Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-08-12
STOCKS, CROPS, Cash.


Hon. Henry CIews sizes Up the Speculative
sifuation-A Good Fall Trade
Assured - AAsice
rendered.
NEW YORK, August l.-Henry cie"s'
in his weekly financial circular, says:
On the Stock Exchange stocks have con-
tinued to advance but their ACTIVITY was
limited There was no outside buying, sucn a.
Invariably accompanies genuine pun ma,ns~
The public are not in the stock marker. anu s,,o o
rise was mainly the result of manipuiasion "
operators who are carrying the bulk OF aoetins
stocks. When stocks are concentrated IN
strong hands. as at present, it may be hazardous
for the bears to attempt to depress them. 1oI
the reason that there is no weak outside sSoeA
to be forced out An outside interest rs ire-
quently necessary for q successful bear cam
paign; but it is still more essentiai "
q healthy bull movement Unless tne Pupho
figures the rise cannot be maintained with any
degree of confidence; and as soon as tne PasS
ent artificial support is Withdrawn sng ~
action must follow. unless as Just Iast s weeks
buying was mainly in behalf of large nooe.s
who are interested in carrying out various s~n-
bination or organization schemes Ine,i I;;ty ~ aor
tions have been given more or less publcity y;,h 20
effect. so that stocks were generally nelu Wiz a
considerable confidence. The marKet "as
further strengthened by favorable ProgIeSs Pgcsing no
the autumn trade; all OF which It Is 70 pe snn
cerely hoped will be realized. A. fhe same
time, it wonld be well to consider II We arc nus
banking upon prospects with raLner % mole
freedom than is justified. II Is true true,
we are promised an exceiient "a, ~ oors,
crop of from probably 475, OOO TO oOovo,ov,
bushels, most likely the lower estimate; paI
wheat is now averaging 6 to cents per ousEs, e.
below last years prices. A heavy coIn erTP y
also promised; but this cereal is selhng apou.
10 cents less than year ago. and, moIeos1,i osra
the crop will not be out of danger Tor severn,
weeks to come. Cotton looks well, and snouiu ~
it escape damage from frost q heavy Deiu -
lower than a year ago Thus, while bounafni
crops are promised on all hands, it shouih hos
be overlooked that prices are below tnoSs %
correspondingly affected. Hay and oats, Two
very Important though often forgotten, crops,
are turning out well In the aggregate
easier feeling prevails. Anticipation Of close
money may largely serve to prevent II; ana sne
position of the New York banks is all the more
the West, and the prospects that in conse-
quence the demands upon this point va. Do
less important than usual. Confidence IN Sec
retary WINDOWS ability ana s.sary inssmon 70 aiso
serves to allay apprehension, ana YET
the low condition Of the bank re:
serves strongly suggests t1e epporgniI ppanaiIs or or
speculative demands for money show any large
increase, which does not seem improbable.
The Western demand has not yet peen
measured, by any means, and common pru-
dence demands that borrowers and lenders
alike move cautiously until the seasons re-
0uirements can be more accurately gauged-
The surplus in the Treasury has already been
considerably reduced; future Government dis
busements are not unlimited, and Secretary
Window. in buying bonds. might fnd 1t neces.
sary to hold off against the demands OF
holders who sought to force up prices
upon him unreasonably The outlook Tor
a good volume of trade this fall
is encouraging, but profits are still
limited and complaints on the latter
score are not infreQuent In some quarters,
notably in the woolen trade and its branches,
failures are occurring with suggestive fire.
quency. the main causes being tariff complica-
tions and over expansion of credits. AS rule,
however, business prospects are encouraging.
For this reason, as well as the fact that the
railroad situation exhibits considerable I'M
provement earnings showing satisfactory gains.
we are inclined to q hopeful view Of the situa-
tion. The main factor, however. at no distant
time will be the money market; and, until
satisfied that there is no undue risk in this re-
spect, we cannot but renew our advice to take
profits on the advance and buy only on the
sharp reactions.