New-York tribune., 1897-08-29

Saturday. August 2S-p. II

Saturday. August 2S-p m.
Operations in to-days security market were
again in favor Of the bull account prices ruling
higher III, oughout at net gains in the majority
II issues. The volume Of business was large and
well distributed, and the tone of speculation par
tioularly healthful. no indication Of dangerous
overbuyng appearing and decided evidence of
excellent support marking the course Of business.
The appearance OF the market yesterday and ,o-
day indicates that bear efforts to bring on Ali
emphatic reaction are at an end The bull forces
believe that they are about to enjoy another ac-
tive upward movement. and in support Of Their
theory they point to the accommodating fayorabs
factors on their side Of the market and to the
renewed attention which the public and inn
,ortant market interests are taking In securi-
ties operations Substantial operators and in
vestors convinced that legitimate reasons
exist for higher prices. In their Investigations
Of recent crop damage stories put out by local
and Chicago bears. they have been more firmly
satisfied than that the crops will result in
handsome harvests. and that the grain and gen
eral merchandise tonnage on the American rail
roads will be sufficient TO place many non-divi-
dend payers upon a dividend paying basis within
the next six months. while afording adequate
reason for dividend expansion by companies now
In the dividend column. Last weeks grain move
ment abroad. while slightly under the preceding
weeks total. showed an extraordinary volume
Of exports, and with the exception of the week
ending August - was the largest since the third
week in September. 1898. "Bradstreets" report
ed the exports of wheat Uiour included wheaD
at = 40 655 bushels this week against I.:,l6 SOB
last week: 32Sl Sol bushels in 1896. 1.S11 92S
bushels in 1893, 3.42O.OO0 bushels in 1894 and
5.U92 800 bushels in 1893. Corn exports showed
considerable falling off. being 26s2452 bushels.
against 39290 bushels last week. 2.6lO309
bushels last year l. 12436 bushels in 1S,,J. 49,
600 bushels in 1894. and 1,1lG3oo bushels in
1898 The Granger shares were leaders in point
Of activity to-day. Wabash preferred made its
first appearance Of the season as feature.
Omaha strong at a net gain of per cent.
Other especially strong features in the active list
we're Chesapeake and Ohio Rock Island. st.
Paul. Laclede Gas and Missouri Pacific The
local gas stocks were higher also Illinois Steel.
while elsewhere in the industrial list insignificant
changes occurred.
States last week showed a net increase Of ~
per cent as compared with the corresponding
week a year ago The distribution Of gains in
bank clearings and railroad earnings is not
confined to any particular part Of the country.
From all districts Of the United States come
reports OF business improvement. reflected
in railroad earnings and bank clearings 1t IS
altogether i'm possible to find any district in
which the revival OF industrial activity is not
felt. The speculative markets chiefly for stocks
and wheat. have had reactions. but the great
trade market covering all lines Of mercantile
work moves onward ard upward. growing In
strength and steadiness, and knowing no pause
or reaction. Gold was received this week at
San Francisco to pay for wheat taken for Aus
traian account. Gold 10 pay for whea. and cot
ton taken for European account Will doubtless
soon he coming - New-York. despite London
opinion to the contrary. The cotton crop Is un-
usually late this year. and inasmuch as 1t
generally agures AS the chief factor I'm the
autumn international exchange markc; its late
ness supplies sufficient reason for the absence
Of gold imports. even II recent sales Of s.curI-
ties by European holders do not. IT may be
possible that In order to prevent b.g outflow
Of gold from .he Bank of England Efforts will
be made 20 carry over obligations due mere un-
III the spring. when they viii be used In settle
ment Of balances usually due abroad at that
time Gold is not needed In this money mark.t
or In the Treasury and any expcdients adopted
in London to curtail the outward movement OF