New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-09-26
nigh. Low. Sept "a Sept II ch.ss sales.
THE WEEKS OPERATIONS IN STOCKS.

THE WEEKS OPERATIONS IN sIOChS
Although market values have made little prog
ress toward a higher level in the last re" "eeNS
conditions underlying the real worth OF secuii
tics have shown noteworthy improvement ACT
ual owners Of stocks and bonds neeo not ooi'-
Germ themselves with speculative fluctuations OF
manipulation by bear and bull cllques' lor III
+r,nsc worth cannot be lessened by bear ma
nouvres or increased by bull speculation Al
market values hesitate or develop do"n"aru
.u,aoro,, incident TO uncertainty over the fall
elections or If foreign political complications
sbould lead TO heavy foreign selling In TINS mar
ket and powerful market operators range lheir
forces on the bear side, investment holoines
would not depreciate in value. railroad earnings
decline or general Industrial activity halt Ihere
has not been a time in the last niteeh !edi
when conditions have been so favoraoie 10 III
trnsic worth at present Holders vi Se0"''
ties apparently appreciate this fact ana spe'u
lators are anxious to bring about lower range
of values in order to secure stocks whose mar
ket value will sooner or later move 10 a posi"oh
warranted by actual value. 1t is haroly neces-
sary TO point out the favorable position OF e"-
isting business conditions or the prospects lof
the near future but a few recent developments
are so extremely encouraging that brief mem
ton regarding them is not out OF place
Earlier in the season the outlook for railway
earnings was not considered as bright as al the
same time IN he preceding year. owing to the
uob,er FOREIGN demand for breadstuffs and the
cheaper prices for grain. the expansion IN gen.
ero, business not receiving proper attention as
q factor in traffic receipts. 1t is now evident
however that railway earnings do not depend
unon the grain movement alone. Current re-
turns exhibit marked improvement over the
heavy records Of 1881 trade activity more than
offsetting the falling off in grain tonnage as
reflected In heavy westbound business over all
the systems traversing the country larger
distribution of manufactured products, good
demand from tic agricultural community, as
the result Of two years of prosperous crops, ana
Increased passenger traffic arc apparent Ana
In addition to these factors the foreign demand
for breadstuffs still furnishes an important
source of revenue for the railroads. Develop
ments in the wheat situation prove that the In
curry from abroad for American grain will be
greater this fall than generally expected. and
that foreign crops and stocks on hand are not
sufficient TO satisfy the home demand In the
last three weeks shipments of wheat. flour In
cluded. have been 1O,2O3.941 bushels. against
1869 100 bushels in the corresponding time
last year. but in the last week exports from the
100000 bushels. Wheat is abou: four cents
higher than week ago and corn s slightly bet
ter with exports under last year. but heavy in
comparison with other years The country's
consumption of merchandise Is Increasing. Lo-
cal trade statistics show that Industrial activity
Is revvng In all parts OF the land, while the
figures of foreign trade indicate no material
falling off in the countrys excess Of merchan-
disc exports over imports
The American steel and iron trade is crowded
with orders No more faithful barometer Of in
dustrial expansion could be desired than this.
and Wall Street values must some day move on
lines suggested by such evidence OF growing
business An advance in the price OF wheat. in
creased railroad earnings. large gold imports and
pronounced activity in steel and iron were fac
tors of the week in the business world. but they
failed to act as a speculative stimulus upon
stocks. Substantial market interests appear sat
tsfied that values will sell higher. but they are
apparently not averse to lower prices If actual
holders can be induced to SELL or developments
Of temporary influence upon the speculative
mind make bear campaign attractive. just
now speculative uneasiness is active owing to
the fear Of possible political complications in
volving the great European Powers. and to UNI
certainty at home over the political makeup of
the next house OF representatives Inc HioH~y
market bugbear was successfully employed for
a time and resulted In a fair-sized reaction In
the majority OF stocks but Saturdays bank
statement. showing an increase In the bank sur
plus OF S4O12.475. efsectually closed the tight
money market as an argument for lower prices.
The immediate outlook for speculation is un-
certain. Public operators show little interest in
the market, and as the public appetite has been
accustomed to stirring war developments exhib-
tied in striking headlines IL may be some little
time before It will consider prosaic trade sta
tistics sufficiently stimulating to advance mar
ket values Some brokers believe that the ap-
preaching elections will prove heavy load on
the market. and that, pending November results
at the polls interest in speculation Will flag, with
prices moving gradually toward lower level.
The market behaved in the same manner last
year. and broke sharply following the election
1t would seem as II stocks were a good purchase
on reactions.
-