The times., 1899-08-13
g forcible commentary on the prediction at
any rate The figures of the statement are

Legals decreased ACKNOWLEDGEMENTS. 100, 200
Specie increased OBSERVATION-DISCLOSURES. 65ee,sVO
deposits increased. i9,oUV
Circulation increased. l4o,SOo
These figures make it certain that little
i any gold has been shipped West during
the week. They are a hopeful indication
at least that the West may not need New
York gold to move the crops this year On
this question much has been said in the
past few days. The kernel Of the matter is
that if money is as plentiful in the West
as it seems to be that section is better of
than New York, and abundantly able to
take care of itself and even perhaps to send
gold East.
The fear of gold export is passed. The
experts state the confident belief that
America will import gold before the end
of the year if not Immediately. The large
I July increases in exports of breadstufis,
! provisions, cotton and other goods empha-
t sizes this fact. Every day the balance ow-
I ing to America for these exports is growing
/ greater, and during the coming six months
the increase will be immense, owing to the
! exports of wheat and corn. Gold Will come
! TO New York from San Francisco within
shcrt time also. These favorable matters
have undoubtedly allayed the fear OF a
money panic in New York. Many are even
I so optimistic as to express the belief that
/ the autumn viii witness no greater tight
! ness in money than is usual at this period.
Activity in business generally will have
tendency 10 keep rates up, but Wall Street
leaders Will not allow this to prevent the
! carrying cut of their plan for bull move
ment, If they have made such plans.
There has been no diminution in the
general business prosperity of the country
during the week. The news is all of the
same most encouraging nature that has
characterized it for months past The
trade reviews tell of the continued i'm
mense increases in railway earnings, OF
the tremendous yields of corn, wheat, cot
ton, and other crops, of the unabated ac-
/ tivity in the iron and steel trade.
The iron and steel securities have been
prominent during the past week, perhaps
on the whole the most prominent group on
] the list The cliQues in Tennessee Coal
and Iron, Colorado Fuel and Iron, and
American Steel and Wire seem to have
come to the conclusion that the time was
ripe for the beginning of the autumn boom
in these securities There has been talk
of the immense earnings of the companies,
of dividends soon to be forthcoming, of
! big contracts for future business that will
insure prosperity for many months, and,
! perhaps, years to come. This gossip has
I been accompanied by skillful manipulation,
4
Colorado stocks especially many points
Yesterday was no exception to the rule,
these securities being the most active and
/ the greatest gamers during the session,
and all closing at the top prices for the
week Tennessee Coal and Iron went up
three points yesterday to Sc. During the
week the advance has been 1-2 points
from 79 1-2 the closing price on last Sat
urday. Colorado Fuel and Iron has made
almost as great an advance. American
Steel and Wire common has advanced dur
ing the week from SIS rs TO 81, and the
preferred stock has been equally fortunate,
getting above par for the first time in
several months.
The advance in Tennessee Coal and Iron
long ago passed the highest price in recent
years, and before that ii was many points
higher than the street generally had ex-
pected ever TO see il again. There are not
wanting people who have been short of
the stock during its entire advance from
around 80. and it seems not impossible
| that some belated shorts may be still
holding contracts for sales made when it
was in the thirties Pessimists predict
every week that the end of the advance
will come and that the decline Will be
even more rapid than the upward move
ment has been. Facts are much more con-
vincing than theories, however, and the
| fact is that the stock is getting rapidly
toward par, with no setbacks and very lit
| tie hesitation. Ii is said that the annual
statement of the company will be made in
a few days, and that it will show pros
| perity very much beyond anything ever
experienced by the concern before. The
| news regarding American Steel and Wire is
| that President Gates is in New York with
| his statement of the condition of his COM
pany for the New York Stock Exchange,
i and that the document will probably be
submitted tomorrow.
The grangers have been strong during
the week, but their advances have not been
material. This group is practically at the
level reached by it several weeks ago. 1t
| seems entirely likely that If the market Is
| TO advance the grangers will be among the
most prominent stocks in the movement.
, Just as the argument OF crop failures was
used earlier in the year TO prevent their
| advance so more recently the talk OF nigh
prices compared with dividends has been
utilized by the bears. The indications now
are that the corn crop viii be the largest
| on record as TO quantity and value; that
the wheat crop VIII be the third largest ever
seen in the number Of bushels, and perhaps
the largest in value, and that the oat and
rye and barley crops will all be immense.
These immense crops following the pros
perity of last year will, in the opinion of
some of the most conservative people, en-
sure a business for this group of railways
much larger than that in the year just
passed.
Atchison preferred is by some considered
the most attractive of the group because of
the immensity of the corn crop and because
the price of the stock is less, compared
with the earnings of the road, present and
prospective. Il will, almost without q
doubt, be a per cent stock before the end
of the fiscal year and it is now selling ar
81 only. The buying of Atchison is con-
stant and aggressive.
Much interest is manifested by the street
| in the activity and strength of the securi-
ties of Chicago Great Western. The de-
benture 4 per cent stock of this line yester-
day advanced four points. It's advance in
the past few days has been ten points
Careful people have pronounced this stock
in every way as good as q 4 per cent bond
and with no stocks or bonds ahead of il and
with earnings sufficient TO pay its dividends
twice over, this seems a most reasonable
statement.
The Leather issues were less active yes
terday than on earlier days of the week
hut they held their own well at near the tor
price reached. There is much gossip to ac-
count for the big dealings In the stocks
but the simplest and most plausible expla-
nation is that large holders are putting uI
the price and putting out stories of pros
perity in order TO sell out stock that they
have carried for long time.
/