HKAHOUL IIEVIBW OP 1897. 





ion in the Eastern manufacturing e. 



r. I'he Bureau of Mfttt> 



tj. . r ! r'- '; . .-\j- rf i;. \. : ' .' .' ' 



Missouri east, it WM deemed advisable that the 



'. rsjfM , '..: - . . . . v .. . 



me Court, and an lutsueeeaaful effort ** 

 to aware an early anfuincut. The We*en> 



promptly withdrrv 



: - ' . .-.',, 



iMftand 18W: 



It a* f. 

 Theahipmenu thai democaiual^ of rma* wouid f.dlow. and this 



rs the yield and thr %alur of ing the market in an unsettled cond^'tatiUbe 



I 1806 an.i lie bask closr r.- va a rr.-...r .., t.. mom 



.ii thcbtftnntngof the conn g regarding the railroad m 



-.! !.- nteoMi r Itttof r RsUi J 



T.*l 



tijsn.a,rm at 



' :. 



. mark* t was genem 

 iiiiiMirtniil f.-ntur. - rnrly r 

 a fall in iMaware and I 



.nd ; a ri<M< in 



la not to attack the charter ; an advance 

 nlmttan: and a general improvcm* 



influanoajd 

 non to press his resolut; -!ie recog- 



l>r independence of the -republic" 

 iba. l.jiN-r. there waa an irregular move- 



il rinUrravn the company, 



be bituminous and thr nnthrtu-it- >al -' 



In- unfu\..ialilr trade con- 

 & By I in iddlr of thr month the tone grew 

 it Ulrr the Cfrangrrw were rai 



and thr w i - r until toward thr 



end of the month, whrii th.-n- was a recovery in the 

 leading stocks, and thr tone waa quite strong u 

 hicago Gas, I 



s. Pullman, and tin- (.rangers re- 

 cording the mo*t ini|M>rtant atlvancea. The market 

 WM strong early mi 



sjOioi the Korthrn ly an ini- 



: and 



atr iavfutipition into 

 jamei'it of trusts. The bears vigorously 



| | R r 







properties, and the market 

 IM unsettled until the last wr-k. whni th. rr waa a 

 recovery due t<> nd the market 



Qgat tl 



Dent The feature ea u* the 



lanaaffft 



;ike Shor. 

 ' r thr |.tiri~ 



\ lawea. Thin news caused an immediate 

 in all tl, .It properties. 



dat< 



aim 



.-Hnr. T? 



latrd an unj r.-v.-m. nt in th wh.-lr markrt, 



until the lat 



h, when it wa- .!> affected by 



nnrnt that States Supreme 



ins-Missouri case, that 

 r the main- 

 violation ' ' July. 

 Sherman antitrust law 

 .it Court of \iipealn. sitting in 









was irregular early in April, with the 

 Western mad ami ,,f thr V.mlerbilla 

 an. I there was also some improvement to Sugar _ 



..f th. ..utl.rrak -f 



TwUat war hail a partially dtstttrtiaf effect after 

 the middle of the month, f.ut lairr there wa 

 covery. led by Sugar and the Grangers, and 

 irregular, the market was grnerally strong to 

 close. Indication- -f a |..l\ 

 Turkish war and the rej j,r tariff bill in 



had a favorable influence upon the 

 market early in May. but subsequently the anthra- 

 cite coal shares were raided, there was free riling 



-trial stocks, and the 

 tone was unsettled until the last week, whan there 



was a recovery inlln he rapid progress of 



tri(T (.ill in thr S-natV.and by a speech by 

 Secretary Gage at Cincinnati declaring the inten- 

 tions \<lniini*traiioii regarding currency 



reform. This speech and the views informal. 

 pressed l>> tl.. PNaidsjBt upon this subject had a 

 ilatfaM effrt-t u|H,n the mark, t in June, and in- 

 prompt passage of the tariff bill 



. aj pi 



mraeed an improvrmrnt in 

 reflectril in thr Mock market. After the middle of 

 the month th. rr was an active and .. 

 t IM oiK-culatif>n grow broader, and n 

 The Y.i.drri 



ly strong under the leatl of Chicago and North- 

 western. whi< h was affected by the announcement 



mm pood buying ' UM Onu |an - ' Bmtjui ..-: 

 local gas stocks. The ma 



he month. There was an irregular 



iliung sales, I 



wanl '. the markrt again 



becai: | -ward, and the 



tratiMct tons were quite large, especially in the in- 



gas stocks, an- He*. Thr 



continued to the close of the month. 



though the lone was then a little irrrgular. One 



feature was a large business in ni I rus*l mortgage*. 



ing sales and some bearish pmaure brought 



about a partial reaction early in August, bi. 



.I. rotate commerce art. but in 

 w of the decision, above noted, in the Tranv 



in bonds. Assurance of abundant cereal crops gave 

 an in tiger roads, and 



increasing earnings simulated buying of the trunk 

 line and of other railroad properties. After the 

 middle of the month a riw in wheat and an . 

 demand fr this grain for export encouraged a 

 further advance in the Grangers and the whole 

 market grew strong, so continuing to th 



