New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-09-06
TUE FINANCIAL MARKETS.
STOCKS GOING HIGHER.
,,r.vy GAINS IN RAILROAD EARNINGS
BANK CLEARINGs.
Sunday. September 5-p. m.

c.at, stock market traders want quick re-
sul.s and when they see one stock advahclhS
., q more rapid rate than another they get OUT
- the slow issue and take up the fast I'M
,ortant interests who know that opportunities
such as the present come seldom IN d ii''''''0'
are not swayed by temporary market "uo''"
+,ons They do not sell their hoiolheS VI 0'
-. hocausa Some other is enjoying sharp
- ,or 40 they care for quick profits or oper-
a+e on the fluctuations Of oay' A'ie''
many interested people in the STOCK 'i'U' h'
have gone in 20 make fortunes 1hele "'
10 orc saakiny for substantial profits. but VINO
do not buy beyond their limit ana '"eS az
not going 10 sell their holdings when inc! N"o"
that all things favor still higher prices Al -.
1ost week heavy sales Of one STOCK u pu' I"''''
into another caused great irregNiarl'! an" VII
eoual movements. but the course OF p!Icc' vas
toward higher level, final prices almost Win
out exception being at net gains as coinf"'cu
with week ago. In some stocks the "u' "''-'
was far greater than In others ana P'o'S or
peared to be at work in dl1eEehl ISSUES "''!N
,nirion IN many circles seemed to credit the
idea that nearly every STOCK on ths ''S' ""''
ha,o its ,urn from bull interests The stock mar
ket must be inherently strong OF suCH N''ie"'
erc,uations as took place in Sugar Refining
Northwest and St. Paul would have denofaI-
ted SPECULATION While the activity in the IN
drstrlal stocks was helped by manipulation, a
Ga,ter interest developed in them. que TO lu.ici
annreciaiion Of the fact that properties CT 'hls
Kind will be largely benefited by tne Icsu'HYt4pi
of industrial activity. The basis OF cuIIFn
S,or,,Ia,ioo in securities is founded on tne LOT
ward movement of the countrys industrial. en-
-sTnrises The extent OF the movement Is :"
Sreat that no rocks are in sight: no clo'"S
check the c0Gntrys progress, ana cohA"1n'
end strength are not lacking. This IS cdli
wear on the Stock Exchange, and teChhlca' ii'dl
let conditions alone are responsible f"r fclt-
tons. ,., .,. d,,.
While growing more enthusiastic every od!,
small operators in the stock market sh"uid ho'
lose sight Of the fact. however. that even III Iht
mos, PROSPEROUS Of times market values cannot
move in one direction continually, ana tnat 700
much enthusiasm often leads to heaFE osSTS'
and even Bankruptcy. Small traders shou'o ne
cautious They should not believe that every
thing with market value is a good purchase,
and when their financial resources warrant
nothing beyond a lNnsharc transaction theI
should not deude themselves into believing that
thev can safely carry l0tn shares on slender
margin. There no rocks ahead III the huSI-
ness situation. but in active oNelspecuidt! non
there are many dangerous shoals upon Wh!'h
small traders will he strapGed If they san pc
yond their limits Conservative people Wnp
trade within reasonable bounds and operate
on wide margin are likely To come out winners
II they have the courage Of their convctohS
and DO not rush into panic on every lndicd'lon
Of hear pressure: but the same cannot ne Sald
for operators Of narrow means VINO TRACE On
small margins and 0VCTStay the market. In.
tendency of prices is toward higher level ana
eventually such a level VIII be reached harI!hS
unexpected adverse Developments Out III 'iV
mean time the utmost caution should contro al
mems operations. Every possible reason eAsts
for gradual appreciation IN market N'Iuys, -
such appreciation is to be based upon the situa-
tion in the industrial and financial cOmmuh!t!
and every important stock market interest Is
confident that the autumn movement IN stockS
will be a profitable bull success. 80 far slccu-
lauon has not developed many serious lndlca-
lions OF reckless trading. but small operators
would do well to bear in mind the caution ad-
vjsed by conservative brokers' and by the lead
ing writer's of stock market articles The bun
element is confident Of its position ana the pears
are tboroughly scared. The first named e.e-
Incnt has apparently started A policy OF llitnS
certain stocks at a. tine, and in view OF the re-
cent comparative duiness of the Granger shdres
/, is not surprising that with the pubhCatlon OF
their very favorable statement Of earnings last
week they enjoyed the attention OF powerful
bun interests. OF the Western roads Burning
ton was an exception to the rapid upward
movement and activity, but il is believed that us
turn for bull attention is not far of. Atchison
preferred is also booked for an advance. ac-
corling to board room gossip: likewise wabash
preferred and Reading Burlngton's August
earnings are reported the heaviest in the com
pany's history.
ding one Of the largest freight movements in
their history. Look at some Of the most recent
reports Of earnings. St Pau. for the fourth week
in August increased SlOS,lJU as compared with
the same week year ago For the month this
company increas j in gross earnings S2It2i6
and Rock Island $315.Sio Burlington for JuiY
Increased So>91OS. and Chesapeake and Ohio
increased in July Sl11647 Wabash Tor August
made a gain in gross earnings o: SlIi.?''. ana
the PENNSYLVANIA Company for July an Increase
Of SOL 500, the last-namod company showing
favorable returns dCspit the strike Of the hi
luminous coal miners Missouri Pacific for the
fourth wsck in August increased Szo1,ohl In
the anthracite group, Reading made strong
statement for July. and among the Western
roads not already mentioned Denver and rio
Grande exhibited most encouraging report.
And it should be borne in mind that the ma
jorty Of reports now coming to hand are ioI
the month Of July. when the Improvement in
business was "A much smaller scale than
that now current Besides the Improvement
shown in railroad earnings bank coarngs fur
nish additional evidence of tie expansion in the
volume Of general business. According u
"Dun's Review" August WAS the drs, month in
which the daily average or settlements through
clearing houses exceeded materially that If the
same month in 1892, the excess at the principal
cities being over T. yer cent. The increase in
bank clearings represents in chief part large
mercantile transactions. for stock market oper-
ations are handled almost entirely Through in
dependent Stock Exchange clearlng-h houses.
Perhaps of the most important and encOur-
aging symptoms OF expanding business is the
revival Of activity in the iron and steel Industry,
a reflection Of this being noted last week In a
better demand on the Stock Exchange for the
shares Of Tennessee Coal and Iron and Colorado
Fuel and Iron The money markets continue
easy. but the demand for funds for the West
and South is growing heavier and rates may
soon show a hardening tendency. AS soon as
tne cotton movement gets under active way tA4
ioreign exchange market Will doubtless approach
tne gold import point Current rates arc about
made
The following table SHOWS the movements OF
'he chief active stocks and bonds in the week;