New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-11-22
THE FINANCIAL MARKETS.
crock TRADING CONDITIONS.
ELEMENT OF THE FEDERAL TREAS
IrRY-RAILROAD EARNINGS.
Sunday November PIP. m.

Sunday November Pip. m.
Stock market operations nave o"lnoieo 'o IN
signi6cant proportions. Prices nave apparently
coached a level from which they VIII not make
u,de fluctuations In either direction unth some
decided development attracts an important puy-
o., or selling movement Perhaps the meeting
% Congress may furnish some tanSloie market
influence II the war lords of that oooy pro-
roaa 10 make the halls of legislation heaVy with
tho smoke and fire of their oratory, anu the
stock market bears find any possipie sus-
pjc,on Of warlike allusion in President Mchh-
lows Message. the securities market will doubt
less suffer reaction. 1t is comforting 10 Kno"
that President Mckinley is man of wide ex-
perience sound Judgment and great preadlh
NJ mind II is fortunate that he has the conf
dence OF his party, and that his Suggestions VIII
carry weight with Congress- factors which in
the case of President Cevelands Administration
were lacking The President understands the
temper of Congress and he can be relied
upon to ask Congress to DO what he be-
Neyes body representing the interests OF
the whole people viii willingly try to accom-
pish. Looking upon the meeting OF Congress
from this point Of view, Wall Street should take
announcement and holders of securities should
put aside fears which are based upon the mar
row-minded opinions of professional bear opera
tors.
Business men believe that the President will
make recommendations which will be beneficial
TO the currency system and which VIII not I'M
pair confidence in the currency or prove an ad-
verse influence upon the countrys business. 10
this business owes, in part, Its continuing pros
perty. A vast amount of capital, when last
summer was used In the speculative markets.
is now being employed In developing the pro-
ductive force in all the States or the Inloh'
The output in the industries is growing. Mer-
chants and manufacturers are looking FORWARD '.
70 an enormous spring business and the heslta-
ton and dulness in the securities markets are
not indications OF reaction or depression IN trace
circles. The intrinsic worth of securities Is IN
creasng despite the fact that market values DO
not advance at rapid strides, and IT VIII be found
that where an active bull movement does begln
IT will be based upon the actual worth of secu-
rites rather than upon indications ana eHpec'a,
tons Of appreciation in real value. Inc revival
Of business enterprise after years OF depression
is felt first in the securities market Nheh
large interests have increased their capitai by
buying securities cheap and selling dear. they
are disposed TO employ their funds IN invest.
ments other than speculative transactohs' out
the very fact that they withdraw from the spec
ulatfve markets to engage in other lines OF work
adds worth to stock securities. despite laIlns
market values and the reimbursement OF values s
on a lower level All of this has been witnessed
in the local stock market. Whether or not tlis
reimbursement of holdings is complete no man
can saw If liquidation has run its course; II
the securities sold by interests who WlthureM
their capital from the market have fouho the me-,
way into the hands of people who nteno 10 nuiu
them for another active bull movement men
nothing save serious adverse Developments
can cause a materially lower price level
The market Is dull and almost Wholy pro
fessional. For the moment the bears nave re-
lapsed into quietness and bull operators are IN
the ascendency. From speculative point OF
view there should be a reaction this week, loT
in a traders market prices are not in conUoi
Of one speculative element for any length OF
time otherwise there would be little pront TOT
either side When the public and substantial
interests are in the market 1t Is another cues
ton While there is no speculative buying OF
importance outside OF that by bCaroroom tTdn-
ers. there is little good investment buying, es-
r,ecially in the bond department Buying or
this sort almost Invariably precedes an active
bull market. Money is accommodating at this
centre and rates are too low to make heavy
profits for lenders In view or this TACT II is
mt surprising that balances due this country
are lending in London. The trade balance. as
shown by the statement issued in the week.
makes the country's credit balance abroad on
merchandise account for three months Sl5l. IO.-
$50. an amount which the next few months.
mus. be largely increased. owing TO the heavy
foreign demand for breadstuffs and expected
increase in the demand for cotton. International
stock market transactions have been !nsignif-
cant. II Is not clear how the account stands
but the net balance is too small to figure largely
in the foreign obligations due here. The al
lowances for securities. freights undervalua-
tons and travellers credits will not reduce the
countrys credit balance 10 any material ex-
tent. There may be a renewal of the gold i'm
port movement before the end of the year, al
though the metal Is not needed here The Treas
ury holds nearly S151 O00OO0 net gold and the
banks are we'll supplied. The first payment to
the Treasury on Union Pacific account will be
made tomorrow, and, affecting the Treas
ury's holdings. will show an increased Treasury
deposit in National banks.
The movements Of the chief active stocks and
bonds In the week are shown In the following
tables:
STOCKS.