San Antonio daily light. [volume] (San Antonio, Tex.) 1886-1907, 1897-12-28
WEEKLY FINANCIAL REVIEW.
Reported for the Light BY Henry
Clews & Co.

New YORK, Dec. 2S.-Speclal-ln It's
general aspects, business at the Stock
Exchange does not vary materially
from the conditions existing since the
late upward turn in prices. Some pro-
minent operators, whose buying start
ed that recovery, seem to have real
lied their profits and are now operat-
ing in a transient off and on sort of
way, but no longer constitute a per-
sstent bull element. The market is
therefore dependent mainly upon its
intrinsic strength backed by the mod
crate buying of bullish outside con-
tingent and the expectation of the |
rise that usually attends the distri- |
button of investment earnings at the |
opening of the year.
The situation contains some very I'M
portant elements favoring speculation
for higher prices. The satisfactory
aspects of general business are well
maintained. According to the reports
from trade circles and from the manu-
featuring centres, there is good rea-
son for expecting that the commercial
recovery of 1897 will be more than
equalled in 1898. Advices from the
agricultural states indicate the pros
pect of more active business than
has been realized for many years, and
suggest a probability of the liquida-
ton of an important amount of farm
mortgages, with the effect of creating
a demand from the mortgages for
other securities to take their place.
The iron trade, which is accepted as
the best barometer of the condition of
business ut large, continues its re-
nFarkalbe increase of activity. The
best evidence oft he magnitude of the
current increase in this industry is af-
forded by the fact that the Lake ship
ments of iron ore for 1897 amount to
u 100000 gross tons against $780,
600 in 1S96,-showing n gain during
the twelve months of 100000 tons,
or nearly 30 per cent: and yet there is
a probability of a still larger move
ment in 1898. Our exports of steel
rails and railroad equipments and also
of electrical plants are assuming very
| extraordinary dimensions; and there
are indications of an increase in the
| undertaking of long deferred repairs
and improvements and purchases of
rolling stock. The continued fan in
prices has made it possible to export
| a variety of articles. for which we
have hitherto been unable to find
foreign outlet; and this, with other
conditions. foreshadows the full MAIN
tenance of the increase in exports of
manufactures which has been steadily
gaining for the last two or three years.
| The value of this lies not merely in
our gaining new sources of trade but
| equally in the relief which is afforded
| to our congested home markets, and
| the consequent better opportunity for
| the realization of industrial profits.
| /, is not easy to over estimate the i'm
portance of this growth in our ex-
| port trade. The total foreign ship
ments of merchandise for the last
| eleven months exceed those of the
same period of 1896 by SS6,0G0,000
and of 1895 by $242, 100000. This
| gain has been largely due to our ca
traordInary shipments of breadstuffs;
| but. judging from the fact that our
winter wheat acreage sown this year
is estimated to exceed last years by
Z per cent, while the European acre
| age is reported to be under thas of
| 1896, there seems to be a probability
| that next year also we may have
large surplus of wheat for export.
| Thus, so far as the business of next
year may depend upon our export
trade. the outlook for business in 1898
is most hopeful.
The operations of the railroads con-
tinue to exhibit an extraordinary in
| crease of earnings The gross traffic
receipts of 131 roads for November
show an average increase of 20 per
| 81 1000 thn fiji .Sst
eleven months of the year, 142 roads
show an increase of S30,S00,000; dur
| ing the first half of the period, how
| ever, the earnings showed but slight
| increase. so that most of the gain has
been made within the last six months.
Although there has recently been some
considerable irregularity in rates, the
increase on net earnings has been in
higher ratio than on gross. For the
month of October. 100 roads show
gain i'm net earnings averaging S.45
per cent, and in gross of only Z per
cent. For the first ten months of the
year, the net business of lis roads
shows an increase of Hip per cent,
whilst the gain in the gross earnings
was only 80 per cent. This is very
satisfactory exhibit and evidences i'm
proved management in this class of
investments.
The opening of Congress has had
little visible effect upon the interests
represented in Wall Street. Little
new in policies was expected and little
has appeared. The common expecta-
ton was that the president would an
nounce a strictly business policy; and
that is just what he has given, much
to the satisfaction of the people at
large. who above everything want a
rest from disturbing political agita-
tons. The general purpose of the
presidents financial policy, and espec-
tally his declarations in favor of the
maintenance of the gold standard,
have awakened a responsive chord
among the conservative classes at
large and also helped confidence in
our prospects abroad. The intense
hostility Of the silver element in Con-
gress to this feature OF the message
is a measure of the estimate placed
upon the sound money policy of Mr..
Mckinley. He has made himself a