New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-01-18
Total 80 cos 81 aol 433 So 193.5G9 Dec. $3.50
THE WEEK IN WALL STREET.

Conditions in the general business and fnan-
cal situation are gradually becoming more IA
vorable and may at any time unfold the bene-
fits SO long expected. If there were more
common appreciation Of existing promising fac
tors in all circles of business a speedy resump-
ton Of industrial activity might be looked for,
hut as yet only half-hearted interest has de-
veloped Indications now present lead 10 the
belief that business and financial interests and
the people at large cannot much longer close
their eyes TO underlying favorable conditions;
conditions which promise to make the current
year a record breaker in revived and widespread
industrial and commercial activity. When spe-
Gle payments resumed in 1879 conditions
resembed those now prevailing and when the
hCped-for prosperity did not immeGia tey fol-
low the beginning Of resumption there was the
same disappointment as that prevailing in many
quarters since a short time after the election
of Mr. Mckinley. Yet the year 1879 was one of
Unprecedented growth and prosperity for the
country although the actual growth and deVel-
opment did not begin until nearly six months
after the resumption law went into eject. The
merchandise exports IN 1913 VIZ unprece-
dented. and the same may be SAID Of 1896 At
this time in the resumption period money and
foreign exchange markets and the wheat and
security markets were in similar conditions TO
those now current, and in many other partcu
lars the situation was the same. Reasoning
by analogy. we may expect repetition in 1897
Of what occurred in 1S79-disappointment and
dulness at first. followed by prosperity
Some evidence of fuller realization Of exist
Ing favorable conditions were furnished in the Sc
curiiy market at the close Of the week. Business
increased ana values advanced, ana again the
sentiment of the Street inclined toward the belief
that the hoped for turn had come. This expan-
Sion was based on Improvement in sentiment in
duced by the extraordinary record the country
made in 1896 in its foreign commerce. the state
ment Of the Bureau of Statistics issued Friday
showing the greatest number Of exports in the
history Of the United States. the excess Of mer-
chandise exports exceeding the record break-
ing year 1878 in value by more than SO
VvoOO For the first time since 1887, gold
imports exceeded gold exports while the
~ Ill, ha 1orO of nr,
record. The foreign demand for American prod
ucts shows no sign Of diminishing, and the
manufacturers and merchants should soon be en-
outraged by an improvement in home demand at
oetter prices for their products. The low range
orprices for commodities and securities is being
'ahen advantage Of In some quarters and the
.onhdent investors and operators in stocks.
,nough small in numbers. are securing excellent
bargains at figures below the intrinsic worth of
me securities thus purchased. SO many people
nave suffered from the trials and irihulations of
we last three years that they hesitate to believe
we Old theory that the time to buy securities is
"hen times are bad. and brokers fume in eXas-
peraton over the poor judgment of their custom
ess, and in many cases grow fearful themselves
:. VI handling anything with market value. With
M exception Of the last two days OF the week
s.i was almost nothing doing in securities. the
insn!he Of the Arbitration Treaty between Eng
s ano and the United States and other favora bic
~ sssiopments failing TO stimulate activity. In
s s sond department better business was trans
,s. ana me demand for high-grade investment
sues continued good. Although evidence Of an
,,paa.nding security market did not accumulate
,p'nly until the close Of the week. IL was to be
y yea IN the market for bonds that invest ors
~ ocNoting cOnsdera BILE attention TO the situa
~ ana their willingness to take first class
,h Vas vas reelected in the heavy subscriptions 70
hos@ fW""D . per cent canal improvement
mis- 81 mis- State. The upward movement In
bn, IN the bond market has not been rapid
sho,.u" sIe mas been gradual improvement. as
nrs, IN the following table. which comDares
w,,h NJ prices Of a few Of the most active issues
Prices prevailing at the end Of October:
Nsi
Atcb cen 4. oct. 81. Jan lG gain
Ateh adi, " ;................. 10 sos 4,
@-N''' az sS.,...-.......... 40