is an unfortunate
feature of the present situation but hopes are
entertained that its duration will not be long.
and that some satisfactory adJustmeht Oh the
difficulties will soon be reached
The present condition of the wheat market
should be the means OF extending encourage
ment throughout the business world: for in this
market most pronounced signs OF returning
prosperity now prevail. Business men place
great faith in the farmers prosperity as a sale
sign that the country in general Is prosperous,
and for this reason business men see in current
conditions in the cereal market cause Tor nope
OF coming prosperity. as the indicauons pom,
toward a vast Improvement in the f1nanclal
condition of the agricultural community the
foreign demand for wheat is heavy, as renected
in advancing prices in the wheat market. ana
foreign shortages will make continuous de-
mand for long time TO come. Regarding me
condition Of the crops abroad Liverpool trace
uaDer saws India according to the final Of
fetal data. has produced crop or ZI'"",oop
quarters. This total is about JHUVW quarter"
less than the revised estimate of the previous
years famine crop SO it Is certain VIC shaI
receive but trihing quantities OF Whea, from o,
India during the ten months ending March
1865 Perhaps 100000 quarters VIII comprise
lndia's total exports which is the sam, quantity
as was exported in l>&-oI. The Russian spring
wheat crop is yet in the balance the winter
wheat promises barely as big surplus as we
have been able to secure this season: Inc
Balkan Peninsula has Jared badly during the
last three or four weeks. torrental doWnpour5
have been prevalent all the spring in that part
Of Europe and for the last three weeks I'M
mense damage TO crops and property has been
wrought in Rumania, Bulgaria, Rumel1a ana
parts OF South Russia. This damage may
very possibly have cut down the eXpnrtable sur
plus from the Balkan Peninsula consideraDy
With the loss of two million or three miinoA
quarters from this part Of Europe and the
probability that Western Europe France, VIII
require two million or three million quarters
more than she has taken this season there
seems no prospect Of supply being able 10 eaten
up with demand during 1S9I-9S. The positon
OF our own crops Is most encouraging ana
estimates Of the spring and winter wheat !leiu
ere constantly being enlarged. so that IL Is
reasonable TO suppose that the amount or wheat
available for export will be much larger IMAM
last year. and that, despite increased produc-
ton the demand will be heavy enough 10 make
prices more than profitable to the producers
When wheat growers have good year busi,
ness in general prospers. The foreign demand
FOR corn took out 2GO5. 594 bushels last week
against 53O.610 bushels in the same week
year ago. The prospects for the corn crop are
as cheerful those for wheat. Money inarKet
conditions show n moderate demand for ac-
commodation. but the receipts OF currency from
the interior are still large and rates remain
easy.
The following tables show the movements Oh
the chief active stocks and bonds in the week
STOCKS