New-York tribune., 1897-08-23
THE FINANCIAL MARKETS.
STOCKS SUFFER- LOSSES.
n,r,ov OF THE FEDERAL TREASURY
BONDS AND MONEY.
sunday. August c22-p. m.

Sunday. August -2-p. m.
,.,, market conditions must he assigned
Ems Cor the halt in the ball movement on
O. e.,.k EXCHANGE. The business situation
" ,,,rcod for the better. and outside OF the
60, rxchauge there has been abson'eiy ho'h-
49,. N warrant lower prices The demand Tor
.,.,r,.ies excited by visible signs OF returning
N.,s,r.ss prosperity paused last week. In the
,,,u movement prices were carried from ~ 10
% noints above the lowest OF the year ana
.,ecu,a;ion showed dangerous symptoms ot run
wing mad as instanced in the activity ~ certain
.'ar,h,oss issues. and il the theory among some
s,Aculators that anything was good purchase.
,rhe culnliSauon Of bull movement u gen
orally f,reshadowed by this kind o. activity
a-d IN the present case, unmlstakab!e eNldenc"
was furnished a week ago Friday that the best
o,or,cnt in the Street scented danger and was
,,akinC preparations 20 withdraw temporarily
,-om the market The pause in bull activity
cannot. however. be regarded as tho end Of the
b,u movement. for all factors in the business
situation are encouraging for further gains in
values and the liquidation Of lightly protected
accounts in the week. the enlargement OF the
short interest and the setback to unhealthlul
SPECULATION have strengthened the market ana
opened the way to further legitimate advance
IN securities values. The supply ~ stocks IN the
week was in excess Of the demand important
* interests
professional traders were allowed To control
the course Of speculation. Trade reports. as COL
lectel by the mercantile agencies. show more
uniform improvement throughout the country
than in many wears Bank Clearings snow enOr-
nous gains and railroa earnings marked
chance for the better. as compared with thls
time a year ago. The general situation is vastly
better than at the beginning of the upward
movement in stocks and holders and owners or
securities should bear his point in mind. There
absolutely no reason to sell. despite the fore,
casts Of bear prophets Of evil People VINO sell
enrich combination Of tricky traders.
The chief point raised 10y the bears in their
campaign for lower prices was an alleged un-
favorable crop situation. There is no material
change for the worse in the condition OF tho
crops and even II the corn crop does not fuIhl
present expectations IL viii he found that the
supply II old corn cribaed along the INES o' the
hc corn carving roads will insure a heavy
tonnage movement. Winter wheat is gathered.
This crop supplies so per cent Of the Yield ana
the best estimates Of the spring wheat yl"ld
range from 10000 oNp 20 l3ONn.VW bushels IN
the three chief spring wheat states. against an
actual production in 1896 Of 1O4 100000 bushels.
Even II the most optimistic estimates fall short
i. ,nusr no conceded that the production will b.
q no mean magnitude; and then II mus ne
borne in mind that the money value OF tnls
Years crops Will he at least ~ cents 70 the
hushel larger than year ago. ms increase il"
price is the factor which VIII count with ths
farmers with The railroads and with the inter-
national exchange market. II may ne assumed
that tho bears have in store some frlgntiul
stories 2 damage 20 the crops. because as YET
,boir fears have not been dangerously serious,
ara becausa Sentember is seldom reached with
out an accumulation of the most distressing sort
Of crop rumors-rumors. which II taken serl-
ousiv would lead 10 the belief that the farmers
have no grain at all - sell september VII!
como and il will 10 found that splendid crop
has been developed The wheat crop in 1896
. mounted to 421 900 Vtb bushels, and the Gov
crnment's July estimate placed this years PROP
n be Weld at 45onoo.ooo bushels Government
estimates are generally wofuIy wrong, anu
crop experts better able 10 judge thah the "oN-
eminent place the weld at as much "a
InO nON 600 bushels in excess Of the Govern
tnert's estimate The market price OF corn mas
NOT reflected the alleged damage to the corn
ron reported by stock market bears IN 'hI-
rago and New-York. and the damage TO corn
- any will be more than offset by the surplus
from last years crop now held in farmers
hands: and the damage. If any. to the crops I'D
general will be more than onset Dy lhe increase
u acreage planted.
The sensational advance in wheat last week
e, as said by Stock Exchange bears TO De due 10
tarnaga 10 the crops Perhaps alleged damage
~ srcount In part for the very rapid advance in
-, baat optiOns 10 above 81 but the fact remained
hat the demand for the cereal was heavier ana
that the needs Of foreign countries became NOR
urgent Adequate reason for an advancing wheat
,narkat is found in the large export demand de-
,eloped in the week. exports from the Unlted
states and Montreal as Somppted OBI H, ny brau- on1l
streets amounting to 5,2lSOOO bushels. as com
rared with ( 400 600 bushels IN the preceding
week o991 600 bushels in the same week IN
1SQ5 and $4,000 bushels in the corresponding
week in 1893 The influence Of the gram exports
unon the foreign exchange market is already
considera bic and the tending OF the rates are
,,nnistakaby toward the gold Importing point
offerings OF bills against this country lnerChan-
disc exports are heavy. and although the BANK
~ England is apparently conndent thdt II can
compel gold to come here from France ana Ger
MANY before il has 10 give up its own metal the
tirne cannot he far off when London VIII lose
heavy consignments Of the precious metai 10,
ihe account Of the United States Inc iocal
money market affords no indication OF lmihedlate
gold Imports and il may have TO exnlpt ma
ferial advance in rates before any heavy amount
~ gold can be imported The advance IN stei
ling rates last week was probably due 10 the sdle
~ a block OF securities for European account;
I'M, u is confidently expected thdt d Iouiiu
amount OF securities will be sold next week lo'
London account an indication OF TINS pelng Iui
nished AZ the close Of the week by the dlsposI-
lion Of exchange houses to be short rather .laI
iong ~ exchange The demand for money Is
he.ter frcn the interior and offerings OF conliiici
-ial loans are larger. the last named III nn.IuuIis
rnnsiderab Bile iron and steel paper inns - q
favorable development, and II is 10 pe -, -
.ha, m. iron and steel industries are assu'ii''s
a more confident appearance. -.
The following tables show the movements '-
he chief active stocks and bonds IN the "e'N'