The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1891-12-17
FINANCIAL REVIEW
Henry Clews' Statement Of ,he Worlds ri
nancial Condit 4.

nancial Condit 4.
NEW YORK, Dec. 12.--WaIi street
remains quiet, but the symptoms Of
coming improvement accumulate.
Holders of securities are wgll satisfied
with their position and prospects.
while those "short" Oh the market
show signs of uneasinesg So long.
however, as transaction a G mainly
confined to the room traders" the
clears" may take Their tJa8 in get
ting themselves into q fer position.
Ono of the notable features of the
market is the increase of investment
buyers. They represent not only the
earnings Of a,year Of res ouably pros
porous business but a % the liqui.
dated principal of western land
mortgages, of which considerable
amounts are already beibr settled ont
of the results Of the large crops, while
greater sums are likely o be eXtln-
guished during the comi x six months
as the crops come into market. The
, large earnings of the iaading rail.
roads, and notably Of tb Vanderbilt
properties, together with The probable
later advance in stocks, are attractinq
the investors who want over per
cent for their money to the more
substantial dividend aying shares.
and the market PUPPY Of thai
class of investments is being steadily
reduced with consequent gradual
rise in their value. LO%cr grades of
stocks, however, continue 10 be COM
paratively neglected and arc the chief
material of such limited speculation
as is going on. 1t is cleaf. h0WeYer.
that the improvement IL the first
class stocks is laying the basis for an
ultimate recovery in the lower grades.
and will conduce to latter active
speculation in the lat or. Indeed
there are already some symptoms Of
the beginnings Of such q movement.
At the moment, speculation is held
IN check by the influences incident 20
the approaching holiday aud to the
settlements, and making.up Of ac-
counts usual at the closing Of the
year. Besides the opening Of con-
gress, with largely new political
complexion, induces a certain amount
of waiting for indications WHAT is like
ly to be the future courss Of leeisla-
ton upon certain importalt questions.
THESE things have a tendency to de-
fer operations and may keep the mar
ket quiet until about the close Of the
year, or possibly somew hat longer.
But, in the meantime, asteady stream
OF favorable influences j. gathering
into an accumulated force llaO IT, lfEe.
~ before long to prove Irresistible.
All signs go to show that, for tLenext
few months, the traffic of the railroads
will largely surpass all prece-
dent. Already, the roads con-
Meeting hith the whoat-erowino
states find their rolling stock
employed to it's utmost oapacitv.
and they not only are unable to nc,
commodate the coal traffic but are
compelled to refuse large quantities Of
grain, which is accommodating in i'm
mense stocks in the elevators ana
store-houses of the interioc Next, the
roads connecting with the corn belt
will be equally taxed far beyond their
ability to move the crop of maize
many times larger than that of wheat:
and to this must be added an extra
ordinary forwarding of oats for ex-
port, to supply the European def
cheney. When the figures come pour
ing week after week into Wall street.
showing the extraordinary magnitude
of this traffic, it will need no prophe-
sying to say what must be the effect
upon speculation. Atpresent the dis
position is to defer the discounting of
these extraordinary prospects until
the opening of the new year; but il
remains to be seen whether the mar
ket can hold itself in restraint so long.
There are already long-headed
operators at work accunu-
lating selected stocks in ways least
calculated to attract attention, but
5he rank and file of spectators ana
that unknown quantity "tbe outside
public" are doing little and are moi
likely to awake to the real signifi-
canoe of the situation until the brainy
leaders give the cue.