The morning news., 1897-08-16
THE MORNING NEWS: MONDAY. AUGUST 1e. 1897.

prices would be reached at a later stage
l do not venture any prophecy on this
point. Yet the way in which the market
Is now acting seems to indicate tenden-
cy in this direction. The recent frequent
realiZinSS upon a strong market mean
mainly that holders are transferring their
holdings from stocks which have had a
satisfactory rise to others which have had
less; which is sound method of oper-
ating, though II may not be conducive to
eNcitements or helpful to cliques of pro-
tessional operators. In any case, it is
best for all legitimate interest that this
great mass of investments should be lift
ed to the higher level to which they are
defined by gradual and sure process.
rather than through a series of violent
spasms which disturb confidence rather
than confirm it.
The whole commercial and financial
drift of the country is moving parallel
with the recovery in the investment mar
kets. The railroad earnings tell the whole
story of business revival. The interior
roads are showing increases of earnings
ranging from to 20 per cent. and yet
the improvement is only in it's beginnings
Some doubt has come over the corn crop
IN certain sections; but the wheat yield
may be safely calculated at 500 OO0O 600
bushels. The movement of iron ore at
the west is unprecedented in quantity;
Which shows what may be expected from
the trade that serves as the barometer
for all other trades Interior commercial
buyers, who are focking to this city in
unprecedented numbers, report an encour,
aged feeling and sanguiue expectations
FOR the fall trade in all sections. City
bankers report their country correspond
ents as unusually confident about the pros
poets of business and as desirous of MAX
ing large arrangements for accommoda-
ton for the next six months The foreign
exchanges have turned in our favor, with
the expectation, both in London and here.
that a season of gold imports is about to
set in which may make an important adj
dluon to our stock of yellow metal The
hlondlke gold discoveries cast their shad-
ow before them in suggestions of further
large additions to the world stock of gold
and the consequent displacement of the
deprecated money metal that has so
shaken confidence during recent years
London's obstinacy in holding aloof from
buying our stocks will prove a sorry thing
for them. The market will be held up on
this side until London becomes a buyer on
a large scale London commenced TO sell
our stocks at the time of the Barring fail
ure in 1890, on the fear that we were going
to drift TO a silver basis They have been
harptng upon the need of currency reform
ever since, and they make no allowance
for what has taken place since in that di-
rection. What was the repeal of the Sher-
man silver law but step towards cur
rency reform? What is the passage of the
recent tariff act. which will make the gov
ernment surplus revenue government in
stead Of deficit one, but distinct relief
from strain upon the currency? What is
more important than anything else in the
situation, which they fail to recognize, is
the return of prosperity i'm this country
which will put money into everybodys
pocket, and when that occurs they will
banker after the best money and not the
poorest; SO that whenever called upon to
vote they will vote for gold money and not
silver money. What stands stronger for
currency reform than such an attitude of
the American people? With the changed
conditions that have taken place of late
our money is in no present danger. In the
last four years we have gone through pref
~ rigid reform measures, which London
will begin to realize by and by after our
securities have gone considerably higher,
and accept the inevitable and become as
crazy to buy them as they have been crazy
to sell them continuously since 1890, at the
time of the Barring panic