San Antonio daily light. [volume] (San Antonio, Tex.) 1886-1907, 1897-12-21
WEEKLY FINANCIAL REVIEW.

BY Henry Clews & Co., Members of
The New York Stock
Exchange.
Ney York, Dec. 21.-The events of the
past week have been favorable TO the
stock market. There have been no
developments of a nature to disturb
the steady growth of confidence, and
affairs generally appear to be assum-
ing more encouraging shape. Tar
if, Cuba, silver,and lot of disturbing
questions which had kept this country
on the edge of upheaval are fairly out
of the way; and our legislators are
now wisely giving their attention to
pressing home affairs and such meas
ures as will promote the return of
prosperity. Currency, bankruptcy,
reciprocity, and other distinctly bust
| ness or economic questions are fore
inc themselves to the front Curren-
, ey very properly leads them all; for
'pis vitality effects both our home and
foreign relations more than any other
issue. The outlook for any thorough
reform at this session is not particu-
larly bright at the moment, owing to
widely different views and the absence
of strong leadership; but partial sue
cess will at least be gained. and then
| the campaign of education can be
pushed on until complete and salts
| factory revision is attained-that is.
| that it has less TO fear from and more
| TO hope from Congress than for sew
eral years past.
The business outlook is also another
| substantial source of encouragement.
The large gains in bank clearings and
| railroad earnings prove beyond dis
pute that trade is increasing There
is little speculation and values are low
| so that these gains cannot be attribut-
| ed TO imitation. This is the dullest
1 period of the year, and yet mer-
chants, with few exceptions, report
business fairly active. In the inter-
| Tor the recovery has been more pro-
| nOunced than at the seaboard; New
| York being a laggard in this respect,
because the brunt of the late depres-
sion was felt here, and the size and
the variety of the city's business in
! terests make it slower in responding
to new influences than smaller cities.
| Railroad earnings tell a remarkable
story. In the month of Nocember
131 roads reported an aggregate in
| crease of 20 per cent; and in Decem-
Der even this rate of progress being
surpassed. In some cases our rail
roads are beating the records for
earnings, and as the gains are very
fairly distributed over the entire coun-
try, it follows that they must be due
i tn :. Oapara1 inoraaSa IF tra ffia and NOT
| TO single causes, although shipments
J Of grain, cotton and provisions, have
/ Dcen the largest items of growth. Al
together the railroad situation is eX-
| ceptionally satisfactory. The only
| dark spot is the remote probability of
| any pooling law; yet the railroads are
| not like TO cut rates with plenty of
traffic in sight as at present. Our
railroads are down to hard pan. Con-
solidation and reorganization have put
them upon a new and stronger foot
| ing. AS a rule they are now manag-
ed by practical railroad men, not
| spectators, and financial control has
passed into more conservative hands;
| so that there is little likelihood of a
| repition of the disgraceful manage
| ment which characterize American
railroads in the past. Increased earn
ings are enabling some to resume or
increase dividends, the others will
shortly follow, making them desirable
investments. These facts, as well as
the January disbursements, account
for the present undercurrent strength
of the stock market. The recent ad-
vance has been encouraged by local
operators, and their efforts supported
by the big holders of stocks who are
always the first to see new opportuni-
ties. A favorable feature was renew
ed foreign buying. Europe has long
been so shy of our investments, and
we have been so completely thrown
upon our own resources, that less at
tention has been paid to the London
market than usual. Some time ago
this country declared its financial in
dependence, and lately foreigners
have been bears upon this market to
our benefit and their own disadvant-
age. Apparently, however, there has
been a change Of front on the other
side; and, should Europe buy with any
freedom, the effect upon values would
be important. Increased activity in |
both call and time money, between |
now and the opening of the new year, |
will be likely TO hold in check any fur
Their upward movement in the Stock |
market. As a matter of fact higher |
rates of interest will be sure to pro- |
duce n moderate reaction from the re- |
cent higher level of prices, in which |
event il will pave the way the better |
for another forward movement early |
in January. and thereby give the new |
year a good send off. Mean while i
advise quick in-and-out buying and |
selling for small profits only.
NO ACCOUNT POLICE.
Tor1o, Nae 10 rannrtaI that